Company registration number 07176295 (England and Wales)
UK THERMOS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
UK THERMOS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N J Kime
R J Dias
Y A Huang
Y Katoaka
T Koizumi
Secretary
M Snape
Company number
07176295
Registered office
Albany House
214a Leeds Road
Rothwell
Leeds
West Yorkshire
England
LS26 0JF
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
Solicitors
Gordons LLP
Riverside West
Whitehall Road
Leeds
LS1 4AW
UK THERMOS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
UK THERMOS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The group is the UK distributor for Thermos branded vacuum, hydration and cooler products. The group is a subsidiary of King Warm Investments (Hong Kong) and an affiliate of Thermos KK (Japan).

The channels of distribution include all major supermarkets, high street retailers, online, mail order, DIY, leisure, cash and carry, food service and independent traders. These channels continue to be developed and expanded.

The income statement on page 8 shows overall turnover was up at £16.2m. Profit after tax was £1.8m.

The balance sheet on page 9 of the financial statements shows the group’s financial position at the year end. Debtors of £6.9m are in line with expectations with stock levels at £4.5m to ensure continuous retail supply in 2024. Net assets are at £5.0m

Principal risks and uncertainties

In 2024, we look to see a further normalising of trading conditions; however against the backdrop of the continued situation in Ukraine and the wider consequences of the conflict in Gaza and Israel, it means trading and supply chain challenges remain. Although inflation has fallen, we still expect low growth in the economy and continued lower disposable income to affect consumer demand into 2024.

 

The group is well positioned to manage these risks and will continue to build on the strength of our market leading brands together with our outstanding service levels. UK Thermos will continue to maintain and build on our strong and effective relationships with all stakeholders including our investors, suppliers, customers and bank.

 

Currency Risk

The majority of goods purchased are in US$ with sales largely in sterling. Foreign exchange risk is managed through forward purchase of currency contracts during the year however as at 31 December 2023 there are no purchases on currency contract in place.

 

Credit Risk

The group mainly trades with customers whom it has a long-standing relationship. Risk is further mitigated through credit risk insurance.

 

Liquidity risks

The group finances its operations through reserves and bank financing facilities. Cash flow is effectively managed through accurate purchasing forecasts and credit control.

Key performance indicators

Turnover for 2023 increased to £16.2m (2022 £14.9m) with profit after tax of £1.8m.

Maintaining strong liquidity performance is a key aim of the board. Overall, the key indicators show a continuing strong position and improving performance.

The current ratio remains in strong positive territory at 1.8 (2022 - 2.4) and the inventory holding period has increased to 138 to reduce supply chain disruption.

Future developments

As part of the Thermos group, we will continue to develop and enhance our relationship with our customers through excellent support and service as well as delivering market leading product innovation. In 2024 we look to add to our product portfolio complementing our existing distribution in the UK.

UK THERMOS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

N J Kime
Director
25 March 2024
UK THERMOS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be that of a distributor supplying leading branded home and leisure products through multi channels to UK wide retail and wholesale customers.

 

The principal activity of the company is that of a holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N J Kime
R J Dias
Y A Huang
Y Katoaka
T Koizumi
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UK THERMOS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 which previously would have been contained in the directors' report including financial risk management and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N J Kime
Director
25 March 2024
UK THERMOS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK THERMOS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of UK Thermos Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

UK THERMOS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UK THERMOS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

