Company registration number 10633446 (England and Wales)
TEV HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TEV HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Carr-Smith
Mr J Dobson
Secretary
Mr J Dobson
Company number
10633446
Registered office
Unit 1A
Commondale Way
Euroway Industrial Estate
Bradford
BD4 6SF
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
TEV HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
TEV HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

TEV Holdings Limited is a holding company for its subsidiaries, Tev Limited and Thermal Energy Ventures Limited (together, “the Group”).

Fair review of the business

2024 proved to be a mixed year with the market remaining fairly consistent up to the General Election. Clearly any anticipated government support for our Industry did not transpire and with this uncertainty remaining many Customers took a zero investment stance. The caused demand to fall in the later part of the year.

Supply chain challenges eased but the sudden downturn led to overstocking across Customers and Suppliers alike. As a business we moved to a more suitable building and took a leaner approach to cost.

The year saw a small increase in EBITDA when adding back Exceptional items (see note 4) and the business continued to generated cash allowing it to repay debt and position itself well for 2025.

Future developments

The Directors continue to invest in the Company’s product development team who in turn are designing new low emission and energy efficient solutions for our chosen markets.

The directors recognise that there are a number of risks and uncertainties faced by the company which may affect the performance. These risks are subject to regular review and, where appropriate, processes are established to minimise the level of exposure.

The key risks from the directors’ perspective are:

 

Market risk

Our order book and pipeline are monitored by management on daily basis to identify weak signals in market movements and quickly react to them.

Labour shortages and higher interest rates had a significant detrimental impact on UK Construction with several large M&E Contractors going into Administration. We also saw several projects being delayed.

Refrigeration for UK Hospitality and Food Retail remains in flux as it awaits DEFRA’s decision on a new F-Gas phasedown, the Governments position on Property Rates, the new minimum wage and NIC increase.

Operational risk

Management continually monitors the performance of, and engages with, its workforce to ensure we can react dynamically to ever-changing market demands. The businesses ERP system continues to be utilised to a greater degree across all departments, in order to ensure that processes are performed as efficiently as possible whilst maintaining a stable platform to support ongoing growth.

Financial risk

The company continues to work closely with our investors to maximise the return on our capital employed.

 

Cashflow risk

Our focus on cash generation, maximising working capital and the relationship with our funders, remains paramount to minimising cashflow risks. The company continues to insure its sales with AA-rated credit insurers.

Key performance indicators

The principle key financial performance indicators used by management to monitor performance and risk are:

TEV HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Other performance indicators

Delivery performance, supplier quality and product quality measures, together with enhanced customer feedback monitoring, underpin the success of the business.

Its employees showed impressive levels of patience and resolve in dealing with the challenges that 2024 brought our way and remain a credit to the business.

 

 

 

On behalf of the board

Mr J Dobson
Director
16 July 2025
TEV HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The company's principal activity is being that of a holding company. The group's principal activity is that of the design and manufacture of energy efficient air conditioning, refrigeration and heating systems for all types of buildings including hotels, offices, retail and domestic properties.

Results and dividends

The results for the year are set out on page 8.

No ordinary interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr C L Chisman
(Resigned 17 April 2025)
Mr J Carr-Smith
Mr J Dobson
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr J Dobson
Director
16 July 2025
TEV HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TEV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEV HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of TEV Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and parent 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:

TEV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEV HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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.

TEV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEV HOLDINGS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Matthew Grant (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
16 July 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
TEV HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,602,997
6,978,073
Cost of sales
(4,747,674)
(4,402,483)
Gross profit
2,855,323
2,575,590
Distribution costs
(264,027)
(195,659)
Administrative expenses
(3,204,328)
(2,852,806)
Operating loss
5
(613,032)
(472,875)
Interest payable and similar expenses
9
(715,441)
(685,815)
Loss before taxation
(1,328,473)
(1,158,690)
Tax on loss
10
264,334
404,452
Loss for the financial year
(1,064,139)
(754,238)
EBITDA
(107,042)
19,070
Loss for the financial year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

