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REGISTERED NUMBER: 03183441 (England and Wales)















Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

for

Thermax Europe Limited

Thermax Europe Limited (Registered number: 03183441)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Directors' Responsibilities Statement 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Thermax Europe Limited

Company Information
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: Venkatesh Balasubramanian
Sandeep Suresh Mandke


REGISTERED OFFICE: The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN


REGISTERED NUMBER: 03183441 (England and Wales)


SENIOR STATUTORY AUDITOR: Duncan J E Mitchell FCA


AUDITORS: CED Accountancy Services Ltd
1 Lucas Bridge Business Park
Old Greens Norton Road
Towcester
Northamptonshire
NN12 8AX


BANKERS: HSBC Bank Plc
60 Queen Victoria Street
London
EC4N 4TR

Thermax Europe Limited (Registered number: 03183441)

Strategic Report
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS
The performance for the financial year 24-25 has been lower than what was budgeted at the beginning of the year and lower than the previous financial year.

The year closed with a turnover of £3.8 Million (previous year £5.75 Million). The pre-tax profit stands at £152,220 (previous year £344,508).

The order booking for the year stands at £5.25 Million, in line with budget..

The Chiller business continues to be driven by on-site power generation market in Italy, Germany, Spain and UK. The Heat Pump business is driven by the district heating sector and the commitment made by some of the European countries to reduce their dependency on fossil fuel and increase energy efficiencies.

The highlights of the year are a large chiller order from Serbia and from Poland.

The Service & spare parts business has been lower that budgeted owing to many onsite power generators stopped due to cost of gas.

The outlook for 2025-26 will be lower than present year due to continued Ukraine crisis that has created uncertainty in energy market, the lack of new gas contracts for new on site power generators on which the chiller business is dependent on. The focus however will remain on Germany, Italy, Eastern Europe and Scandinavia.

PRINCIPAL RISKS AND UNCERTAINTIES
The core business of Thermax Europe Ltd is the sales and service of Absorption chillers and heat pumps, manufactured by our parent company Thermax Ltd. Near term risk to the business comes from other competitors from the Far East, who could drive down the prices affecting the company's bottom line and sales. Any changes in government policies regarding energy can also affect the market for the type of equipment the company markets. The recent strides taken by renewable energy sector will be a long-term threat to businesses that directly or indirectly deal with equipment supply that rely on fossil fuel. The chillers and heat pumps the company markets falls in this category.

On financial management, the company has established a risk management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to ensure sufficient working capital exists.

SECTION 172(1) STATEMENT
Directors confirm that, during the year, they continued to promote the success of the Company for the benefit of all stakeholders. In doing so, the Board's desire to act fairly for its sole member, maintain a reputation for high standards of business conduct, and consider the long-term consequences of the decisions they take, have underpinned the way it operates.

EXPOSURE TO PRICE, CREDIT, LIQUIDITY AND CASH FLOW RISK
Cash flow risk is the exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The Company finances its operations with cash and working capital items such as trade debtors and trade creditors that arise directly from its operations.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and credit facilities.

Credit risk is the risk that one party to financial instruments will cause a financial loss for that other party failing to discharge an obligation. The policy is aimed at minimising such losses and requires that the deferred terms are granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. The director sets working capital targets including debtor days. Outstanding balances are reviewed by staff on a regular basis, in conjunction with debt ageing, and the Company operates a robust collection procedure.


Thermax Europe Limited (Registered number: 03183441)

Strategic Report
FOR THE YEAR ENDED 31 MARCH 2025

NON-FINANCIAL INFORMATION
The company is a buy and sell company catering to European market for Absorption chillers and heat pumps. All chillers and heat pumps are manufactured by the parent company in India. The business strategy involves working with appointed distributors across continental Europe and key relationship with large contractors. In the UK the business model is working with HVAC contractors. The company also has a revenue stream from sales of spare parts and service support

Through 'Thermax Cares', the group companies are inculcating environmental consciousness into the organizational culture. We have undertaken various initiatives to encourage employees and their families to contribute to reducing the earth's carbon and water footprint. Thermax is committed to minimise the use of natural resources and the impact of its operations on nature. It remains committed to building its Natural Capital through resource efficiency and excellence in environmental performance. The company is constantly measuring and managing the impact of its business and manufacturing operations on the environment, and taking necessary measures to reduce energy, water, and material consumption

Thermax Group remains steadfastly focussed on nurturing a healthy organisation and a capable workforce, with an inclusive approach to its resources and human rights. At the core of its people policy is the company's thrust on building and retaining its critical skills, enhancing its performance potential, and developing its leadership capabilities. We provide necessary growth opportunities to have an engaged and committed workforce to drive the organisation towards growth. Some of the ways in which the company engages with the employees include open forums, online and functional training, people and leadership development, communication blogs, and celebrations like Technology Day, Environment Day, and Safety Week.