UK THERMOS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UK THERMOS HOLDINGS LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Williams (Senior Statutory Auditor)
For and on behalf of BHP LLP
25 March 2024
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
UK THERMOS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
16,174,451
14,909,020
Cost of sales
(11,926,067)
(10,503,258)
Gross profit
4,248,384
4,405,762
Distribution costs
(335,371)
(328,929)
Administrative expenses
(1,552,185)
(1,277,598)
Operating profit
4
2,360,828
2,799,235
Interest payable and similar expenses
8
(13,539)
(24,145)
Profit before taxation
2,347,289
2,775,090
Tax on profit
9
(565,743)
(524,551)
Profit for the financial year
1,781,546
2,250,539
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
UK THERMOS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
26,586
39,223
Tangible assets
12
181,741
45,808
208,327
85,031
Current assets
Stocks
15
4,520,241
4,002,178
Debtors
16
6,895,783
4,896,997
Cash at bank and in hand
153,637
317,685
11,569,661
9,216,860
Creditors: amounts falling due within one year
17
(6,678,286)
(4,034,901)
Net current assets
4,891,375
5,181,959
Total assets less current liabilities
5,099,702
5,266,990
Provisions for liabilities
Deferred tax liability
18
51,166
-
0
(51,166)
-
Net assets
5,048,536
5,266,990
Capital and reserves
Called up share capital
20
30,000
30,000
Profit and loss reserves
5,018,536
5,236,990
Total equity
5,048,536
5,266,990

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
25 March 2024
N J Kime
Director
Company registration number 07176295 (England and Wales)
UK THERMOS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1,683,916
1,683,916
Current assets
Cash at bank and in hand
1,203
1,203
Creditors: amounts falling due within one year
17
(513,755)
(513,755)
Net current liabilities
(512,552)
(512,552)
Net assets
1,171,364
1,171,364
Capital and reserves
Called up share capital
20
30,000
30,000
Profit and loss reserves
1,141,364
1,141,364
Total equity
1,171,364
1,171,364

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,000,000 (2022 - £2,000,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
25 March 2024
N J Kime
Director
Company registration number 07176295 (England and Wales)
UK THERMOS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
30,000
4,986,451
5,016,451
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,250,539
2,250,539
Dividends
10
-
(2,000,000)
(2,000,000)
Balance at 31 December 2022
30,000
5,236,990
5,266,990
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,781,546
1,781,546
Dividends
10
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
30,000
5,018,536
5,048,536
UK THERMOS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
30,000
1,141,364
1,171,364
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,000,000
2,000,000
Dividends
10
-
(2,000,000)
(2,000,000)
Balance at 31 December 2022
30,000
1,141,364
1,171,364
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,000,000
2,000,000
Dividends
10
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
30,000
1,141,364
1,171,364
UK THERMOS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,670,779
2,727,349
Interest paid
(13,539)
(24,145)
Income taxes paid
(659,888)
(495,935)
Net cash inflow from operating activities
1,997,352
2,207,269
Investing activities
Purchase of intangible assets
(4,605)
(5,635)
Purchase of tangible fixed assets
(171,476)
(12,293)
Proceeds from disposal of tangible fixed assets
14,681
-
Net cash used in investing activities
(161,400)
(17,928)
Financing activities
Dividends paid to equity shareholders
(2,000,000)
(2,000,000)
Net cash used in financing activities
(2,000,000)
(2,000,000)
Net (decrease)/increase in cash and cash equivalents
(164,048)
189,341
Cash and cash equivalents at beginning of year
317,685
128,344
Cash and cash equivalents at end of year
153,637
317,685
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

UK Thermos Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Albany House, 214a Leeds Road, Rothwell, Leeds, West Yorkshire, England, LS26 0JF.

 

The group consists of UK Thermos Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company UK Thermos Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

UK Thermos Holdings Limited owns 100% of the share capital of N.I. Thermos Limited, a company incorporated during the year ended 31 December 2021. The company is deemed to be immaterial for the purposes of giving a true and fair view.

