Thermabead Limited 8072262 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is bead insulation manufacturing and installation Digita Accounts Production Advanced 6.30.9574.0 true 8072262 2023-04-01 2024-03-31 8072262 2024-03-31 8072262 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2024-03-31 8072262 core:CurrentFinancialInstruments 2024-03-31 8072262 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 8072262 core:OtherResidualIntangibleAssets 2024-03-31 8072262 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 8072262 core:FurnitureFittingsToolsEquipment 2024-03-31 8072262 core:MotorVehicles 2024-03-31 8072262 bus:SmallEntities 2023-04-01 2024-03-31 8072262 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 8072262 bus:FilletedAccounts 2023-04-01 2024-03-31 8072262 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 8072262 bus:RegisteredOffice 2023-04-01 2024-03-31 8072262 bus:Director4 2023-04-01 2024-03-31 8072262 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-04-01 2024-03-31 8072262 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 8072262 core:Goodwill 2023-04-01 2024-03-31 8072262 core:ComputerEquipment 2023-04-01 2024-03-31 8072262 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 8072262 core:FurnitureFittings 2023-04-01 2024-03-31 8072262 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 8072262 core:MotorVehicles 2023-04-01 2024-03-31 8072262 core:PlantMachinery 2023-04-01 2024-03-31 8072262 countries:England 2023-04-01 2024-03-31 8072262 2023-03-31 8072262 core:OtherResidualIntangibleAssets 2023-03-31 8072262 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 8072262 core:FurnitureFittingsToolsEquipment 2023-03-31 8072262 core:MotorVehicles 2023-03-31 8072262 2022-04-01 2023-03-31 8072262 2023-03-31 8072262 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-03-31 8072262 core:CurrentFinancialInstruments 2023-03-31 8072262 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 8072262 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 8072262 core:FurnitureFittingsToolsEquipment 2023-03-31 8072262 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 8072262

Thermabead Limited trading as Thermabead Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Thermabead Limited

trading as Thermabead Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Thermabead Limited

trading as Thermabead Ltd

Company Information

Director

Mrs Jessica Louise Williams

Registered office

Unit 1-2
Shipston Close
Worcester
WR4 9XN

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Thermabead Limited

trading as Thermabead Ltd

(Registration number: 8072262)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

309,960

222,104

Current assets

 

Stocks

6

480,009

463,219

Debtors

7

926,625

839,996

Cash at bank and in hand

 

966,541

627,163

 

2,373,175

1,930,378

Creditors: Amounts falling due within one year

8

(1,255,700)

(956,241)

Net current assets

 

1,117,475

974,137

Total assets less current liabilities

 

1,427,435

1,196,241

Provisions for liabilities

(73,524)

(51,307)

Net assets

 

1,353,911

1,144,934

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

1,352,911

1,143,934

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 10 October 2024
 

.........................................
Mrs Jessica Louise Williams
Director

 

Thermabead Limited

trading as Thermabead Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1-2
Shipston Close
Worcester
WR4 9XN

These financial statements were authorised for issue by the director on 10 October 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 26).
 

 

Thermabead Limited

trading as Thermabead Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

17,825

17,825

At 31 March 2024

17,825

17,825

Amortisation

At 1 April 2023

17,825

17,825

At 31 March 2024

17,825

17,825

Carrying amount

At 31 March 2024

-

-

 

Thermabead Limited

trading as Thermabead Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property improvements £

Total
£

Cost or valuation

At 1 April 2023

122,023

542,874

525

665,422

Additions

73,222

106,168

-

179,390

Disposals

-

(199,546)

-

(199,546)

At 31 March 2024

195,245

449,496

525

645,266

Depreciation

At 1 April 2023

98,790

344,003

525

443,318

Charge for the year

21,873

52,482

-

74,355

Eliminated on disposal

-

(182,367)

-

(182,367)

At 31 March 2024

120,663

214,118

525

335,306

Carrying amount

At 31 March 2024

74,582

235,378

-

309,960

At 31 March 2023

23,233

198,871

-

222,104

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)

6

Stocks

2024
£

2023
£

Other inventories

480,009

463,219

7

Debtors

2024
£

2023
£

Trade debtors

672,712

662,024

Prepayments

244,129

173,137

Other debtors

9,784

4,835

926,625

839,996

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

394,461

395,196

Taxation and social security

164,558

80,631

Accruals and deferred income

589,923

474,083

Other creditors

106,758

6,331

1,255,700

956,241

9

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 - £116,894). This includes rent on the company's trading premises for a period of 2 years. The annual rental charge for the premises is £80,160. The company operates defined contribution schemes on behalf of its directors and employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to these funds and amounted to £8,503 (2022 - £9,736).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

1,000

1,000

1,000

1,000