The company recognises that its business sustainability is premised on the relationships it builds with its communities. It acknowledges the importance of its societal welfare initiatives to promote sustainable growth. Its key objective is to facilitate quality education for children from economically weaker backgrounds, to help them come out of the vicious cycle of poverty. Further, Thermax Foundation works closely with the vulnerable communities around the company's manufacturing locations, and encourages key projects based on need-based evaluation.

The company's Corporate Governance framework encompasses its transparent systems, processes, and principles. It is designed to help Thermax create wealth for its stakeholders on a sustainable basis. It enables the company to conduct its business in a smooth manner and engage with its stakeholders. The company identifies material issues by engaging with multiple stakeholders - investors, shareholders, media, government, employees, vendors and suppliers, customers, and the community.

The company has a strong culture and elaborate processes to reduce the risk of unethical conduct, including a clear code of conduct and whistle blower policy. The Company is committed to operating its businesses with integrity and adopting governance policies that promote the thoughtful and independent representation of its stakeholders' interests.

The company adheres to all applicable local and international laws including social, human rights, anti-corruption, health & safety, environmental and employment laws. The subsidiary is advised by the parent company on some of these matters and others through local external consultants.

FOREIGN CURRENCY RISK
The company's principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

ON BEHALF OF THE BOARD:





Sandeep Suresh Mandke - Director


8 May 2025

Thermax Europe Limited (Registered number: 03183441)

Report of the Directors
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale and service of absorption chillers.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 April 2024 to the date of this report.

The directors shown below were in office at 31 March 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 April 2024 or 31 March 2025.

Venkatesh Balasubramanian
Sandeep Suresh Mandke

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
Details of the group's corporation governance arrangements can be found on Thermax Limited's website.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with the Companies Act 2006, s 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report. It has done so in respect of:
- Business model
- Review of business
- Principal risks and uncertainties
- Section 172(1) Statement
- Exposure to price, credit, liquidity and cash flow risk
- Likely future developments in the business

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Sandeep Suresh Mandke - Director


8 May 2025

Thermax Europe Limited (Registered number: 03183441)

Directors' Responsibilities Statement
FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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 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.

Report of the Independent Auditors to the Members of
Thermax Europe Limited

Opinion
We have audited the financial statements of Thermax Europe Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 March 2025 and of its 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Thermax Europe Limited


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 Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Directors' Responsibilities Statement set out on page five, 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 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.

Report of the Independent Auditors to the Members of
Thermax Europe Limited


Auditors' 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 a Report of the Auditors 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.

Detecting Irregularities
The engagement partner ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
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 company, including the Companies Act 2006, taxation legislation, employment environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above;
we communicated identified laws and regulations within the audit team who remained alert to instances of non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement including obtaining an understanding of how fraud might occur, by;
- making enquiries of management as to whether they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the company's remuneration policies.
- requesting confirmation of opening balances and carrying out further audit procedures as required.
To address the risk of fraud through management bias and override of controls, we;
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of non-compliance with laws and regulations, we designed procedures which included, but were not limited to;
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and the company's legal advisors.
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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Thermax Europe Limited


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 a Report of the Auditors 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.




Duncan J E Mitchell FCA (Senior Statutory Auditor)
for and on behalf of CED Accountancy Services Ltd
1 Lucas Bridge Business Park
Old Greens Norton Road
Towcester
Northamptonshire
NN12 8AX

8 May 2025

Thermax Europe Limited (Registered number: 03183441)

Income Statement
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   

REVENUE 4 3,789,971 5,755,157

Cost of sales 2,782,094 4,427,605
GROSS PROFIT 1,007,877 1,327,552

Administrative expenses 1,056,750 1,117,812
OPERATING (LOSS)/PROFIT 6 (48,873 ) 209,740

Interest receivable and similar income 201,093 134,769
PROFIT BEFORE TAXATION 152,220 344,509

Tax on profit 8 34,955 88,289
PROFIT FOR THE FINANCIAL YEAR 117,265 256,220

Thermax Europe Limited (Registered number: 03183441)