TEV HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,013,196
1,448,054
Tangible assets
12
287,132
240,684
1,300,328
1,688,738
Current assets
Stocks
14
1,447,916
1,645,018
Debtors falling due after more than one year
15
845,000
683,000
Debtors falling due within one year
15
1,311,447
1,708,511
Cash at bank and in hand
38,057
36,522
3,642,420
4,073,051
Creditors: amounts falling due within one year
16
(4,285,917)
(3,640,926)
Net current (liabilities)/assets
(643,497)
432,125
Total assets less current liabilities
656,831
2,120,863
Creditors: amounts falling due after more than one year
17
(4,612,807)
(4,910,594)
Provisions for liabilities
Deferred tax liability
20
216,171
318,277
(216,171)
(318,277)
Net liabilities
(4,172,147)
(3,108,008)
Capital and reserves
Called up share capital
22
500,000
500,000
Profit and loss reserves
(4,672,147)
(3,608,008)
Total equity
(4,172,147)
(3,108,008)
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
Mr J Dobson
Director
Company registration number 10633446 (England and Wales)
TEV HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,250,000
5,095,316
Current assets
Debtors
15
14
-
0
Cash at bank and in hand
23
24
37
24
Creditors: amounts falling due within one year
16
(3,676,585)
(2,743,331)
Net current liabilities
(3,676,548)
(2,743,307)
Total assets less current liabilities
(426,548)
2,352,009
Creditors: amounts falling due after more than one year
17
(4,612,807)
(4,897,882)
Net liabilities
(5,039,355)
(2,545,873)
Capital and reserves
Called up share capital
22
500,000
500,000
Profit and loss reserves
(5,539,355)
(3,045,873)
Total equity
(5,039,355)
(2,545,873)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,493,482 (2023 - £564,033 loss).

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
Mr J Dobson
Director
Company Registration No. 10633446
TEV HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
500,000
(2,853,770)
(2,353,770)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(754,238)
(754,238)
Balance at 31 December 2023
500,000
(3,608,008)
(3,108,008)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(1,064,139)
(1,064,139)
Balance at 31 December 2024
500,000
(4,672,147)
(4,172,147)
TEV HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
500,000
(2,481,840)
(1,981,840)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(564,033)
(564,033)
Balance at 31 December 2023
500,000
(3,045,873)
(2,545,873)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(2,493,482)
(2,493,482)
Balance at 31 December 2024
500,000
(5,539,355)
(5,039,355)
TEV HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
944,288
750,066
Interest paid
(715,441)
(685,815)
Income taxes refunded
87,673
217,093
Net cash inflow from operating activities
316,520
281,344
Investing activities
Purchase of intangible assets
-
(2,220)
Purchase of tangible fixed assets
(154,875)
(69,161)
Proceeds from disposal of tangible fixed assets
6,777
333
Net cash used in investing activities
(148,098)
(71,048)
Financing activities
Payment of finance leases obligations
(13,456)
(15,741)
Net cash used in financing activities
(13,456)
(15,741)
Net increase in cash and cash equivalents
154,966
194,555
Cash and cash equivalents at beginning of year
(598,583)
(793,138)
Cash and cash equivalents at end of year
(443,617)
(598,583)
Relating to:
Cash at bank and in hand
38,057
36,522
Bank overdrafts included in creditors payable within one year
(481,674)
(635,105)
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

TEV Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1a Commondale Way, Euroway Industrial Estate, Bradford, England, BD4 6SF

 

The group consists of TEV Holdings Limited and all of its subsidiaries.

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.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value.The principal accounting policies adopted are set out below.

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by TEV Holdings Limited where relevant group companies are all wholly owned.

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:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

The consolidated group financial statements consist of the financial statements of the parent company TEV Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The directors have considered all factors, including the wider economy, as part of their assessment of going concern.

Although the direct effect of the Truss Budget on the business diminished further over the course of 2024, the clear extent to which the supply chains were overstocked became even clearer. Many Customers and Suppliers continued to find themselves with significant excess stock.

