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REGISTERED NUMBER: 04450573 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 May 2024

for

T. i. Thermal Imaging Limited

T. i. Thermal Imaging Limited (Registered number: 04450573)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T. i. Thermal Imaging Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: R M K Wallace





SECRETARY:





REGISTERED OFFICE: The Atrium
Curtis Road
Dorking
RH4 1XA





REGISTERED NUMBER: 04450573 (England and Wales)





ACCOUNTANTS: Crick Heitman Ltd
Chartered Accountants
55 Staines Road West
Sunbury-on-Thames
Middlesex
TW16 7AH

T. i. Thermal Imaging Limited (Registered number: 04450573)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,346 13,794
Investments 6 153,762 143,597
164,108 157,391

CURRENT ASSETS
Debtors 7 201,648 194,583
Cash at bank 94,415 53,011
296,063 247,594
CREDITORS
Amounts falling due within one year 8 162,487 105,641
NET CURRENT ASSETS 133,576 141,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

297,684

299,344

PROVISIONS FOR LIABILITIES 1,881 2,518
NET ASSETS 295,803 296,826

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 295,703 296,726
SHAREHOLDERS' FUNDS 295,803 296,826

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

T. i. Thermal Imaging Limited (Registered number: 04450573)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2025 and were signed by:





R M K Wallace - Director


T. i. Thermal Imaging Limited (Registered number: 04450573)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

T. i. Thermal Imaging Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Research and development expenditure
Pure and applied research expenditure is written off in the year in which it is incurred.
Development expenditure is written off on a straight line basis over 4 years from the commencement of commercial production or application of the product. Expenditure is classed as development expenditure only where there is a clearly defined project with separately identifiable expenditure, where the project is technically feasible and commercially viable, is expected to provide revenues exceeding expenditure and for which adequate resources exist or are expected to be available to complete the project and to provide any consequential increases in working capital.
Deferred development expenditure is reviewed annually to ensure that it meets the above criteria and is written off immediately where it is considered to be irrecoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

T. i. Thermal Imaging Limited (Registered number: 04450573)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 176,774
AMORTISATION
At 1 June 2023
and 31 May 2024 176,774
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Intangible assets refer to research and development expenditure.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 163,705
DEPRECIATION
At 1 June 2023 149,911
Charge for year 3,448
At 31 May 2024 153,359
NET BOOK VALUE
At 31 May 2024 10,346
At 31 May 2023 13,794

T. i. Thermal Imaging Limited (Registered number: 04450573)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. FIXED ASSET INVESTMENTS

Fixed asset investments includes 150 ordinary shares of 1,000 UAE Dirhams each in T.I. Thermal Imaging Limited, a company registered in Abu Dhabi, which the company purchased in the year ended 31 May 2015 at a cost of 150,000 Dirhams (£25,860). This represents 100% of the issued share capital of the company.

During the year ended 31 May 2024, the director invested an additional £10,165 invested in TI Investments Ltd, a UK registered company, wholly controlled by the director. This brings the net investment in this company to £127,902 at 31 May 2024 (2023 £117,737).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 120,606 143,270
Other debtors 81,042 51,313
201,648 194,583

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 1,088 599
Trade creditors 16,464 19,979
Amounts owed to group undertakings 89,341 26,834
Taxation and social security 45,578 48,213
Other creditors 10,016 10,016
162,487 105,641

The amount owed to group undertakings refers to T.I. Thermal Imaging LLC., a company registered in Abu Dhabi in which the company has a 100% shareholding. At 31 May 2024, the liability to this company was £89,341 (2023 £26,834).

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
R M K Wallace
Balance outstanding at start of year 36,356 36,714
Amounts advanced 31,235 -
Amounts repaid (2,000 ) (358 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,591 36,356

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,020 (2023 - £1,020) were paid to the director .

11. ULTIMATE CONTROLLING PARTY

The director was the ultimate controlling party during the period.