Other Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 117,265 256,220


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

117,265

256,220

Thermax Europe Limited (Registered number: 03183441)

Balance Sheet
31 MARCH 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 9 3,658 6,778

CURRENT ASSETS
Inventories 10 1,124,076 82,969
Debtors 11 2,539,972 1,727,030
Cash at bank and in hand 6,210,331 5,642,586
9,874,379 7,452,585
CREDITORS
Amounts falling due within one year 12 2,912,906 610,729
NET CURRENT ASSETS 6,961,473 6,841,856
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,965,131

6,848,634

PROVISIONS FOR LIABILITIES 15 927 1,695
NET ASSETS 6,964,204 6,846,939

CAPITAL AND RESERVES
Called up share capital 16 200,000 200,000
Retained earnings 17 6,764,204 6,646,939
SHAREHOLDERS' FUNDS 6,964,204 6,846,939

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





Sandeep Suresh Mandke - Director


Thermax Europe Limited (Registered number: 03183441)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 200,000 6,390,719 6,590,719

Changes in equity
Total comprehensive income - 256,220 256,220
Balance at 31 March 2024 200,000 6,646,939 6,846,939

Changes in equity
Total comprehensive income - 117,265 117,265
Balance at 31 March 2025 200,000 6,764,204 6,964,204

Thermax Europe Limited (Registered number: 03183441)

Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 454,184 154,199
Tax paid (87,200 ) (31,406 )
Net cash from operating activities 366,984 122,793

Cash flows from investing activities
Purchase of tangible fixed assets (332 ) (4,653 )
Sale of tangible fixed assets - 1,709
Loan repayment - 2,631,579
Interest received 201,093 134,769
Net cash from investing activities 200,761 2,763,404

Increase in cash and cash equivalents 567,745 2,886,197
Cash and cash equivalents at beginning of
year

2

5,642,586

2,756,389

Cash and cash equivalents at end of year 2 6,210,331 5,642,586

Thermax Europe Limited (Registered number: 03183441)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2025 2024
£    £   
Profit before taxation 152,220 344,509
Depreciation charges 3,452 4,138
Profit on disposal of fixed assets - (210 )
Finance income (201,093 ) (134,769 )
(45,421 ) 213,668
(Increase)/decrease in inventories (1,041,107 ) 1,062,277
(Increase)/decrease in trade and other debtors (885,467 ) 255,825
Increase/(decrease) in trade and other creditors 2,426,179 (1,377,571 )
Cash generated from operations 454,184 154,199

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 6,210,331 5,642,586
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 5,642,586 2,756,389


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 5,642,586 567,745 6,210,331
5,642,586 567,745 6,210,331
Total 5,642,586 567,745 6,210,331

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025

1. STATUTORY INFORMATION

Thermax Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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 £.

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:

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A.

- Section 33 'Related Party Disclosures': Compensation for key management personnel

The financial statements of the company are consolidated in the financial statements of Thermax Limited. These consolidated financial statements are available from its registered office Thermax House, 14 Mumbai Pune Road, Wakdewadi, Pune 411 003 India.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33.33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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 costs 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 a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies 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 costs, 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The group makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

Stock: The Company makes a periodic estimation of any possible impairment to stock taking into account a number of factors including: its commercial value in the current market; signs of significant or irreparable damage; and any potential items considered to be worth less than cost or deemed worthless. When assessing the carrying value of the stock, these factors are taken into consideration.

Debtors: The Company makes an estimate of the recoverable value of trade and other debtors. When assessing the potential impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and the historical experience of the relationship with that debtor. Please also refer to 11 for the net carrying amount of the debtors and any associated impairment provision.

Creditors : Provision is made for commissioning costs of units fully invoiced but not yet commissioned. This requires management's best estimate of the expenditure that will be incurred based on contractual requirements. Management consider factors including the complexity of the machines and the estimated hours that would be required to fulfil the contract.

