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Registered number: 12255334









THERME GROUP SERVICES (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THERME GROUP SERVICES (UK) LIMITED
REGISTERED NUMBER: 12255334

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
51
1,049

Tangible assets
 5 
28,639
39,785

  
28,690
40,834

Current assets
  

Debtors: amounts falling due within one year
 6 
2,564,504
3,440,904

Cash at bank and in hand
 7 
513,250
307,215

  
3,077,754
3,748,119

Creditors: amounts falling due within one year
 8 
(744,875)
(674,309)

Net current assets
  
 
 
2,332,879
 
 
3,073,810

Total assets less current liabilities
  
2,361,569
3,114,644

Creditors: amounts falling due after more than one year
 9 
(1,755,217)
(2,732,923)

  

Net assets
  
606,352
381,721


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
606,252
381,621

  
606,352
381,721


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.


T A Ion
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
THERME GROUP SERVICES (UK) LIMITED
REGISTERED NUMBER: 12255334
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Therme Group Services (UK) Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is 20 North Audley Street, London, W1K 6WE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely conditions and sources of support for a period of twelve months from the date of our apporval of these accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licenses and software
-
3
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 22).


4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
7,076



At 31 December 2023

7,076



Amortisation


At 1 January 2023
6,027


Charge for the year on owned assets
998



At 31 December 2023

7,025



Net book value



At 31 December 2023
51



At 31 December 2022
1,049



Page 6

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
20,444
48,469
68,913


Additions
2,184
7,279
9,463



At 31 December 2023

22,628
55,748
78,376



Depreciation


At 1 January 2023
5,144
23,984
29,128


Charge for the year on owned assets
5,659
14,950
20,609



At 31 December 2023

10,803
38,934
49,737



Net book value



At 31 December 2023
11,825
16,814
28,639



At 31 December 2022
15,300
24,485
39,785


6.


Debtors

2023
2022
£
£


Trade debtors
114,761
55,303

Amounts owed by group undertakings
2,170,986
3,137,584

Other debtors
164,052
49,741

Prepayments and accrued income
114,705
198,276

2,564,504
3,440,904



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
513,250
307,215


Page 7

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
127,888
125,594

Amounts owed to group undertakings
127,205
104,009

Other taxation and social security
333,385
112,947

Other creditors
23,690
16,989

Accruals and deferred income
132,707
314,770

744,875
674,309



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,755,217
2,732,923



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £144,404 (2022 - £126,078. Contributions totalling £21,980 (2022 - £16,984) were payable to the fund at the balance sheet date and are included in other creditors falling due within one year.

Page 8

 
THERME GROUP SERVICES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

During the year the Company was charged £284,850 (2022 - £314,390) for services provided by non-wholly owned group undertakings and by companies whose directors or key management have significant influence over group undertakings, of which £17,105 (2022 - £47,695) was outstanding at the balance sheet date and shown in creditors falling due within one year under amounts owed to group undertakings.
During the year the Company charged a total of sales net of credit notes of £(670) (2022 - £178,404) for services provided to non-wholly owned group undertakings and to companies whose directors or key management have significant influence over group undertakings, of which £98,895 (2022 - £92,128) was outstanding at the balance sheet date and shown in creditors falling due within one year under amounts owed to group undertakings.
At the balance sheet date, the company owed £1,767,788 (2022 - £2,760,391) in long term loans and interest to parent undertakings on which £191,005 (2022 - £304,435) of related interest and charges was incurred during the year.
The Company has taken advantage of exemption, under the terms of section 33.1A of the Finanical
Reporting Standard 102, not to disclose transactions entered with other wholly-owned group undertakings.


12.


Controlling party

RHTG Holdings GmbH became the ultimate parent company in 2022. Its registered office is Wienerbergstraße 51 / 4. OG,  A-1120 Wien, Austria.
A-HEAT Allied Heat Exchange Technology AG was the former ultimate parent company and current parent company undertaking of the smallest group within which this company belongs. Group accounts can be obtained from its registered office at Wienerbergstraße 51 / 4. OG,  A-1120 Wien, Austria.
The immediate parent company is Therme Group Holdings (UK) Limited. Its registered office is 15 Little Green, Richmond, Surrey TW9 1QH UK.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Richard Rhodes (Senior statutory auditor) on behalf of Feltons Chartered Accountants.

 
Page 9