11837720falsenon-specialised wholesale trade2024-01-012024-12-31http://www.companieshouse.gov.uk/2023-12-31http://www.companieshouse.gov.uk/cd:CompanySecretary12024-01-012024-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2023-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2023-12-31http://www.companieshouse.gov.uk/cd:Director12024-01-012024-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2024-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2024-12-31http://www.companieshouse.gov.uk/cd:Director22024-01-012024-12-31http://www.companieshouse.gov.uk/cd:Director32024-01-012024-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12024-01-012024-12-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2024-01-012024-12-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2024-01-012024-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2024-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-12-31http://www.companieshouse.gov.uk/2024-01-012024-12-31http://www.companieshouse.gov.uk/2023-12-31http://www.companieshouse.gov.uk/cd:FRS1022024-01-012024-12-31http://www.companieshouse.gov.uk/2024-12-31http://www.companieshouse.gov.uk/cd:FullAccounts2024-01-012024-12-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2024-01-012024-12-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 11837720
Modutherm Limited
UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prepared By:
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
Modutherm Limited
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
I P Bradley
K P Mainstone
A K Bradley
SECRETARY
Martin J Smith
REGISTERED OFFICE
Unit 4 Genesis
Endeavour Drive
Basildon
Essex
SS14 3WF
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 11837720
ACCOUNTANTS
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
Modutherm Limited
ACCOUNTS
FOR THEYEARENDED31 DECEMBER 2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Modutherm Limited
BALANCE SHEET AT 31 December 2024
20242023
Notes££
FIXED ASSETS
Tangible assets31,192138
CURRENT ASSETS
Stock4927,068353,459
Debtors5229,072293,107
Cash at bank and in hand119,28559,941
1,275,425706,507
CREDITORS: Amounts falling due within one year61,211,394664,144
NET CURRENT ASSETS64,03142,363
TOTAL ASSETS LESS CURRENT LIABILITIES65,22342,501
CAPITAL AND RESERVES
Called up share capital7100100
Profit and loss account65,12342,401
SHAREHOLDERS' FUNDS65,22342,501
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 15 September 2025 and signed on their behalf by
.............................
K P Mainstone
Director
Modutherm Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machinerystraight line 25%
1c. Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Foreign Currency
The Company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchangerates at the dates of the transactions.At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of thetransaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from thetranslation at period-end exchange rates of monetary assets and liabilities denominated in foreigncurrencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents arepresented in the Statement of Comprehensive Income within 'finance income or costs'. All otherforeign exchange gains and losses are presented in the Statement of Comprehensive Income within' administrative expenses'.
Modutherm Limited
1f. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied: • the Company has transferred the significant risks and rewards of ownership to the buyer; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the transaction; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
1g. Statutory Information
Modutherm Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 11837720 and registered office address is Unit 4 Genesis, Endeavour Drive, Basildon, Essex, SS14 3WF.
1h. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Modutherm Limited
2. EMPLOYEES
20242023
No.No.
Average number of employees52
3. TANGIBLE FIXED ASSETS
Plant and
MachineryTotal
££
Cost
At 1 January 2024723723
Additions1,4901,490
At 31 December 20242,2132,213
Depreciation
At 1 January 2024585585
For the year436436
At 31 December 20241,0211,021
Net Book Amounts
At 31 December 20241,1921,192
At 31 December 2023138138
4. STOCK 20242023
££
Stock comprises:
Stock927,068353,459
927,068353,459
5. DEBTORS 20242023
££
Amounts falling due within one year
Trade debtors185,691242,912
Other debtors21,2393,148
Amounts due from group companies-47,047
Prepayments22,142-
229,072293,107
Amounts owed by group undertakings are interest free and repayable on demand.
Modutherm Limited
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
Taxation and social security76,99014,846
Trade creditors241,740596
Sundry creditors100,000-
Accruals2,6753,399
Amounts due to group companies789,989645,303
1,211,394664,144
Amounts owed to group undertakings are interest free and repayable on demand.
7. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
100 Ordinary shares of £1.00 each100100
100100
Modutherm Limited
8. RELATED PARTY TRANSACTIONS
The Company has taken exemption under section 33.1A of the Financial Reporting Standard 102 from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.
9. CONTROLLING PARTY
The company is equally controlled by the directors I P Bradley and K P Mainstone by virtue of their shareholding within the ultimate parent company, MHS Radiators (Holdings) Limited.
ULTIMATE PARENT COMPANY
The parent company is The Modular Heating Group Limited, a company incorporated in England and Wales. The ultimate parent company is MHS Radiators (Holdings) Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding within The Modular Heating Group Limited. The registered office address for both of these companies is Unit 4 Genesis, Endeavour Drive, Basildon, Essex, SS14 3WF.