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2025 2024
£    £   
United Kingdom 351,781 732,911
Europe 2,411,432 5,022,246
Saudi Arabia 1,026,758 -
3,789,971 5,755,157

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

5. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 294,055 319,821
Social security costs 26,920 31,234
Other pension costs 15,868 15,329
336,843 366,384

The average number of employees during the year was as follows:
2025 2024

Director 2 2
Admin 5 6
7 8

2025 2024
£    £   
Directors' remuneration - -

6. OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025 2024
£    £   
Other operating leases 9,286 9,230
Depreciation - owned assets 3,452 4,138
Profit on disposal of fixed assets - (210 )
Foreign exchange differences 75,012 182,084

7. AUDITORS' REMUNERATION

2025 2024
£    £   
CED Accountancy Services Limited (annual statutory audit) 9.540 9,800
SRBC & Co. LLP (quarterly group audit) Nil 16,008
CED Accountancy Services Limited (quarterly group audit) 6,352 Nil
15,892 25,808

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 35,723 88,535

Deferred tax (768 ) (246 )
Tax on profit 34,955 88,289

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£    £   
Profit before tax 152,220 344,509
Profit multiplied by the standard rate of corporation tax in the UK of 24%
(2024 - 25%)

36,533

86,127

Effects of:
Expenses not deductible for tax purposes 123 441
Depreciation in excess of capital allowances 774 246
Bad debt provision (1,707 ) 1,721
Deferred tax (768 ) (246 )
Total tax charge 34,955 88,289

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant & and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2024 1,717 8,329 10,759 20,805
Additions - 332 - 332
At 31 March 2025 1,717 8,661 10,759 21,137
DEPRECIATION
At 1 April 2024 1,464 3,755 8,808 14,027
Charge for year 253 1,699 1,500 3,452
At 31 March 2025 1,717 5,454 10,308 17,479
NET BOOK VALUE
At 31 March 2025 - 3,207 451 3,658
At 31 March 2024 253 4,574 1,951 6,778

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

10. INVENTORIES
2025 2024
£    £   
Stocks and consumables 1,124,076 82,969

Stock has been impaired by £79,548 (2024: £55,715 ) due to obsolescence.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 2,158,838 1,266,256
Amounts owed by group undertakings 9,882 83,797
Recharges 28,246 24,718
Other Debtors 333,220 340,187
Tax 1,390 -
VAT - 4,075
Prepayments 8,396 7,997
2,539,972 1,727,030

An amount of £771,985 (2024 - £785,182) included in trade debtors is currently in dispute. Following the year end the parent company have agreed to underwrite £539,774 of this debt owing to non-payment of the amount receivable. No further income is expected and a bad debt adjustment of £232,211 has been included in the accounts accordingly.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 42,997 31,431
Amounts owed to group undertakings 1,509,911 80,850
Tax 3,723 53,810
Social security and other taxes 10,023 6,602
VAT 12,296 -
Customer advance payments 1,056,784 168,039
Accrued expenses 277,172 269,997
2,912,906 610,729

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 20,381 25,142
Between one and five years 23,840 14,644
44,221 39,786

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

14. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instruments is as follows:

Financial instruments that are debt instruments measured at amortised cost
2025 2024
£ £
Financial instruments that are debt instruments measured at amortised cost 2,435,397 1,374,771

Financial liabilities measured at amortised cost
2025 2024
£ £
Financial liabilities measured at amortised cost 1,552,908 112,281

15. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 927 1,695

Deferred
tax
£   
Balance at 1 April 2024 1,695
Provided during year (768 )
Balance at 31 March 2025 927

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
200,000 Ordinary £1 200,000 200,000

17. RESERVES
Retained
earnings
£   

At 1 April 2024 6,646,939
Profit for the year 117,265
At 31 March 2025 6,764,204

Thermax Europe Limited (Registered number: 03183441)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2025

18. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The amount recognised in the profit or loss as an expense in relation to the defined contribution plan was £15,868 (2024: £15,329)

Contributions totalling £1,709 (2024: £1,564) were payable to the fund at the balance sheet date and are included in creditors.

19. RELATED PARTY DISCLOSURES

Thermax Limited owns 100% of the shares in Thermax Europe Limited.

During the year Thermax Europe Limited were reimbursed expenses incurred amounting to £19,874 (2024: £90,001) from Thermax Limited.

During the year Thermax Europe Limited made sales amounting to £21,471 (2024: £118,302) to Danstoker A/S.

Purchases were made in the year from Thermax Limited of £3,469,559 (2024: £2,919,447), and Rifox-Hans Richter Gmbh £105,674 (2024: £192,637).

At 31/03/2025 Thermax Europe Limited was owed £5,998 (2024: £83,797) from Thermax Limited.

Thermax Europe Limited also owed £1,509,911 (2024: £80,850) to Thermax Limited and £Nil (2024: £1,353) to Rifox-Hans Richter Gmbh.

20. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is RDA Holdings Private Limited, a company incorporated in India.

The immediate parent company is Thermax Limited, a company incorporated in India.