Company Registration number:
Therma-Mech Developments Limited
for the Year Ended 30 June 2024
Therma-Mech Developments Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Therma-Mech Developments Limited
Company Information
Directors |
Mr A S Ascott Mr R P Smart |
Company secretary |
Mr R Hodges |
Registered office |
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Auditors |
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Therma-Mech Developments Limited
Strategic Report for the Year Ended 30 June 2024
The directors present their strategic report for the year ended 30 June 2024. ('FY24'). Audited comparatives for the year ended 30 June 2023 (‘FY23’) are also included below.
The principal activity of the Company continues to be its investment in Therma-Mech Limited which operates in the district energy sector, supplying customers with design and build services in relation to district heating and cooling systems. The Company also has property portfolio which has undergone further development during the year. The Company receives rental income from its portfolio.
Financial overview
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
19,854,607 |
17,091,033 |
Profit after tax |
£ |
2,656,330 |
2,143,429 |
Shareholders' funds |
£ |
10,174,324 |
9,147,926 |
Business review
The year to 30 June 2024 presented opportunities for the Company's subsidiary Therma-Mech Limited from new and existing customers. This resulted in several new district energy projects being secured during the year.
The business performed strongly in the commercial sector, albeit still experienced delays in a number of secured residential schemes.
A main priority for the Directors’ continues to be the wellbeing and safety of our workforce, our customers, the communities we trade within and all other Company stakeholders.
During the year the Company successfully obtained UKAS accredited certifications for its management systems: Quality (ISO:9001); Environmental (ISO:14001); and Health & Safety (ISO:45001).
The property portfolio of the company developed further with new schemes in Bristol coming online during FY24 and development of a commercial site in Gloucestershire.
Considering the underlying economic uncertainty in the last 12 months, the Directors are satisfied with its performance this financial year and with how it has navigated through the trading environment.
Future developments
The Directors do not anticipate any significant developments for the group during the coming year. It is expected that the group will continue to operate as a going concern for the foreseeable future.
The Directors remain confident that the group is well placed to take advantage of opportunities as they arise and to continue its profitable growth path.
Therma-Mech Developments Limited
Strategic Report for the Year Ended 30 June 2024
Principal risks and uncertainties
The group's operations expose it to a variety of risks in the ordinary course of business including credit risk and liquidity risk.
The group reduces its exposure to credit risk by implementing strict credit control procedures and imposition of credit limits on acceptance of new customers. A high proportion of the group's customers comprise blue chip multinational corporations and government departments with strong credit ratings.
The group funds its day to day operations from operating cash flow. Liquidity risk is managed through the preparation of detailed
cash flow forecasts and the application of strict cash management policies to ensure that the group maintains sufficient funds for operations.
Approved by the Board on
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Therma-Mech Developments Limited
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the consolidated financial statements for the year ended 30 June 2024.
Drecitors of the Company
The directors who held office during the year were as follows:
Going concern
These financial statements have been prepared on a going concern basis. The directors, have considered the financial position of the Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern. Accordingly the directors have a reasonable expectation that the Group will continue in operational existence and thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Matters covered in the Strategic Report
The mandatory disclosures in relation to the principal risks and uncertainties and the future development of the Group are considered by the Directors to be of strategic importance. These have therefore been included in the Strategic Report.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the Board on
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Therma-Mech Developments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Therma-Mech Developments Limited
Independent Auditor's Report to the Members of Therma-Mech Developments Limited
Opinion
We have audited the financial statements of Therma-Mech Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Therma-Mech Developments Limited
Independent Auditor's Report to the Members of Therma-Mech Developments Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Therma-Mech Developments Limited
Independent Auditor's Report to the Members of Therma-Mech Developments Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the group through discussions with Directors and other management, and from our commercial knowledge and experience of the sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, employment and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Therma-Mech Developments Limited
Independent Auditor's Report to the Members of Therma-Mech Developments Limited
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; and |
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enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
5th Floor
25 King Street
BS1 4PB
Therma-Mech Developments Limited
Consolidated Profit and Loss Account
for the Year Ended 30 June 2024
Note |
2024 |
2023 |
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Turnover |
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
|
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Taxation |
( |
( |
|
Profit for the financial year |
|
|
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Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
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Minority interests |
|
- |
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|
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Therma-Mech Developments Limited
Consolidated Statement of Comprehensive Income
for the Year Ended 30 June 2024
2024 |
2023 |
|
Profit for the year |
|
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Total comprehensive income for the year |
|
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Total comprehensive income attributable to: |
||
Owners of the company |
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Minority interests |
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- |
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Therma-Mech Developments Limited
(Registration number: 10492050)
Consolidated Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
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Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
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Retained earnings |
|
|
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Equity attributable to owners of the company |
|
|
|
Minority interests |
|
- |
|
Shareholders' funds |
|
|
Approved and authorised by the
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Therma-Mech Developments Limited
(Registration number: 10492050)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
|||
Tangible assets |
|
|
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Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
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Investments |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
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Retained earnings |
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Shareholders' funds |
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As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a profit after tax for the financial year of £5,873,359 (2023 - profit of £694,708).