This coupled with the fall out from the political uncertainty of a General Election meant 2024, which started well, ended with very poor market conditions with Hospitality and Food Retail still struggling with their cost bases.

A decision was made in June 2024 to take the business to a leaner structure and a significantly better location. The directors are viewing 2025 with mild optimism and at the time of approving the financial statements, the company has sufficient resources to enable trading to continue for a period of at least one year from the date of their approval. Accordingly, these financial statements have been prepared on the going concern basis.

1.4
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (on dispatch of the goods). At this point revenue can be measured reliably, and it is probable the company will receive the consideration for the transitioned.

1.5
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:

Software
3 years straight line
Brands
10 years straight line
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
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:

Leasehold improvements
Over the term of the lease
Plant and equipment
5 years - 10 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
3 years straight line

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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).

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

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.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
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.

1.10
Cash at bank and in hand

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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group 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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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 if, and only if, there is 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
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.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

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 leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provision for slow moving and obsolete stock. Calculation of these provisions requires judgments to be made, and is based on the sales demand for products in the year.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of goods
7,602,997
6,978,073
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,570,911
6,102,064
Rest of the World
1,032,086
876,009
7,602,997
6,978,073
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Exceptional item
2024
2023
£
£
Expenditure
Dilapidations & Refurbishments
173,357
-

In 2024, the company moved its premises from which it operates. As part of the move the company incurred expenditure in relation to dilapidations on the exiting property and refurbishment of the new property which is exceptional to the normal course of business.

5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Loss on foreign exchange
9,337
1,324
Depreciation of owned tangible fixed assets
62,216
48,193
Depreciation of tangible fixed assets held under finance leases
8,196
8,196
Loss/(profit) on disposal of tangible fixed assets
31,238
(333)
Amortisation of intangible assets
434,858
435,556
Operating lease charges
295,030
297,166
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group, company and subsidiaries, paid via the subsidiaries.
14,300
13,500
For other services
All other non-audit services
5,500
6,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
4
Cost of Sales
30
31
-
-
Administrative
17
22
-
-
Total
50
56
3
4
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,760,529
1,980,312
-
0
-
0
Social security costs
175,487
192,512
-
-
Pension costs
76,850
85,510
-
0
-
0
2,012,866
2,258,334
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
415,040
352,501
Company pension contributions to defined contribution schemes
23,760
24,560
438,800
377,061
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
215,462
144,574

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4)

9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
44,119
65,519
Interest on invoice finance arrangements
81,733
78,597
Interest on finance leases and hire purchase contracts
2,722
4,482
Other interest
586,867
537,217
Total finance costs
715,441
685,815
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(86,445)
Adjustments in respect of prior periods
(1,228)
(90,901)
Total current tax
(1,228)
(177,346)
Deferred tax
Origination and reversal of timing differences
(263,106)
(227,106)
Total tax credit
(264,334)
(404,452)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,328,473)
(1,158,690)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(332,118)
(272,524)
Tax effect of expenses that are not deductible in determining taxable profit
2,544
4,345
Change in unrecognised deferred tax assets
40,273
-
0
Depreciation on assets not qualifying for tax allowances
1,173
370
Research and development tax credit
-
0
(45,521)
Under/(over) provided in prior years
(1,228)
(90,901)
Deferred tax adjustments in respect of prior years
-
0
(9,449)
Other
25,022
9,228
Taxation credit
(264,334)
(404,452)
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Software
Brands
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
61,382
4,163,461
4,224,843
Amortisation and impairment
At 1 January 2024
35,845
2,740,944
2,776,789
Amortisation charged for the year
18,512
416,346
434,858
At 31 December 2024
54,357
3,157,290
3,211,647
Carrying amount
At 31 December 2024
7,025
1,006,171
1,013,196
At 31 December 2023
25,537
1,422,517
1,448,054
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

The brands are valued on an income-based approach, based on the relief from royalty calculation and reflects the presence of the Marstair and Quartz brand name in the worldwide marketplace.