1.4
Going concern

At the time of approving the financial statements, having prepared forecasts and cashflows for at least twelve months from the signing date of these accounts, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisioning

The group distributes branded home and leisure products to its customers. As a result it is necessary to consider the recoverability of the cost of stock and associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Distribution of branded home and leisure products
16,174,451
14,909,020
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,935,484
14,598,307
Rest of Europe
218,240
280,913
Rest of the World
20,727
29,800
16,174,451
14,909,020
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
33,977
(524,434)
Depreciation of owned tangible fixed assets
30,069
19,306
Profit on disposal of tangible fixed assets
(9,207)
-
Amortisation of intangible assets
17,242
16,782
Operating lease charges
212,453
241,360
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,300
2,415
Audit of the financial statements of the company's subsidiaries
12,700
12,190
15,000
14,605
For other services
Taxation compliance services
2,225
1,915
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
8
4
-
-
Sales and distribution
7
12
-
-
Administration
5
8
-
-
Total
20
24
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,152,643
1,187,917
-
0
-
0
Social security costs
150,539
135,408
-
-
Pension costs
44,832
48,849
-
0
-
0
1,348,014
1,372,174
-
0
-
0
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
236,212
286,627
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
236,212
286,627
8
Interest payable and similar expenses
2023
2022
£
£
Interest on invoice finance arrangements
7,463
21,821
Other interest
6,076
2,324
Total finance costs
13,539
24,145
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
523,141
536,888
Adjustments in respect of prior periods
(14,470)
(311)
Total current tax
508,671
536,577
Deferred tax
Origination and reversal of timing differences
57,072
(12,026)
Total tax charge
565,743
524,551

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,347,289
2,775,090
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
552,082
527,267
Tax effect of expenses that are not deductible in determining taxable profit
2,822
1,197
Change in unrecognised deferred tax assets
25,309
(3,602)
Under/(over) provided in prior years
(14,470)
(311)
Taxation charge
565,743
524,551
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Dividends paid
2,000,000
2,000,000
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023
434,799
Additions
4,605
At 31 December 2023
439,404
Amortisation and impairment
At 1 January 2023
395,576
Amortisation charged for the year
17,242
At 31 December 2023
412,818
Carrying amount
At 31 December 2023
26,586
At 31 December 2022
39,223
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
92,979
238,360
331,339
Additions
-
0
171,476
171,476
Disposals
(92,979)
(62,916)
(155,895)
At 31 December 2023
-
0
346,920
346,920
Depreciation and impairment
At 1 January 2023
92,979
192,552
285,531
Depreciation charged in the year
-
0
30,069
30,069
Eliminated in respect of disposals
(92,979)
(57,442)
(150,421)
At 31 December 2023
-
0
165,179
165,179
Carrying amount
At 31 December 2023
-
0
181,741
181,741
At 31 December 2022
-
0
45,808
45,808
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,683,916
1,683,916
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,683,916
Carrying amount
At 31 December 2023
1,683,916
At 31 December 2022
1,683,916
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
UK Thermos Limited
Distribution of branded home and leisure products
Ordinary
100
0
N.I. Thermos Limited
Dormant
Ordinary
100
0

The registered office of UK Thermos Limited is Albany House, 214a Leeds Road, Rothwell, Leeds, LS26 0JF

 

The registered office of N.I. Thermos Limited is C/O Tughans Llp, The Ewart, 3 Bedford Square, Belfast, Northern Ireland, BT2 7EP

15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,520,241
4,002,178
-
0
-
0
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,786,816
4,756,080
-
0
-
0
Other debtors
89
9
-
0
-
0
Prepayments and accrued income
108,878
135,002
-
0
-
0
6,895,783
4,891,091
-
-
Deferred tax asset (note 18)
-
0
5,906
-
0
-
0
6,895,783
4,896,997
-
-
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,353,618
1,820,328
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
513,755
513,755
Corporation tax payable
185,671
336,888
-
0
-
0
Other taxation and social security
387,734
263,755
-
-
Other creditors
2,040,909
5,997
-
0
-
0
Accruals and deferred income
1,710,354
1,607,933
-
0
-
0
6,678,286
4,034,901
513,755
513,755

The invoice discounting facility of £2,034,637 (2022: £nil) included in other creditors, is secured against the assets of the group and the cross guarantee as outlined in note 21.

