REGISTERED NUMBER: 10700084 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

THELLAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G Woodward

E Nikolakopoulos

REGISTERED OFFICE:

The Old Surgery

43 Derbe Road

Lytham St Annes

Lancashire

FY8 1NJ

REGISTERED NUMBER:

10700084 (England and Wales)

ACCOUNTANTS:

Keenan Chartered Accountants

The Old Surgery

43 Derbe Road

Lytham St Annes

Lancashire

FY8 1NJ

FIXED ASSETS

Tangible assets

4

-

999

CURRENT ASSETS

Debtors

5

73,718

77,251

Cash at bank

101,011

98,820

174,729

176,071

CREDITORS

Amounts falling due within one year

6

113,565

108,853

NET CURRENT ASSETS

61,164

67,218

TOTAL ASSETS LESS CURRENT LIABILITIES

61,164

68,217

CREDITORS

Amounts falling due after more than one year

7

(26,409

)

(31,292

)

PROVISIONS FOR LIABILITIES

-

(250

)

NET ASSETS

34,755

36,675

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

34,555

36,475

SHAREHOLDERS' FUNDS

34,755

36,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

M G Woodward - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Turnover represents the net value of software sales and of services provided, excluding value added tax.

The company's principal sources of revenue are generated and recognised as follows:

(i) Consulting fees & Business solutions - revenues are generated from consulting projects and from training customers to use the company's software. Consultancy fees are charged to customers either on a daily basis or per project. Training fees may be charged to customers per person or per day or per course. The company recognised revenue from consultancy and training as the services are rendered.

(ii) License sales - revenues are generated from sale of perpetual licenses to use the company's intellectual property. The company recognises license revenues upon the receipt of the customer's order.

(iii) License rentals - revenues are generated from the rental of licenses to use the company's intellectual property. The company recognises rental revenues over the term of each rental contract on a straight line basis.

(iv) Maintenance & support - revenues are generated from the sale of technical support services to users of the company's software. Maintenance & support contracts are normally renewable annually. The company recognises revenues over the term of each contract on a straight line basis.

(v) Hosting - revenues are generated from the provision of hosting services to users of the company's software. Hosting is normally billed monthly in advance and the company accordingly recognises revenues month by month on a straight line basis, although the underlying hosting contracts are typically for periods of 12 months or longer.

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 to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc - 50% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to Profit and Loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax

The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income and expenses that are taxable or deductible in other years and it further excludes that are not taxable or deductible.

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Financial instruments

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortized cost, net of impairment.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortized cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost.

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

4,997

DEPRECIATION

At 1 January 2024

3,998

Charge for year

999

At 31 December 2024

4,997

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

999

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,576

34,662

Amounts owed by associates

29,656

-

Other debtors

35,486

42,589

73,718

77,251

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

5,136

5,136

Trade creditors

23,798

13,875

Taxation and social security

7,017

16,531

Other creditors

77,614

73,311

113,565

108,853

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

26,409

31,292

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,865

10,748

8.	CONTINGENT LIABILITIES

A group VAT registration was in existence during the period which included Thellas Limited and its parent, Brookes International Limited. At the Balance Sheet date, the amount due from HM Revenue and Customs in relation to other group companies totalled £Nil (2023 £Nil).

9.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £Nil (2023 £Nil).

10.	ULTIMATE CONTROLLING PARTY

The parent company of Thellas Limited is Brookes International Limited, which has a registered office of The Old Surgery, 43 Derbe Road, Lytham St Annes, Lancashire FY8 1NJ.