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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INTERTEC THERMOTEX LIMITED

INTERTEC THERMOTEX LIMITED (REGISTERED NUMBER: 03751667)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INTERTEC THERMOTEX LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTOR: Herr M A Hess





SECRETARY: Intertec-Hess GmbH





REGISTERED OFFICE: 5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY





REGISTERED NUMBER: 03751667 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY

INTERTEC THERMOTEX LIMITED (REGISTERED NUMBER: 03751667)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 206,500 236,000

CURRENT ASSETS
Debtors 5 174,345 136,990
Cash at bank 4,861 64,139
179,206 201,129
CREDITORS
Amounts falling due within one year 6 (446,909 ) (573,451 )
NET CURRENT LIABILITIES (267,703 ) (372,322 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(61,203

)

(136,322

)

CAPITAL AND RESERVES
Called up share capital 7 10,000 10,000
Retained earnings (71,203 ) (146,322 )
SHAREHOLDERS' FUNDS (61,203 ) (136,322 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





Herr M A Hess - Director


INTERTEC THERMOTEX LIMITED (REGISTERED NUMBER: 03751667)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Intertec Thermotex Limited 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. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, and is recognised on delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Going concern
The director is of the opinion that the company can continue to trade for the foreseeable future and meet its debts and obligations as they fall due. Despite the company's excess of liabilities over assets, the accounts have been prepared on a going concern basis. This is on the basis of continued financial support from its parent company and their ongoing agreement in deferring amounts due to them as the fundamental creditor in the financial statements. On this basis, it is appropriate to prepare the financial statements on the going concern basis.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured as amortised cost using the effective interest rate method, less impairment.

INTERTEC THERMOTEX LIMITED (REGISTERED NUMBER: 03751667)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 295,000
AMORTISATION
At 1 January 2023 59,000
Amortisation for year 29,500
At 31 December 2023 88,500
NET BOOK VALUE
At 31 December 2023 206,500
At 31 December 2022 236,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 124,470
Other debtors 174,345 12,520
174,345 136,990

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 580
Amounts owed to group undertakings 402,629 466,117
Taxation and social security 35,783 81,829
Other creditors 8,497 24,925
446,909 573,451

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I M Legg FCCA ACA (Senior Statutory Auditor)
for and on behalf of Schofields

9. OTHER FINANCIAL COMMITMENTS

The total commitments, guarantees and contingencies at 31 December 2023 amount to £35,457 (2022: £Nil).

INTERTEC THERMOTEX LIMITED (REGISTERED NUMBER: 03751667)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

10. ULTIMATE PARENT COMPANY

The Company is a wholly owned subsidiary of Intertec-Hess GmbH, a company incorporated in Germany. The registered office is Raffineriestrasse 8, D-93333 Neustadt/Donau, Bayern.