 

Amounts owed to group undertakings are interest free and repayable on demand.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
52,082
-
-
(18,751)
Tax losses
(916)
-
-
24,657
51,166
-
-
5,906
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(5,906)
-
Charge to profit or loss
57,072
-
Liability at 31 December 2023
51,166
-

Of the deferred tax assets set out above, £7,500 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature in the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,832
48,849

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
20
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

21
Financial commitments, guarantees and contingent liabilities

The banking facilities are secured under a cross guarantee and debenture between UK Thermos Limited and UK Thermos Holdings Limited dated 18 June 2010. The maximum exposure as at 31 December 2023 amounted to £2,034,637 (2022: £nil).

 

On behalf of the company, an indemnity has been given by Barclays Bank plc in favour of HM Revenue & Customs amounting to £150,000 (2022: £150,000).

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
88,939
144,120
-
-
Between two and five years
263,411
6,832
-
-
In over five years
218,016
-
-
-
570,366
150,952
-
-
UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
438,465
518,771

Transactions with related parties

 

During the year, purchases amounting to £424 (2022: £nil) were made from Alfi GmbH Isoliergefaesse, Metall - Und Haushaltswaren (Alfi GmbH), a company under common control. At the year end £nil (2022: £nil) was owed to Alfi GmbH. The balances are on normal trading terms.

 

During the year, purchases amounting to £5,616,379 (2022: £1,901,572) were made from Thermos (China) Housewares Co Ltd, a company under common control. At the year end £1,222,162 (2022: £827,288) was owed to Thermos (China) Housewares Co Ltd and is included in creditors. The balances are on normal trading terms.

 

During the year, purchases amounting to £100,240 (2022: £143,836) were made from Thermos LLC, a company under common control. At the year end £1,363 (2022: £nil) was owed to Thermos LLC and is included in creditors. The balances are on normal trading terms.

 

During the year, purchases amounting to £555,500 (2022: £523,061) were made from Vacuum Tech Manufacturing (Malaysia) Sdn,Bhd, a company under common control. At the year end £nil (2022: £nil) was owed to Vacuum Tech Manufacturing (Malaysia) Sdn,Bhd. The balances are on normal trading terms.

 

During the year, purchases amounting to £222,677 (2022: £27,605) were made from Top Thermo Manufacturing (Malaysia) Sdn,Bhd, a company under common control. At the year end £nil (2022: £nil) was owed to Top Thermo Manufacturing (Malaysia) Sdn,Bhd. The balances are on normal trading terms.

 

During the year, purchases amounting to £3,989 (2022: £4,949) were made from Thermos (Jiansu) Housewares Co. Ltd, a company under common control. At the year end £nil (2022: £4,072) was owed to Thermos (Jiansu) Housewares Co. Ltd. The balances are on normal trading terms.

 

During the year, purchases amounting to £242,975 (2022: £nil) were made from Thermos (Huaian) Housewares Co. Ltd, a company under common control. At the year end £157,002 (2022: £nil) was owed to Thermos (Huaian) Housewares Co. Ltd and is included in creditors. The balances are on normal trading terms.

 

During the year, purchases amounting to £24 (2022: £nil) were made from Thermos (Singapore) PTE Ltd, a company under common control. At the year end £nil (2022: £nil) was owed to Thermos (Singapore) PTE Ltd. The balances are on normal trading terms.

 

King Warm Investments Limited, a company incorporated in Hong Kong, has significant influence over UK Thermos Limited and over Thermos International Trading Limited. During the year, purchases amounting to £4,073,122 (2022: £2,968,243) were made from Thermos International Trading Limited. At the year end £724,990 (2022: £757,108) was owed to Thermos International Trading Limited and is included in creditors. The balances are on normal trading terms.

UK THERMOS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Controlling party

UK Thermos Holdings Limited is the smallest group for which consolidated accounts are prepared.