Approved and authorised by the
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Therma-Mech Developments Limited
Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024
Share capital |
Share premium |
Retained earnings |
Total |
Non-controlling interests - Equity |
|
At 1 July 2023 |
|
|
|
|
- |
Profit for the year |
- |
- |
|
|
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Dividends |
- |
- |
( |
( |
- |
At 30 June 2024 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
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Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 June 2023 |
11 |
2,446,240 |
6,701,675 |
9,147,926 |
Therma-Mech Developments Limited
Statement of Changes in Equity
for the Year Ended 30 June 2024
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 30 June 2023 |
11 |
2,446,240 |
2,517,945 |
4,964,196 |
Therma-Mech Developments Limited
Consolidated Statement of Cash Flows
for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Reclassification of property to profit and loss |
- |
|
|
Profit on disposal of tangible assets |
( |
( |
|
Loss from disposals of investments |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
(Increase)/decrease in debtors |
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of investment properties |
( |
( |
|
Acquisition of other investments |
( |
( |
|
Proceeds from disposal of other investments |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Increase in assets acquired through HP |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 30 June |
4,373,374 |
5,177,600 |
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These 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.
These financial statements are presented in Sterling (£).
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Turnover recognition
Turnover is recognised to the extent that is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is shown in the profit and loss account represents the value of all materials and services provided to clients during the year, at selling price exclusive of VAT.
For materials and equipment procured on behalf of clients, revenue is recognised at the point of delivery to site / client premises.
Contract revenue recognition
Revenue from district energy and build services is recognised as the service is provided.
A monthly application for works performed is approved by the client and a monthly invoice is raised.
Full provision is made for changes to final project margins on a monthly basis and reviewed in detail at year end.
Revenue is recognised on a gross basis in terms of retention held by clients. Historical recovery of retentions has been excellent.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
- not depreciated |
Plant and machinery |
- 5 years straight line |
Motor vehicles |
- 5 years straight line |
Office equipment |
- 5 years straight line |
Assets under construction |
- not depreciated |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Historically trade debtors impairment has been negligible, and no provisions are required.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade Creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction
costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Minority interest consists of the non-controlling shareholder's share of changes in equity since the date of combination.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
Financial Instruments
The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments " of FRS102 to all if of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transactions costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual agreements entered into. An equity instruments contract that evidences a residual interest in the assets of the Group after the deduction of its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest-method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfer the asset and substantially all the risks and rewards of the ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(ii) Recoverability of debtors
The directors establish a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
(iii) Revenue recognition
Revenue from district energy and build services is recognised as the service is provided.
A monthly application for works performed is approved by the client and a monthly invoice is raised.
Full provision is made for changes to final project margins on a monthly basis and reviewed in detail at year end.
Revenue is recognised on a gross basis in terms of retention held by clients. Historical recovery of retentions has been excellent.
(iv) Investment property impairment
The directors assess the fair value of the property using the current market rents and investment property yields for comparable property. The directors consider the wider economic environment for impairment indicators and have determined that no revaluation is required at the year end.
(v) Freehold property
The directors assess the useful life and residual value of fixed assets on an annual basis. The directors have made the judgement that there is no depreciation required on freehold property as they have assessed that the residual value is no less than the original cost of the asset.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
District heating installation |
|
|
Sale of property |
- |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Rental income |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows, these are included within administrative expenses:
2024 |
2023 |
|
Gain on disposal of Tangible assets |
|
|
Loss from disposals of investments |
( |
- |
(15,185) |
65,425 |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
( |
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank borrowings |
|
|
Interest on hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
- |
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Operations |
|
|
Finance and admin |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Total remuneration paid to directors' and key management of the Group for the year was £631,277 (2023: £318,250).
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
- |
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
- |
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
19,700 |
18,750 |
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
889,788 |
672,139 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
Deferred tax expense from unrecognised temporary difference from a prior period |
- |
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
Other tax adjustments, reliefs and transfers |
- |
( |
Total tax charge |
|
|
Intangible assets |
Group
Goodwill |
|
Cost |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Amortisation |
|
At 1 July 2023 |
|
Amortisation charge |
|
At 30 June 2024 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Tangible assets |
Group
Freehold land and buildings |
Motor vehicles |
Plant and machinery |
Assets under construction |
Total |
|
Cost |
|||||
At 1 July 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Transfer between classes |
|
- |
- |
( |
- |
Disposals |
- |
( |
( |
- |
( |
Transfers to investment properties |
- |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
- |
|
Depreciation |
|||||
At 1 July 2023 |
- |
|
|
- |
|
Charge for the year |
- |
|
|
- |
|
Eliminated on disposal |
- |
( |
- |
- |
( |
At 30 June 2024 |
- |
|
|
- |
|
Carrying amount |
|||||
At 30 June 2024 |
|
|
|
- |
|
At 30 June 2023 |
|
|
|
|
|
Included within the net book value of freehold property above is £2,428,123 (2023 - £1,787,269) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor vehicles |
161,326 |
205,675 |
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Company
Freehold land and buildings |
Motor vehicles |
Assets under construction |
Total |
|
Cost |
||||
At 1 July 2023 |
|
|
|
|
Additions |
|
- |
|
|
Transfer between classes |
|
- |
( |
- |
Disposals |
- |
( |
- |
( |
Transfers to investment properties |
- |
- |
( |
( |
At 30 June 2024 |
|
- |
- |
|
Depreciation |
||||
At 1 July 2023 |
- |
|
- |
|
Charge for the year |
- |
|
- |
|
Eliminated on disposal |
- |
( |
- |
( |
At 30 June 2024 |
- |
- |
- |
- |
Carrying amount |
||||
At 30 June 2024 |
|
- |
- |
|
At 30 June 2023 |
|
|
|
|
Included within the net book value of freehold property above is £2,428,123 (2023 - £1,787,269) in respect of freehold land and buildings.
Investment properties |
Group and Company
2024 |
|
At 1 July 2023 |
|
Additions |
|
Transfer from tangible assets |
|
At 30 June 2024 |
|
The investment properties are accounted for at fair value. The directors do not consider the value to have changed materially by the year ended 30 June 2024.
The total value of investment properties under construction during the year was £928,033 (2023: £Nil).
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Investments |
Group
Unlisted investments |
£ |
Cost |
|
At 1 July 2023 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Unlisted investments |
|
|
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2023 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Unlisted investments |
£ |
Cost |
|
At 1 July 2023 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
Subsidiary undertakings |
||||
|
Cargo Work Office Block 1 Cumberland Road Bristol BS1 6ZA |
Ordinary |
|
|
United Kingdom |
Subsidiary undertakings |
Therma-Mech Limited The principal activity of Therma-Mech Limited is |
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Work in progress |
|
- |
- |
- |
Debtors |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
- |
|
Accrued income |
|
|
- |
|
|
|
|
|
Current asset investments |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Other investments |
|
|
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts owed to group undertakings |
- |
- |
184,640 |
184,640 |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
Corporation tax |
467,212 |
324,443 |
- |
- |
|
Deferred income |
|
- |
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 June 2024 |
|
|
|
Company
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 June 2024 |
|
|
|
Deferred tax
Group
Deferred tax assets and liabilities
2024 |
Liability |
Fixed asset timing difference |
|
Short term timing difference |
( |
|
2023 |
Liability |
Fixed asset timing difference |
|
Short term timing difference |
( |
|
Company
Deferred tax assets and liabilities
2024 |
Liability |
Fixed asset timing difference |
|
|
2023 |
Liability |
Fixed asset timing difference |
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
11.00 |
|
11.00 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Minority Interest |
During the year company's subsidiary issued further share capital to management. The directors have assessed the subsidiary company's net assets and conclude that the non-controlling interest share should be recognised within the consolidated financial statements as considered material to the group.
Loans and borrowings |
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
|
Bank loans are made up of loans in both Therma-Mech Limited and Therma-Mech Developments Limited.
In Therma-Mech Limited, this relates to a CBIL loan, which is secured by way of a debenture over the assets of the company, bearing interest at the base interest rate of 2.42% per annum and repayable by 18 August 2026. The carrying value of the loan as at 30 June 2024 is £216,667 (2023: £316,667).
In Therma-Mech Developments Limited, this relates to a bank mortgage, bearing interest at 3.25% and repayable in 2026. The mortgage is secured over the underlying property. The carrying value of the loan as at 30 June 2024 is £837,081 (2023: £893,139).
Hire purchase liabilities with a carrying amount of £137,761 (2023: £151,040) is denominated in sterling with a nominal interest rate of 6.5% to 8.5%. The final instalment is due on 25/04/2027.
Hire purchase liabilities are secured on the vehicles they are financing and are repayable in monthly instalments over 2 to 5 years from the date of advanced.
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
- |
Later than one year and not later than five years |
|
- |
|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
- |
||
Interim dividend of £ |
|
|
||
|
|
Dividends on Ordinary B shares are in relation to the subsidiary, see note 30 for further details.
Analysis of changes in net debt |
Group
At 1 July 2023 |
Financing cash flows |
At 30 June 2024 |
|
Cash and cash equivalents |
|||
Cash |
5,177,600 |
(804,226) |
4,373,374 |
Borrowings |
|||
Long term borrowings |
(1,025,289) |
156,058 |
(869,231) |
Short term borrowings |
(184,517) |
- |
(184,517) |
Lease liabilities |
(151,040) |
13,279 |
(137,761) |
(1,360,846) |
169,337 |
(1,191,509) |
|
|
|||
|
( |
|
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Related party transactions |
Group
The group has taken advantage of the exemption permitted by section 33 Related party disclosure of the FRS 102 standard, not to provide disclosures of transactions entered into with other wholly owned members of the group.
Transactions with directors |
2024 |
At 1 July 2023 |
Advances to director |
At 30 June 2024 |
Mr R P Smart |
|||
Directors loan - interest free |
|
- |
|
|
- |
- |
- |
15,001 |
- |
15,001 |
|
Mr A S Ascott |
|||
Directors loan - interest free |
|
|
|
|
- |
- |
- |
14,325 |
9,000 |
23,325 |
|
2023 |
At 1 July 2022 |
Advances to director |
At 30 June 2023 |
Mr R P Smart |
|||
Directors loan - interest free |
( |
|
|
(5,084) |
20,085 |
15,001 |
|
Mr A S Ascott |
|||
Directors loan - interest free |
( |
|
|
(5,760) |
20,085 |
14,325 |
|
Other transactions with directors |
Dividends of £131,932 was paid on the subsidiary's Ordinary B Shares during the year (2023: £143,026) to Paul Lewis.
Company
The company has taken advantage of the exemption permitted by section 33 Related party disclosure of the FRS 102 standard, not to provide disclosures of transactions entered into with other wholly owned members of the group.
Therma-Mech Developments Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
Summary of transactions with parent
Purchases of £102,000 (2023: £90,000) and sales of £50,000 (2023: £Nil) made from/to RPS Management Holdings Limited, a company in which R P Smart is a director. The balance due to the company at the year end was £50,000 (2023: £Nil).
Parent and ultimate parent undertaking |
At 30 June 2024, the Company's ultimate controlling parties were Mr Aaron Ascott and Mr Rob Smart by virtue of their majority share holdings.