Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-313The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falsewholesaler of chemical products3truetrue 05219934 2023-06-01 2024-05-31 05219934 2022-06-01 2023-05-31 05219934 2024-05-31 05219934 2023-05-31 05219934 2022-06-01 05219934 c:Director2 2023-06-01 2024-05-31 05219934 c:Director3 2023-06-01 2024-05-31 05219934 d:PlantMachinery 2023-06-01 2024-05-31 05219934 d:PlantMachinery 2024-05-31 05219934 d:PlantMachinery 2023-05-31 05219934 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05219934 d:ComputerEquipment 2023-06-01 2024-05-31 05219934 d:ComputerEquipment 2024-05-31 05219934 d:ComputerEquipment 2023-05-31 05219934 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05219934 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05219934 d:CurrentFinancialInstruments 2024-05-31 05219934 d:CurrentFinancialInstruments 2023-05-31 05219934 d:Non-currentFinancialInstruments 2024-05-31 05219934 d:Non-currentFinancialInstruments 2023-05-31 05219934 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05219934 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05219934 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 05219934 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 05219934 d:ShareCapital 2024-05-31 05219934 d:ShareCapital 2023-05-31 05219934 d:ShareCapital 2022-06-01 05219934 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 05219934 d:RetainedEarningsAccumulatedLosses 2024-05-31 05219934 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 05219934 d:RetainedEarningsAccumulatedLosses 2023-05-31 05219934 d:RetainedEarningsAccumulatedLosses 2022-06-01 05219934 c:OrdinaryShareClass1 2023-06-01 2024-05-31 05219934 c:OrdinaryShareClass1 2024-05-31 05219934 c:OrdinaryShareClass1 2023-05-31 05219934 c:FRS102 2023-06-01 2024-05-31 05219934 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05219934 c:FullAccounts 2023-06-01 2024-05-31 05219934 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05219934 2 2023-06-01 2024-05-31 05219934 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 05219934








 
THERMOGUARD UK LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024


 
THERMOGUARD UK LTD
REGISTERED NUMBER:05219934


STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
37,914
26,902

  
37,914
26,902

Current assets
  

Stocks
  
618,000
320,000

Debtors: amounts falling due within one year
 6 
646,167
453,019

Cash at bank and in hand
 7 
8,858
32,930

  
1,273,025
805,949

Creditors: amounts falling due within one year
 8 
(1,311,597)
(815,225)

Net current liabilities
  
 
 
(38,572)
 
 
(9,276)

Total assets less current liabilities
  
(658)
17,626

Creditors: amounts falling due after more than one year
 9 
(9,479)
(5,111)

  

Net (liabilities)/assets
  
(10,137)
12,515


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
(10,138)
12,514

  
(10,137)
12,515


Page 1


 
THERMOGUARD UK LTD
REGISTERED NUMBER:05219934

    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
D J Mifflin
................................................
A Letch
Director
Director


Date: 3 April 2025
Date:3 April 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2


 
THERMOGUARD UK LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2022
1
50,021
50,022


Comprehensive income for the year

Loss for the year
-
(37,507)
(37,507)



At 1 June 2023
1
12,514
12,515


Comprehensive income for the year

Loss for the year
-
(22,652)
(22,652)


At 31 May 2024
1
(10,138)
(10,137)


The notes on pages 4 to 10 form part of these financial statements.

Page 3


 
THERMOGUARD UK LTD


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Thermoguard UK Ltd (the 'Company') is a private limited company incorporated in England and Wales. The company's registration number and registered office address can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling, which is also the functional currency of the Company.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4


 
THERMOGUARD UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5


 
THERMOGUARD UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction 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 the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 6


 
THERMOGUARD UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

the assets of the Company after the deduction of all 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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual values consider such things as future market conditions, the expected remaining life of the asset and projected disposal values.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7


 
THERMOGUARD UK LTD


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
62,099
6,550
68,649


Additions
9,077
15,272
24,349



At 31 May 2024

71,176
21,822
92,998



Depreciation


At 1 June 2023
37,172
4,575
41,747


Charge for the year on owned assets
6,801
6,536
13,337



At 31 May 2024

43,973
11,111
55,084



Net book value



At 31 May 2024
27,203
10,711
37,914



At 31 May 2023
24,927
1,975
26,902


6.


Debtors

2024
2023
£
£


Trade debtors
585,796
425,982

Amounts due from related parties (see note 14)
44,557
10,893

Corporation tax
15,495
15,595

Prepayments and accrued income
319
549

646,167
453,019



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,858
32,930

8,858
32,930


Page 8


 
THERMOGUARD UK LTD


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
796,605
612,995

Amount due to related party (see note 14)
63,825
66,108

VAT
99,077
75,720

Other creditors
8,956
8,615

Accruals and deferred income
343,134
51,787

1,311,597
815,225



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deferred tax
9,479
5,111

9,479
5,111



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Profit and loss account

Profit and loss account reserves - includes all current and prior period retained profits and losses.

Page 9


 
THERMOGUARD UK LTD


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Related party transactions


Balance b/f 1 Jun-23
Loan movements
Balance c/f 31 May-24
2023
£
£
£
£

Loans due from related parties
10,893
33,664
44,557
10,893
Loan due to related party
(66,108)
2,283
(63,825)
(66,108)
(55,215)
35,947
(19,268)
(55,215)

All loans due from related parties as referred to in note 8 are unsecured, interest free and repayable on demand.
The loan due to related party as referred to in note 10 is unsecured, interest free and repayable on demand.
During the year, the company was charged £20,000 (2023 - £105,000) for management services provided by Thermoguard (IOM) Limited.
During the year, the company was charged £250,496 (2022 - £285,080) for the purchase of stock from Thermoguard (IOM) Limited.
 

 
Page 10