Company registration number 04898324 (England and Wales)
THERMAL ENERGY VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THERMAL ENERGY VENTURES LIMITED
COMPANY INFORMATION
Director
Mr J Dobson
Secretary
Mr J Dobson
Company number
04898324
Registered office
Unit 1A
Commondale Way
Euroway Industrial Estate
Bradford
BD4 6SF
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
THERMAL ENERGY VENTURES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
THERMAL ENERGY VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

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.

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.

Principal risks and uncertainties

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.

 

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 business' 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:

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.

 

THERMAL ENERGY VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr J Dobson
Director
16 July 2025
THERMAL ENERGY VENTURES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is being a dormant holding company.

Results and dividends

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

No interim ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

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 company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Dobson
Director
16 July 2025
THERMAL ENERGY VENTURES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

THERMAL ENERGY VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THERMAL ENERGY VENTURES LIMITED
- 5 -
Opinion

We have audited the financial statements of Thermal Energy Ventures Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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:

THERMAL ENERGY VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THERMAL ENERGY VENTURES LIMITED
- 6 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

THERMAL ENERGY VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THERMAL ENERGY VENTURES 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
2025-07-16
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
THERMAL ENERGY VENTURES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Profit before taxation
-
0
-
0
Tax on profit
3
-
0
-
0
Profit for the financial year
-
0
-
0

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

THERMAL ENERGY VENTURES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
2,633,679
2,633,679
Current assets
-
-
Creditors: amounts falling due within one year
5
(2,369,148)
(2,369,148)
Net current liabilities
(2,369,148)
(2,369,148)
Net assets
264,531
264,531
Capital and reserves
Called up share capital
6
220,000
220,000
Profit and loss reserves
44,531
44,531
Total equity
264,531
264,531
The financial statements were approved and signed by the director and authorised for issue on 16 July 2025
Mr J Dobson
Director
Company Registration No. 04898324
THERMAL ENERGY VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
220,000
44,531
264,531
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
0
-
0
Balance at 31 December 2023
220,000
44,531
264,531
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
0
-
0
Balance at 31 December 2024
220,000
44,531
264,531
THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Thermal Energy Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1A, Commondale Way, Euroway Industrial Estate, Bradford, BD4 6SF.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Thermal Energy Ventures Limited is a wholly owned subsidiary of TEV Holdings Limited and the results of Thermal Energy Ventures Limited are included in the consolidated financial statements of TEV Holdings Limited which are available from Unit 4, Armytage Road, Brighouse, HD6 1QF.

 

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.

1.2
Going concern

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

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 mean 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.

THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Fixed asset investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.4
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

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 company 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.

THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

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 company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

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

1.6
Taxation

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

Current tax

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

THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

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

 

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

1.7
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
Employees

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

2024
2023
Number
Number
Directors
1
1
3
Taxation

The actual charge 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
£
£
Profit before taxation
-
0
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
-
0
-
0
Taxation charge in the financial statements
-
-
THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
2,633,679
2,633,679
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
2,633,679
Carrying amount
At 31 December 2024
2,633,679
At 31 December 2023
2,633,679
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
2,369,148
2,369,148

Amounts owed to group undertakings are interest free and repayable on demand.

6
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
15,700 Ordinary shares of £1 each
15,700
15,700
650 Ordinary A shares of £1 each
650
650
1,000 Ordinary B shares of £1 each
1,000
1,000
1,000 Ordinary C shares of £1 each
1,000
1,000
1,000 Ordinary D shares of £1 each
1,000
1,000
650 Ordinary E shares of £1 each
650
650
20,000
20,000
Preference share capital
Issued and fully paid
200,000 Preference shares of £1 each
200,000
200,000
Total equity share capital
220,000
220,000
THERMAL ENERGY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
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).

8
Ultimate controlling party

The ultimate parent undertaking is TEV Holdings Limited, a company registered in England and Wales.

 

The directors do not consider there to be an ultimate controlling party.

9
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
Heatking Limited
England and Wales
Dormant company
Ordinary
100.00
Marstair Limited
England and Wales
Dormant company
Ordinary
100.00
Quartz Limited
England and Wales
Dormant company
Ordinary
100.00
Tev Limited
England and Wales
Design and manufacture of energy efficient air conditioning
Ordinary
100.00

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

 

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