Registration number:
Thermabead Limited
trading as
for the
Year Ended 31 March 2024
Thermabead Limited
trading as Thermabead Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Thermabead Limited
trading as Thermabead Ltd
Company Information
Director |
Mrs Jessica Louise Williams |
Registered office |
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Accountants |
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Thermabead Limited
trading as Thermabead Ltd
(Registration number: 8072262)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
1,352,911 |
1,143,934 |
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Shareholders' funds |
1,353,911 |
1,144,934 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Thermabead Limited
trading as Thermabead Ltd
(Registration number: 8072262)
Balance Sheet as at 31 March 2024
(continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102, section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.
Tangible assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% WDV Cars 20% SL Vans |
Plant and Machinery |
50% SL Drills 15% SL Others |
Fixtures and fittings |
15% of cost per annum |
Computer equipment |
33% of cost per annum |
Goodwill
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Intangible assets
Amortisation is provided at 33% per annum on software on a straight line basis.
Investments
The company acquired an investment in The Green Deal Finance Company in October 2014 and was committed to a total investment of £1,000,000. The company has invested £1,000,000 to date. The company has to date received loan notes in lieu of interest of £407,562 and received repayments of £293,986. The debt has since been written down by £1,113,576 following the sale of the Green Deal Finance Company to an independent third party at a considerably reduced value. The £80,019 balance was repaid in the 2021 financial year.
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 and loss as incurred. Net realiasable 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 ias a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
2 |
Accounting policies (continued) |
Leases
Assets obtained under hire purchase agreements and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged to profit and loss account on a straight line basis.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Property improvements £ |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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- |
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Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Thermabead Limited
trading as Thermabead Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
9 |
Financial commitments, guarantees and contingencies (continued) |
The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |