Company registration number 01929517 (England and Wales)
THERMAC (HIRE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THERMAC (HIRE) LIMITED
COMPANY INFORMATION
Directors
J M Davy
A de Graft-Hayford
Secretary
A de Graft-Hayford
Company number
01929517
Registered office
Unit C Astra Park
Parkside Lane
Leeds
West Yorkshire
United Kingdom
LS11 5SZ
Auditor
BHP LLP
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
THERMAC (HIRE) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Notes to the financial statements
9 - 17
THERMAC (HIRE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of hire, sale and servicing of asbestos removal and construction equipment. Sales are made to group companies and external customers.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M Davy
S Doyle
(Resigned 8 February 2024)
A de Graft-Hayford

Going Concern

The Company is a subsidiary of the Lexia Solutions Group Limited group (the “Group”) and has access to the group’s current banking facilities.

The Company, and wider Group, continues to recognise the economic and trading uncertainties resulting from the conflict in Ukraine, which continue to be closely monitored. Although the Group do not trade outside the UK, interruption to commodity supplies and rising prices due to the reduced supply is likely to impact the supply chain. After considering the factors and sensitivities outlined above for a range of scenarios, the Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Uncertainties and risk inherent in the construction industry may impact future performance, and management remain vigilant in monitoring and addressing these challenges proactively.

The Directors regularly review the working capital requirements of the Company, and wider Group, while reviewing sensitivities to future performance. The Directors have reviewed budgets and future forecasts and have satisfied themselves that the Company has sufficient financial and liquid resources to continue to operate for a period of at least 18 months from the date these financial statements are signed.

Overall, the Directors remain confident in their strategy and the strength of the business.

Accordingly, the Directors continue to adopt the going concern basis in preparing the Company and the wider Group accounts. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

BHP LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

THERMAC (HIRE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
J M Davy
Director
23 May 2025
THERMAC (HIRE) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THERMAC (HIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THERMAC (HIRE) LIMITED
- 4 -
Opinion

We have audited the financial statements of Thermac (Hire) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 financial statements are 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THERMAC (HIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THERMAC (HIRE) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

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:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

THERMAC (HIRE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THERMAC (HIRE) LIMITED (CONTINUED)
- 6 -

To address the risks of fraud through management bias and override controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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 director’s and other management and the inspection of regulatory and legal correspondence.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Chris Neale (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
23 May 2025
THERMAC (HIRE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£000
£000
Turnover
5,622
5,807
Cost of sales
(4,069)
(4,301)
Gross profit
1,553
1,506
Administrative expenses
(1,370)
(1,464)
Operating profit
183
42
Interest payable and similar expenses
-
0
(1)
Profit before taxation
183
41
Tax on profit
(48)
(6)
Profit for the financial year
135
35

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THERMAC (HIRE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
4
-
0
7
Tangible assets
5
418
375
418
382
Current assets
Stocks
811
819
Debtors
6
1,251
903
Cash at bank and in hand
419
347
2,481
2,069
Creditors: amounts falling due within one year
7
(1,146)
(850)
Net current assets
1,335
1,219
Total assets less current liabilities
1,753
1,601
Provisions for liabilities
(66)
(49)
Net assets
1,687
1,552
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
1,687
1,552
Total equity
1,687
1,552

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

The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
J M Davy
Director
Company registration number 01929517 (England and Wales)
THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Thermac (Hire) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C Astra Park, Parkside Lane, Leeds, West Yorkshire, United Kingdom, LS11 5SZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Lexia Solutions Group Limited. These consolidated financial statements are available from its registered office, Unit C Astra Park, Parkside Lane, Leeds, West Yorkshire, LS11 5SZ.

1.2
Going concern

The Company is a subsidiary of the Lexia Solutions Group Limited group (the “Group”) and has access to the group’s current banking facilities. true

The uncertainty as to the future impact on the Company, and the wider Group, of the UK economy and the wider macroeconomic conditions has been separately considered as part of the Director’s consideration of the going concern basis of preparation.

The Directors have prepared cash flow forecasts, based on a series of current trading forecasts and taking into account current borrowing facilities, for a period of 18 months from the date of approval of these financial statements, which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period. Under this scenario there would be no breach of working capital facility as there is sufficient headroom. There are no material capital repayments of debt falling due within the forecast period.

The Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is recognised when the significant risks and rewards of ownership have been transferred to the buyer, the Company retains no continuing improvement or control over the goods, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Brands
Straight line over 7 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short-term leasehold property
Straight line over the term of the lease
Plant and equipment
15% per annum straight line
Office equipment
25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

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

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised once there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grant will be received. Amounts received are disclosed within Other operating income in the Consolidated profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Debtor recoverability

Whilst there are controls in place, debtor recoverability is inherently susceptible to the financial stability of the respective customers. Management must therefore make estimates for provision levels to be made.

 

The judgements, estimates and associated assumptions necessary to calculate the above provisions are based on historical experience, current industry knowledge and other reasonable factors.

Stock provision

The company holds a material value of inventory. To estimate the provision for slow-moving or obsolete inventory the Directors take account of how stock has been utilised in the last 12 months along with future expected use. In applying this approach, management have exercised judgement in determining that usage type is an appropriate method for identifying slow-moving stock, as opposed to age. This methodology focuses on the frequency of stock movement rather than the quantity of stock held. As such, there is a risk that the provision may not fully capture items that are slow-moving in nature and held in significant volumes. The value of the provision as at 31 December 2024 is £5,000 (2023: £4,000).

 

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Employees

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

2024
2023
Number
Number
Total
27
31
4
Intangible fixed assets
Brands
£000
Cost
At 1 January 2024
10
Disposals
(10)
At 31 December 2024
-
0
Amortisation and impairment
At 1 January 2024
3
Amortisation charged for the year
1
Disposals
(4)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
7

The intangible asset related to an exclusivity agreement as the sole distributor of Phoenix Brands products. It was disposed of during the year.

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
5
Tangible fixed assets
Short-term leasehold property
Plant and equipment
Office equipment
Total
£000
£000
£000
£000
Cost
At 1 January 2024
159
1,722
38
1,919
Additions
-
0
186
4
190
Disposals
(107)
(61)
(15)
(183)
At 31 December 2024
52
1,847
27
1,926
Depreciation and impairment
At 1 January 2024
144
1,368
32
1,544
Depreciation charged in the year
5
120
2
127
Eliminated in respect of disposals
(99)
(54)
(10)
(163)
At 31 December 2024
50
1,434
24
1,508
Carrying amount
At 31 December 2024
2
413
3
418
At 31 December 2023
15
354
6
375
6
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
560
634
Corporation tax recoverable
-
0
47
Amounts owed by group undertakings
462
178
Other debtors
229
44
1,251
903

Included within the other debtors balance for the current year is an invoice discounting facility which is secured by unlimited debentures as part of the Lexia Solutions Group Limited banking facility.

 

All amounts due from group undertakings are interest free and are repayable on demand.

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Creditors: amounts falling due within one year
2024
2023
£000
£000
Trade creditors
276
370
Amounts owed to group undertakings
606
64
Corporation tax
31
-
0
Other taxation and social security
85
115
Other creditors
148
301
1,146
850

Included within the prior year balance for other creditors is an invoice discounting facility which is secured by unlimited debentures as part of the Lexia Solutions Group Limited banking facility. The facility accrues interest at a rate of 2% above Base Rate.

 

All amounts owed to group undertakings are interest free, carry no security and are repayable on demand.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£000
£000
Fixed asset timing differences
66
49
2024
Movements in the year:
£000
Liability at 1 January 2024
49
Charge to profit or loss
17
Liability at 31 December 2024
66
9
Financial commitments, guarantees and contingent liabilities

The Company is party to a cross guarantee in relation to the group's bank borrowings, which at 31 December 2024 amounted to a debtor balance of £3,154,000 (2023: debtor balance of £1,834,000).

THERMAC (HIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£000
£000
514
463
11
Related party transactions

The Company has taken advantage of the available exemption conferred by Section 1AC.35 of FRS102 not to disclose transactions with wholly owned members of the Group.

 

During the year the Company rented premises from the pension scheme of J M Davy, for a total value of £57,000 (2023: £57,000). The balance outstanding at year end in relation to these transactions was £Nil (2023: £Nil).

 

During the year the Company made purchases from Tradeslink Asbestos Services Limited, a wholly owned company of J M Davy, for a total value of £9,000 (2023: £17,000). The company also made sales of £16,000 (2023: £11,000) to Tradeslink Asbestos Services Limited. The balance outstanding at the year end in relation to these transactions was £Nil (2023: £5,000).

12
Parent company

The immediate parent undertaking of the Company is Lexia Solutions Group Limited (05035069), a Company incorporated in the United Kingdom.

 

Lexia Solutions Group Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2024. The consolidated financial statements of Lexia Solutions Group Limited are available from their registered office at Unit C, Astra Park, Parkside Lane, Leeds, LS11 5SZ.

 

Lexia Solutions Trustees Limited is now considered to be the ultimate controlling party. Lexia Solutions Trustees Limited (12903620) is a company limited by guarantee incorporated in the United Kingdom with registered office at Unit C Astra Park, Parkside Lane, Leeds, West Yorkshire, United Kingdom, LS11 5SZ.

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