 

King Warm Investments Limited, a company incorporated in Hong Kong, is the immediate parent and is the largest company for which consolidated accounts including UK Thermos Holdings Limited are prepared. It's office address is 8 On Ping Street, Unit 5, 7/F, Grantech Centre, Shek Mun Shatin, Hong Kong.

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,781,546
2,250,539
Adjustments for:
Taxation charged
565,743
524,551
Finance costs
13,539
24,145
Gain on disposal of tangible fixed assets
(9,207)
-
Amortisation and impairment of intangible assets
17,242
16,782
Depreciation and impairment of tangible fixed assets
30,069
19,306
Movements in working capital:
(Increase)/decrease in stocks
(518,063)
3,037,096
(Increase)/decrease in debtors
(2,004,692)
719,672
Increase/(decrease) in creditors
2,794,602
(3,864,742)
Cash generated from operations
2,670,779
2,727,349
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
317,685
(164,048)
153,637
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210N J KimeR J DiasY A HuangY KatoakaT KoizumiM Snapefalsefalse07176295bus:Consolidated2023-01-012023-12-31071762952023-01-012023-12-3107176295bus:Director12023-01-012023-12-3107176295bus:Director22023-01-012023-12-3107176295bus:Director32023-01-012023-12-3107176295bus:Director42023-01-012023-12-3107176295bus:Director52023-01-012023-12-3107176295bus:CompanySecretary12023-01-012023-12-3107176295bus:RegisteredOffice2023-01-012023-12-3107176295bus:Agent12023-01-012023-12-31071762952023-12-3107176295bus:Consolidated2022-01-012022-12-31071762952022-01-012022-12-3107176295bus:Consolidated2023-12-3107176295core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3107176295core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3107176295core:ComputerSoftwarebus:Consolidated2023-12-3107176295core:ComputerSoftwarebus:Consolidated2022-12-3107176295bus:Consolidated2022-12-3107176295core:PlantMachinerybus:Consolidated2023-12-3107176295core:FurnitureFittingsbus:Consolidated2023-12-3107176295core:PlantMachinerybus:Consolidated2022-12-3107176295core:FurnitureFittingsbus:Consolidated2022-12-3107176295core:ShareCapitalbus:Consolidated2023-12-3107176295core:ShareCapitalbus:Consolidated2022-12-3107176295core:ShareCapital2023-12-3107176295core:ShareCapital2022-12-3107176295core:RetainedEarningsAccumulatedLosses2023-12-3107176295core:ShareCapitalbus:Consolidated2021-12-3107176295core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3107176295core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3107176295core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3107176295core:ShareCapital2021-12-3107176295core:RetainedEarningsAccumulatedLosses2021-12-3107176295core:RetainedEarningsAccumulatedLosses2022-12-31071762952022-12-3107176295bus:Consolidated2021-12-3107176295core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107176295core:ComputerSoftware2023-01-012023-12-3107176295core:PlantMachinery2023-01-012023-12-3107176295core:FurnitureFittings2023-01-012023-12-3107176295core:UKTaxbus:Consolidated2023-01-012023-12-3107176295core:UKTaxbus:Consolidated2022-01-012022-12-3107176295bus:Consolidated12023-01-012023-12-3107176295bus:Consolidated12022-01-012022-12-3107176295core:ComputerSoftwarebus:Consolidated2022-12-3107176295core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3107176295core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3107176295core:PlantMachinerybus:Consolidated2022-12-3107176295core:FurnitureFittingsbus:Consolidated2022-12-3107176295bus:Consolidated2022-12-3107176295core:PlantMachinerybus:Consolidated2023-01-012023-12-3107176295core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3107176295core:CurrentFinancialInstruments2023-12-3107176295core:CurrentFinancialInstruments2022-12-3107176295core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3107176295core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3107176295core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3107176295core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3107176295core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107176295core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107176295bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107176295bus:FRS1022023-01-012023-12-3107176295bus:Audited2023-01-012023-12-3107176295bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3107176295bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP