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Registered number: 05695129
Thermasolutions International Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Parfitt Taylor Limited
CIMA
Hazelrigg House
33 Marefair
Northampton
NN1 1SR
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Kantilal Patel
Minaxi Patel
Secretary Minaxi Patel
Company Number 05695129
Registered Office Units D & E, I.O. Centre Barn Way
Lodge Farm Industrial Estate
Northampton
NN5 7UW
Accountants Parfitt Taylor Limited
CIMA
Hazelrigg House
33 Marefair
Northampton
NN1 1SR
Page 1
Page 2
Balance Sheet
Registered number: 05695129
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 670,854 679,739
670,854 679,739
CURRENT ASSETS
Stocks 5 862,700 559,125
Debtors 6 194,829 246,719
Cash at bank and in hand 975,913 684,560
2,033,442 1,490,404
Creditors: Amounts Falling Due Within One Year 7 (447,003 ) (172,215 )
NET CURRENT ASSETS (LIABILITIES) 1,586,439 1,318,189
TOTAL ASSETS LESS CURRENT LIABILITIES 2,257,293 1,997,928
PROVISIONS FOR LIABILITIES
Deferred Taxation - (7,900 )
NET ASSETS 2,257,293 1,990,028
CAPITAL AND RESERVES
Called up share capital 8 50 50
Capital redemption reserve 50 50
Profit and Loss Account 2,257,193 1,989,928
SHAREHOLDERS' FUNDS 2,257,293 1,990,028
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Minaxi Patel
Director
5th August 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Thermasolutions International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05695129 . The registered office is Units D & E, I.O. Centre Barn Way, Lodge Farm Industrial Estate, Northampton, NN5 7UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 3% RB
Plant & Machinery 25% RB
Motor Vehicles 25% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% RB
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2.6. Stocks and Work in Progress
Stocks (inventories) are stated at the lower of cost and estimated selling price less costs to complete and sell. 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 or loss as incurred. Net realisable 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 as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 739,235 230,077 161,583 9,324
Additions - - 103,738 -
Disposals - (515 ) (125,767 ) (1,301 )
As at 30 April 2024 739,235 229,562 139,554 8,023
Depreciation
As at 1 May 2023 183,575 184,707 88,070 7,924
Provided during the period 16,778 11,330 12,385 237
Disposals - (464 ) (57,572 ) (849 )
As at 30 April 2024 200,353 195,573 42,883 7,312
Net Book Value
As at 30 April 2024 538,882 33,989 96,671 711
As at 1 May 2023 555,660 45,370 73,513 1,400
Computer Equipment Total
£ £
Cost
As at 1 May 2023 6,835 1,147,054
Additions - 103,738
Disposals (5,215 ) (132,798 )
As at 30 April 2024 1,620 1,117,994
Depreciation
As at 1 May 2023 3,039 467,315
Provided during the period 346 41,076
Disposals (2,366 ) (61,251 )
As at 30 April 2024 1,019 447,140
Net Book Value
As at 30 April 2024 601 670,854
As at 1 May 2023 3,796 679,739
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5. Stocks
2024 2023
£ £
Stock 862,700 559,125
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 161,208 206,475
Prepayments and accrued income 20,816 17,349
Deferred tax current asset 10,415 -
VAT - 22,675
Net wages 2,390 220
194,829 246,719
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 892
Trade creditors 245,272 138,900
Bank loans and overdrafts - 1,683
Corporation tax 187,340 16,162
Other taxes and social security 8,896 10,476
VAT 4,745 -
Accruals and deferred income 750 3,893
Directors' loan accounts - 209
447,003 172,215
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50 50
Page 7