Thermaset Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01855113

Thermaset Ltd

Filleted Financial Statements

For the year ended

31 December 2024

Thermaset Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	2,636,241	2,548,019

Current assets

Stocks		1,643,114	1,709,208
Debtors	6	1,551,641	1,612,810
Cash at bank and in hand		1,122,154	638,963
		------------	------------
		4,316,909	3,960,981

Creditors: amounts falling due within one year	7	1,699,873	1,435,827
		------------	------------
Net current assets		2,617,036	2,525,154
		------------	------------
Total assets less current liabilities		5,253,277	5,073,173

Creditors: amounts falling due after more than one year	8	235,785	277,943

Provisions

Taxation including deferred tax	233,984	239,058
	------------	------------
Net assets	4,783,508	4,556,172
	------------	------------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		4,783,408	4,556,072
		------------	------------
Shareholders funds		4,783,508	4,556,172
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:

Mrs C Jennens

Director

Company registration number: 01855113

Thermaset Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Claire Works, Anders, Lichfield Road Industrial Estate, Tamworth, Staffs, B79 7TA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Overheads absorbed into finished goods are sensitive to changes in costs. The Company reassesses the absorption rate annually and amends when necessary to reflect current costs.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

The directors consider the residual value of the freehold land and buildings to be higher than the cost and therefore no depreciation has been charged.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stock is valued at the lower of cost and net realisable value. Raw materials are valued at cost on a first in first out basis. Finished goods are valued at average cost of production using a first in first out basis.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

The company received a government grant in respect of sales and marketing during the year. This grant is recognised on a systematic basis over the periods in which it recognises the related costs for which the grant is intended to compensate using the accrual model.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 41 (2023: 38 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	1,227,854	2,517,045	475,372	356,791	4,577,062
Additions	10,619	122,517	14,132	325,701	472,969
Disposals	–	–	–	( 269,923)	( 269,923)
	------------	------------	---------	---------	------------
At 31 December 2024	1,238,473	2,639,562	489,504	412,569	4,780,108
	------------	------------	---------	---------	------------
Depreciation
At 1 January 2024	–	1,585,460	314,979	128,604	2,029,043
Charge for the year	–	142,390	24,730	67,487	234,607
Disposals	–	–	–	( 119,783)	( 119,783)
	------------	------------	---------	---------	------------
At 31 December 2024	–	1,727,850	339,709	76,308	2,143,867
	------------	------------	---------	---------	------------
Carrying amount
At 31 December 2024	1,238,473	911,712	149,795	336,261	2,636,241
	------------	------------	---------	---------	------------
At 31 December 2023	1,227,854	931,585	160,393	228,187	2,548,019
	------------	------------	---------	---------	------------

The net book value of land and buildings all relates to freehold property. Tangible fixed assets with a net book value of £2,636,241 (2023: £2,548,019) have been pledged as security for liabilities of the company.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
At 31 December 2024	392,269	196,948	13,022	602,239
	---------	---------	--------	---------
At 31 December 2023	462,214	167,397	15,320	644,931
	---------	---------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	1,437,270	1,498,497
Other debtors	114,371	114,313
	------------	------------
	1,551,641	1,612,810
	------------	------------

Included within trade debtors are balances totalling £1,437,270 (2023: £1,498,497) that have been pledged as security for liabilities of the company.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	823,669	883,834
Corporation tax	69,604	–
Social security and other taxes	530,590	252,278
Other creditors	276,010	299,715
	------------	------------
	1,699,873	1,435,827
	------------	------------

Included within other creditors due within one year, are finance leases of £156,581 (2023: £148,858) which are secured by the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	235,785	277,943
	---------	---------

Included within other creditors due after more than one year, are finance leases of £235,785 (2023: £277,943) which are secured by the assets to which they relate.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Summary audit opinion

The auditor's report dated 26 September 2025 was unqualified .

The senior statutory auditor was Samantha Sadler , for and on behalf of Sadler Talbot Ltd .

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Miss G McElhannan	1,394	27	–	1,421
	-------	----	----	-------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Miss G McElhannan	3,043	–	( 1,649)	1,394
	-------	----	-------	-------

Interest is payable on the directors advance of 2% per annum.