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Registration number: 04016621

Therm U Tech Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Therm U Tech Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Therm U Tech Limited

Company Information

Directors

Mr SP Hughes

Mr MJ Hughes

Ms J Wen

Company secretary

Ms J Wen

Registered office

Dormer Cottage
Yanley Lane
Long Ashton
Bristol
BS41 9LR

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Therm U Tech Limited

(Registration number: 04016621)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

9,263

11,388

Investment property

5

 

1,950,000

1,970,000

   

1,959,263

1,981,388

Current assets

   

Stocks

6

150

 

150

Debtors

7

23,766

 

38,496

Cash at bank and in hand

 

37,983

 

25,069

 

61,899

 

63,715

Creditors: Amounts falling due within one year

8

(148,845)

 

(96,717)

Net current liabilities

   

(86,946)

(33,002)

Total assets less current liabilities

   

1,872,317

1,948,386

Creditors: Amounts falling due after more than one year

8

 

(661,445)

(762,046)

Provisions for liabilities

 

(10,554)

(15,575)

Net assets

   

1,200,318

1,170,765

Capital and reserves

   

Called up share capital

100

 

100

Revaluation reserve

-

 

(63,069)

Retained earnings

1,200,218

 

1,233,734

Shareholders' funds

   

1,200,318

1,170,765

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Therm U Tech Limited

(Registration number: 04016621)
Balance Sheet as at 30 June 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................

Mr SP Hughes
Director

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Dormer Cottage
Yanley Lane
Long Ashton
Bristol
BS41 9LR

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income 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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

50% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,486

48,741

8,458

19,295

79,980

Additions

-

443

738

-

1,181

At 30 June 2024

3,486

49,184

9,196

19,295

81,161

Depreciation

At 1 July 2023

3,184

41,749

8,096

15,563

68,592

Charge for the year

75

1,804

493

934

3,306

At 30 June 2024

3,259

43,553

8,589

16,497

71,898

Carrying amount

At 30 June 2024

227

5,631

607

2,798

9,263

At 30 June 2023

302

6,992

362

3,732

11,388

5

Investment properties

2024
£

At 1 July

1,970,000

Fair value adjustments

(20,000)

At 30 June

1,950,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

150

150

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

17,189

30,649

Prepayments

5,310

5,752

Other debtors

1,267

2,095

 

23,766

38,496

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13,400

10,900

Trade creditors

 

563

1,318

Taxation and social security

 

34,219

34,996

Accruals and deferred income

 

36,555

26,770

Other creditors

 

64,108

22,733

 

148,845

96,717

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

471,445

572,046

Other non-current financial liabilities

 

190,000

190,000

 

661,445

762,046

9

Related party transactions

During the year the directors maintained loan accounts with the company. There is no interest charged on the loans and no fixed repayment terms.

 

Therm U Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

Gifted
£

At 30 June 2024
£

Mr SP Hughes

Mr S Hughes and Ms J Wen Directors Loan Account

(85,714)

32,062

(66)

(83,189)

(136,907)

Mr MJ Hughes

Mr M Hughes Directors Loan Account

(151,416)

3,037

(24,000)

83,189

(89,190)

Ms J Wen

Ms J Wen Loan Account

(190,000)

-

-

-

(190,000)

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr SP Hughes

Mr S Hughes and Ms J Wen Directors Loan Account

(50,685)

-

(35,029)

(85,714)

Mr MJ Hughes

Mr M Hughes Directors Loan Account

(112,072)

4,336

(43,680)

(151,416)

Ms J Wen

Ms J Wen Loan Account

(190,000)

-

-

(190,000)