12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
104,969
485,993
304,625
33,877
929,464
Additions
146,385
6,063
2,427
-
0
154,875
Disposals
(104,969)
-
0
-
0
(13,919)
(118,888)
At 31 December 2024
146,385
492,056
307,052
19,958
965,451
Depreciation and impairment
At 1 January 2024
55,135
408,530
204,193
20,922
688,780
Depreciation charged in the year
11,819
21,837
28,672
8,084
70,412
Eliminated in respect of disposals
(66,954)
-
0
-
0
(13,919)
(80,873)
At 31 December 2024
-
0
430,367
232,865
15,087
678,319
Carrying amount
At 31 December 2024
146,385
61,689
74,187
4,871
287,132
At 31 December 2023
49,834
77,463
100,432
12,955
240,684
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Fixtures and fittings
22,627
30,822
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
26
-
0
-
0
3,250,000
5,095,316
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,095,316
Impairment
At 1 January 2024
-
Impairment losses
1,845,316
At 31 December 2024
1,845,316
Carrying amount
At 31 December 2024
3,250,000
At 31 December 2023
5,095,316
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,233,719
1,390,991
-
-
Finished goods and goods for resale
214,197
254,027
-
0
-
0
1,447,916
1,645,018
-
-
TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,072,182
1,243,119
-
0
-
0
Corporation tax recoverable
-
0
86,445
-
0
-
0
Other debtors
1,538
17,272
14
-
0
Prepayments and accrued income
234,727
357,675
-
0
-
0
1,308,447
1,704,511
14
-
Deferred tax asset (note 20)
3,000
4,000
-
0
-
0
1,311,447
1,708,511
14
-
Amounts falling due after more than one year:
Deferred tax asset (note 20)
845,000
683,000
-
0
-
0
Total debtors
2,156,447
2,391,511
14
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
481,674
635,105
-
0
-
0
Obligations under finance leases
19
9,165
9,909
-
0
-
0
Trade creditors
912,241
784,017
-
0
-
0
Amounts owed to group undertakings
1,238
-
0
2,021,518
2,002,499
Other taxation and social security
186,620
315,862
-
-
Loan notes
740,832
-
0
1,607,108
-
0
Other creditors
1,722,512
1,798,988
-
740,832
Accruals and deferred income
231,635
97,045
47,959
-
0
4,285,917
3,640,926
3,676,585
2,743,331

Included within other creditors is an invoice discounting facility of £835,921 (2023 - £1,034,918) which is secured against book debts.

 

Bank loans and overdrafts are secured as detailed in note 19.

 

Obligations under finance leases are secured as detailed in note 20.

 

Loan notes are detailed in note 18.

 

 

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
-
0
12,712
-
0
-
0
Loan notes
4,612,807
4,897,882
4,612,807
4,897,882
4,612,807
4,910,594
4,612,807
4,897,882

The loan notes above consist of the capital and interest due on three sets of loans held by a venture capitalist firm, the prior owners of Thermal Energy Ventures Limited, and the management team at the time of the MBO. These loan notes have interest varying from 8% to 11.5% and are payable in one year from demand.

18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
481,674
635,105
-
0
-
0
Payable within one year
481,674
635,105
-
0
-
0

The above bank overdraft facility is secured via the Coronavirus Business Interruption Loan Scheme.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,227
13,376
-
0
-
0
In two to five years
-
0
13,773
-
0
-
0
10,227
27,149
-
-
Less: future finance charges
(1,062)
(4,528)
-
0
-
0
9,165
22,621
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of fixtures and fitting. The lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
25,000
48,000
-
-
Tax losses
-
-
845,000
683,000
Fair value on intangibles
191,171
270,277
-
-
Short term timing differences
-
-
3,000
4,000
216,171
318,277
848,000
687,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(368,723)
-
Credit to profit or loss
(263,106)
-
Asset at 31 December 2024
(631,829)
-

Deferred tax is provided at 25% which is the rate enacted at the year end date (2023- 25%).

