Company Registration No. 02160675 (England and Wales)
TERMATE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
TERMATE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TERMATE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,172,511
336,990
Investments
5
-
0
3
1,172,511
336,993
Current assets
Stocks
670,416
-
Debtors
6
901,518
650,784
Cash at bank and in hand
509,113
183,013
2,081,047
833,797
Creditors: amounts falling due within one year
7
(744,351)
(279,486)
Net current assets
1,336,696
554,311
Total assets less current liabilities
2,509,207
891,304
Creditors: amounts falling due after more than one year
8
(16,000)
-
0
Provisions for liabilities
(233,012)
(23,361)
Net assets
2,260,195
867,943
Capital and reserves
Called up share capital
9
4,000
4,210
Profit and loss reserves
2,256,195
863,733
Total equity
2,260,195
867,943
TERMATE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr R Swann
Director
Company registration number 02160675 (England and Wales)
TERMATE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’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.

2
Accounting policies
Company information

Termate Limited is a private company limited by shares incorporated in England and Wales. The registered office is John Street, New Basford, Nottingham, Nottinghamshire, NG7 7HL.

2.1
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 as applicable to companies subject to the small companies regime. 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 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.2
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

TERMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Accounting policies
(Continued)
- 4 -
2.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2.4
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:

Land and buildings Freehold
Straight line over fifty years
Plant and machinery
10% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Straight line

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 credited or charged to profit or loss.

2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

2.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

TERMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Accounting policies
(Continued)
- 5 -

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.8
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

2.9
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.

2.10
Retirement benefits

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

2.11
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.

TERMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
33
11
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
216,533
287,359
434,040
17,000
954,932
Additions
-
0
190,195
48,498
-
0
238,693
Business combinations
-
0
1,572,104
321,368
-
0
1,893,472
At 31 October 2024
216,533
2,049,658
803,906
17,000
3,087,097
Depreciation and impairment
At 1 November 2023
115,047
61,470
427,258
14,167
617,942
Depreciation charged in the year
3,582
144,317
2,491
2,833
153,223
Business combinations
-
0
822,053
321,368
-
0
1,143,421
At 31 October 2024
118,629
1,027,840
751,117
17,000
1,914,586
Carrying amount
At 31 October 2024
97,904
1,021,818
52,789
-
0
1,172,511
At 31 October 2023
101,486
225,889
6,782
2,833
336,990
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
3
TERMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
3
Disposals
(3)
At 31 October 2024
-
Carrying amount
At 31 October 2024
-
At 31 October 2023
3

Applications were submitted to Companies House on 8 August 2024 to strike off the subsidiary companies from the Companies House register. The companies were dissolved on 5 November 2024.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
800,202
-
0
Amounts owed by group undertakings
-
0
617,564
Other debtors
101,316
33,220
901,518
650,784
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
431,600
14,030
Amounts owed to group undertakings
-
0
1,261
Taxation and social security
157,646
32,309
Other creditors
155,105
231,886
744,351
279,486
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,000
-
0
TERMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
4,000
4,000
4,000
4,000
Redeemable 'B' shares of £1 each
-
210
-
210
4,000
4,210
4,000
4,210
10
Directors' transactions

Other creditors includes Directors loan account balances totalling £43,929 (2023: £205,874).

2024-10-312023-11-01falsefalsefalse20 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr R SwannMrs K SwannMr D BristowMr C McKee021606752023-11-012024-10-31021606752024-10-31021606752023-10-3102160675core:LandBuildingscore:OwnedOrFreeholdAssets2024-10-3102160675core:PlantMachinery2024-10-3102160675core:FurnitureFittings2024-10-3102160675core:MotorVehicles2024-10-3102160675core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3102160675core:PlantMachinery2023-10-3102160675core:FurnitureFittings2023-10-3102160675core:MotorVehicles2023-10-3102160675core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3102160675core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3102160675core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3102160675core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3102160675core:CurrentFinancialInstruments2024-10-3102160675core:CurrentFinancialInstruments2023-10-3102160675core:ShareCapital2024-10-3102160675core:ShareCapital2023-10-3102160675core:RetainedEarningsAccumulatedLosses2024-10-3102160675core:RetainedEarningsAccumulatedLosses2023-10-3102160675core:ShareCapitalOrdinaryShares2024-10-3102160675core:ShareCapitalOrdinaryShares2023-10-3102160675bus:Director12023-11-012024-10-3102160675core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-012024-10-3102160675core:PlantMachinery2023-11-012024-10-3102160675core:FurnitureFittings2023-11-012024-10-3102160675core:MotorVehicles2023-11-012024-10-31021606752022-11-012023-10-3102160675core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3102160675core:PlantMachinery2023-10-3102160675core:FurnitureFittings2023-10-3102160675core:MotorVehicles2023-10-31021606752023-10-3102160675core:WithinOneYear2024-10-3102160675core:WithinOneYear2023-10-3102160675core:Non-currentFinancialInstruments2024-10-3102160675core:Non-currentFinancialInstruments2023-10-3102160675bus:PrivateLimitedCompanyLtd2023-11-012024-10-3102160675bus:SmallCompaniesRegimeForAccounts2023-11-012024-10-3102160675bus:FRS1022023-11-012024-10-3102160675bus:AuditExemptWithAccountantsReport2023-11-012024-10-3102160675bus:Director22023-11-012024-10-3102160675bus:Director32023-11-012024-10-3102160675bus:Director42023-11-012024-10-3102160675bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP