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REGISTERED NUMBER: 07964492 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

THERMOGROUP LTD

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THERMOGROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A R Bell
Mr R J Bell
Mr R D Bell





REGISTERED OFFICE: Bridge House
Pattenden Lane
Marden
Kent
TN12 9QJ





REGISTERED NUMBER: 07964492 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
Chartered Accountants
53 Gildredge Road
Eastbourne
East Sussex
BN21 4SF

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 24,842 13,409
Tangible assets 6 896,156 793,001
920,998 806,410

CURRENT ASSETS
Stocks 1,097,604 1,621,820
Debtors 7 1,287,835 1,199,554
Cash at bank and in hand 180,070 236,151
2,565,509 3,057,525
CREDITORS
Amounts falling due within one year 8 1,799,935 2,378,975
NET CURRENT ASSETS 765,574 678,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,686,572

1,484,960

CREDITORS
Amounts falling due after more than
one year

9

(677,762

)

(535,812

)

PROVISIONS FOR LIABILITIES 12 (152,074 ) (88,895 )
NET ASSETS 856,736 860,253

CAPITAL AND RESERVES
Called up share capital 13 2,000 2,000
Retained earnings 854,736 858,253
SHAREHOLDERS' FUNDS 856,736 860,253

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr A R Bell - Director


THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Thermogroup Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover in relation to the sale of goods is recognised when significant risks and rewards of ownership have transferred and the amount of revenue can be recognised reliably. Turnover is measured at the fair value of the consideration received or receivable and is stated after any discounts and exclusive of VAT.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer software - 25% on cost
Intellectual Property - 50% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer Equipment - 20% on reducing balance

All fixed assets are originally recorded at cost.

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 34 ) .

5. INTANGIBLE FIXED ASSETS
Intellectual Computer
Property software Totals
£    £    £   
COST
At 1 January 2023 5,035 19,644 24,679
Additions 17,176 7,000 24,176
At 31 December 2023 22,211 26,644 48,855
AMORTISATION
At 1 January 2023 629 10,641 11,270
Amortisation for year 6,812 5,931 12,743
At 31 December 2023 7,441 16,572 24,013
NET BOOK VALUE
At 31 December 2023 14,770 10,072 24,842
At 31 December 2022 4,406 9,003 13,409

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 581,427 150,565 42,792
Additions - 4,693 -
Disposals - - -
At 31 December 2023 581,427 155,258 42,792
DEPRECIATION
At 1 January 2023 249,905 44,943 18,876
Charge for year 59,669 21,926 4,926
Eliminated on disposal - - -
At 31 December 2023 309,574 66,869 23,802
NET BOOK VALUE
At 31 December 2023 271,853 88,389 18,990
At 31 December 2022 331,522 105,622 23,916

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2023 378,425 44,397 1,197,606
Additions 272,738 3,738 281,169
Disposals (79,870 ) (1,150 ) (81,020 )
At 31 December 2023 571,293 46,985 1,397,755
DEPRECIATION
At 1 January 2023 73,820 17,061 404,605
Charge for year 46,170 5,504 138,195
Eliminated on disposal (40,689 ) (512 ) (41,201 )
At 31 December 2023 79,301 22,053 501,599
NET BOOK VALUE
At 31 December 2023 491,992 24,932 896,156
At 31 December 2022 304,605 27,336 793,001

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 372,375
Additions 272,738
Disposals (78,470 )
At 31 December 2023 566,643
DEPRECIATION
At 1 January 2023 71,568
Charge for year 45,573
Eliminated on disposal (40,572 )
At 31 December 2023 76,569
NET BOOK VALUE
At 31 December 2023 490,074
At 31 December 2022 300,807

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 697,731 794,872
Other debtors 5,558 21,024
Prepayments and accrued income 584,546 383,658
1,287,835 1,199,554

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 416,358 736,413
Hire purchase contracts and finance leases (see note 10)
74,148

54,832
Trade creditors 376,367 412,817
Amounts owed to associates 329,294 372,431
PAYE and social security 27,598 27,318
VAT 136,508 158,612
Other creditors 196,375 176,626
Directors' current accounts 72,836 83,820
Accruals and deferred income 170,451 356,106
1,799,935 2,378,975

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 9,811 9,811
Bank loans - 2-5 years 13,902 16,302
Hire purchase contracts and finance leases (see note 10)
319,533

202,571
Other loans 334,516 307,128
677,762 535,812

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
Finance leases
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Net obligations repayable:
Within one year 52,261 42,268 21,887 12,564
Between one and five years 259,785 178,069 59,748 24,502
312,046 220,337 81,635 37,066

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 160,000 160,000
Between one and five years 560,000 640,000
In more than five years - 80,000
720,000 880,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Hire purchase contracts and finance leases 393,681 257,403
Clean import loan 405,950 726,006
799,631 983,409

The hire purchase agreements are secured against assets acquired under such agreements. There are also fixed and floating charges over the other assets and undertakings of the company.

THERMOGROUP LTD (REGISTERED NUMBER: 07964492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 160,615 144,832
Tax losses carried forward (8,541 ) (55,937 )
152,074 88,895

Deferred
tax
£   
Balance at 1 January 2023
As previously reported 95,967
Prior year adjustment (7,072 )
As restated 88,895
Provided during year 63,179
Balance at 31 December 2023 152,074

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:
Nominal
value:


2023


2022
£ £
1,000 Ordinary £1 1,000 1,000
180 Ordinary A £1 180 180
180 Ordinary B £1 180 180
180 Ordinary C £1 180 180
180 Ordinary D £1 180 180
180 Ordinary E £1 180 180
100 Ordinary F £1 100 180
2,000 2,000

14. RELATED PARTY DISCLOSURES

At the balance sheet date there is a loan owing to a company which has a participating interest in Thermogroup Ltd, of £329,294 (2022: £372,431). The loan is interest free and repayable on demand.