 

The deferred tax asset set out above is expected to reverse after 12 months.

 

The deferred tax liability set out above is expected to be reversed within 3 years. This primarily relates to accelerated capital allowances in the accounts.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,850
85,510

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
Ordinary A shares of £1 each
200,000
200,000
200,000
200,000
500,000
500,000
500,000
500,000

The Ordinary A shares rank pari-passu in all respects and carry the same rights and conditions as the Ordinary shares, as set out in the company's Articles of Association.

23
Financial commitments, guarantees and contingent liabilities

The company is party to a cross-group guarantee over a number of bank and third party loans. At the year end all borrowing relating to this guarantee across the group totalled £6,219,915 (2023 - £5,638,714), and net borrowings totalled £6,219,892 (2023 - £5,638,690).

24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
217,329
283,720
-
-
Between two and five years
713,334
878,074
-
-
In over five years
760,986
194,276
-
-
1,691,649
1,356,070
-
-
25
Related party transactions
Remuneration of key management personnel

It is the view of the directors the key management personnel consist of the directors' of the group. Details of directors' remuneration can be found in note 8.

 

TEV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Thermal Energy Ventures Limited
England and Wales
Dormant holding company
Ordinary
100.00
-
Marstair Limited
England and Wales
Dormant company
Ordinary
0
100.00
Quartz Limited
England and Wales
Dormant company
Ordinary
0
100.00
TEV Limited
England and Wales
Design and manufacture of air conditioning
Ordinary
0
100.00
Heatking Limited
England and Wales
Dormant company
Ordinary
0
100.00

The above companies are registered at Unit 1a Commondale Way, Euroway Industrial Estate, Bradford, England, BD4 6SF.

27
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,064,139)
(754,238)
Adjustments for:
Taxation credited
(264,334)
(404,452)
Finance costs
715,441
685,815
Loss/(gain) on disposal of tangible fixed assets
31,238
(333)
Amortisation and impairment of intangible assets
434,858
435,556
Depreciation and impairment of tangible fixed assets
70,412
56,389
Movements in working capital:
Decrease in stocks
197,102
391,161
Decrease in debtors
309,619
809,313
Increase/(decrease) in creditors
514,091
(469,145)
Cash generated from operations
944,288
750,066
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
36,522
1,535
38,057
Bank overdrafts
(635,105)
153,431
(481,674)
(598,583)
154,966
(443,617)
Obligations under finance leases
(22,621)
13,456
(9,165)
(621,204)
168,422
(452,782)
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr C L ChismanMr J Carr-SmithMr John DobsonMr Julian AtkinsonMr J Dobsonfalse10633446bus:Consolidated2024-01-012024-12-31106334462024-01-012024-12-3110633446bus:Director22024-01-012024-12-3110633446bus:CompanySecretaryDirector12024-01-012024-12-3110633446bus:CompanySecretary12024-01-012024-12-3110633446bus:Director12024-01-012024-12-3110633446bus:Director32024-01-012024-12-3110633446bus:Director42024-01-012024-12-3110633446bus:RegisteredOffice2024-01-012024-12-3110633446bus:Consolidated2024-12-31106334462024-12-3110633446bus:Consolidated2023-01-012023-12-31106334462023-01-012023-12-3110633446core:OtherResidualIntangibleAssetsbus:Consolidated2024-12-3110633446core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3110633446core:ComputerSoftwarebus:Consolidated2024-12-3110633446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-12-3110633446core:ComputerSoftwarebus:Consolidated2023-12-3110633446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3110633446bus:Consolidated2023-12-3110633446core:LeaseholdImprovementsbus:Consolidated2024-12-3110633446core:PlantMachinerybus:Consolidated2024-12-3110633446core:FurnitureFittingsbus:Consolidated2024-12-3110633446core:MotorVehiclesbus:Consolidated2024-12-3110633446core:LeaseholdImprovementsbus:Consolidated2023-12-3110633446core:PlantMachinerybus:Consolidated2023-12-3110633446core:FurnitureFittingsbus:Consolidated2023-12-3110633446core:MotorVehiclesbus:Consolidated2023-12-31106334462023-12-3110633446core:ShareCapitalbus:Consolidated2024-12-3110633446core:ShareCapitalbus:Consolidated2023-12-3110633446core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110633446core:ShareCapital2024-12-3110633446core:ShareCapital2023-12-3110633446core:RetainedEarningsAccumulatedLosses2024-12-3110633446core:RetainedEarningsAccumulatedLosses2023-12-3110633446core:ShareCapitalbus:Consolidated2022-12-3110633446core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3110633446core:ShareCapital2022-12-3110633446core:RetainedEarningsAccumulatedLosses2022-12-3110633446core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3110633446core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110633446bus:Consolidated2022-12-3110633446core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3110633446core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2024-01-012024-12-3110633446core:PlantMachinery2024-01-012024-12-3110633446core:FurnitureFittings2024-01-012024-12-3110633446core:MotorVehicles2024-01-012024-12-3110633446core:UKTaxbus:Consolidated2024-01-012024-12-3110633446core:UKTaxbus:Consolidated2023-01-012023-12-3110633446bus:Consolidated12024-01-012024-12-3110633446bus:Consolidated12023-01-012023-12-3110633446bus:Consolidated22024-01-012024-12-3110633446bus:Consolidated22023-01-012023-12-3110633446core:ComputerSoftwarebus:Consolidated2023-12-3110633446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3110633446bus:Consolidated2023-12-3110633446core:ComputerSoftwarebus:Consolidated2024-01-012024-12-3110633446core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-01-012024-12-3110633446core:LeaseholdImprovementsbus:Consolidated2023-12-3110633446core:PlantMachinerybus:Consolidated2023-12-3110633446core:FurnitureFittingsbus:Consolidated2023-12-3110633446core:MotorVehiclesbus:Consolidated2023-12-3110633446core:LeaseholdImprovementsbus:Consolidated2024-01-012024-12-3110633446core:PlantMachinerybus:Consolidated2024-01-012024-12-3110633446core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3110633446core:MotorVehiclesbus:Consolidated2024-01-012024-12-3110633446core:FurnitureFittings2024-12-3110633446core:FurnitureFittings2023-12-3110633446core:CurrentFinancialInstruments2024-12-3110633446core:CurrentFinancialInstruments2023-12-3110633446core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3110633446core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110633446core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3110633446core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3110633446core:Non-currentFinancialInstruments2024-12-3110633446core:Non-currentFinancialInstruments2023-12-3110633446core:WithinOneYearbus:Consolidated2024-12-3110633446core:WithinOneYearbus:Consolidated2023-12-3110633446core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3110633446core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYear22024-12-3110633446core:Non-currentFinancialInstrumentscore:AfterOneYear22023-12-3110633446core:WithinOneYear2024-12-3110633446core:WithinOneYear2023-12-3110633446core:BetweenTwoFiveYearsbus:Consolidated2024-12-3110633446core:BetweenTwoFiveYearsbus:Consolidated2023-12-3110633446core:BetweenTwoFiveYears2024-12-3110633446core:BetweenTwoFiveYears2023-12-3110633446core:Subsidiary12024-01-012024-12-3110633446core:Subsidiary22024-01-012024-12-3110633446core:Subsidiary32024-01-012024-12-3110633446core:Subsidiary42024-01-012024-12-3110633446core:Subsidiary52024-01-012024-12-3110633446core:Subsidiary112024-01-012024-12-3110633446core:Subsidiary222024-01-012024-12-3110633446core:Subsidiary332024-01-012024-12-3110633446core:Subsidiary442024-01-012024-12-3110633446core:Subsidiary552024-01-012024-12-3110633446bus:PrivateLimitedCompanyLtd2024-01-012024-12-3110633446bus:FRS1022024-01-012024-12-3110633446bus:Audited2024-01-012024-12-3110633446bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3110633446bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP