REGISTERED NUMBER: 03240260 (England and Wales)

THERMAL DESIGNS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G T Baldwin

B K Kelly

REGISTERED OFFICE:

Broadway

Market Lavington

Devizes

Wiltshire

SN10 5RQ

REGISTERED NUMBER:

03240260 (England and Wales)

ACCOUNTANT:

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

FIXED ASSETS

Tangible assets

4

2,953

5,107

CURRENT ASSETS

Stocks

47,815

53,109

Debtors

5

341,314

168,985

Cash at bank and in hand

13,935

18,911

403,064

241,005

CREDITORS

Amounts falling due within one year

6

943,648

779,636

NET CURRENT LIABILITIES

(540,584

)

(538,631

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(537,631

)

(533,524

)

PROVISIONS FOR LIABILITIES

-

970

NET LIABILITIES

(537,631

)

(534,494

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(537,731

)

(534,594

)

SHAREHOLDERS' FUNDS

(537,631

)

(534,494

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2025 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 9 December 2025 and were signed on its behalf by:

B K Kelly - Director

1.	STATUTORY INFORMATION

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

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.

Turnover

Turnover includes the service of applying thermal insulation to customer assets. Turnover is measured at the fair value of consideration received or receivable excluding any discounts, rebates and sales taxes, and represents invoiced fees and a provision for work in progress.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

10 years and 5 years on mechanical items

Fixtures and fittings

-

Straight line over 7 years

Computer equipment

-

10 years and 3 years on computers

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

The cost of stock is calculated using the first-in, first-out method and includes the cost price of the stock purchased.

Work in progress is calculated by considering the agreed contracts of sales outstanding at the year end and multiplying each contract by the percentage of completeness at the balance sheet date.

Taxation

Taxation for the period 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 is recognised at the amount of tax payable using the tax rates and laws in force for the financial year being reported on.

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 that have been enacted or substantively enacted by the period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have assessed whether the company is a going concern and have considered all available information about the future and are confident of the company's ability to continue as a going concern given the continued support from their US owners.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

Moulds

machinery

£

£

£

COST

At 1 January 2024

8,177

84,619

206,854

Additions

-

-

-

Disposals

-

-

(30,015

)

At 30 June 2025

8,177

84,619

176,839

DEPRECIATION

At 1 January 2024

8,177

84,486

204,267

Charge for period

-

133

2,451

Eliminated on disposal

-

-

(30,015

)

At 30 June 2025

8,177

84,619

176,703

NET BOOK VALUE

At 30 June 2025

-

-

136

At 31 December 2023

-

133

2,587

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

27,159

13,407

340,216

Additions

-

2,275

2,275

Disposals

(24,758

)

-

(54,773

)

At 30 June 2025

2,401

15,682

287,718

DEPRECIATION

At 1 January 2024

26,102

12,077

335,109

Charge for period

515

1,331

4,430

Eliminated on disposal

(24,759

)

-

(54,774

)

At 30 June 2025

1,858

13,408

284,765

NET BOOK VALUE

At 30 June 2025

543

2,274

2,953

At 31 December 2023

1,057

1,330

5,107

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/25

31/12/23

£

£

Trade debtors

125,540

98,181

Other debtors

215,774

70,804

341,314

168,985

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/25

31/12/23

£

£

Bank loans and overdrafts

16,485

-

Trade creditors

29,534

12,721

Amounts owed to group undertakings

870,850

737,036

Taxation and social security

9,436

12,038

Other creditors

17,343

17,841

943,648

779,636

7.	RELATED PARTY DISCLOSURES

During the period transactions were undertaken with Thermal Designs Inc, the parent company registered to 5352 Prudence Street, Houston, Texas, 77045 USA.

During the period costs of £212,968 (2023 - (£358,644)) were charged by Thermal Designs Inc, the parent company, for the purchase of stock and materials as well as central management and licence fees.

During the period sales were made to Thermal Designs Inc, the parent company, of £90,091 (2023 - £21,776).

At the balance sheet date there remained an amount outstanding to be paid to Thermal Designs Inc of £870,850 (2023 - £737,036) and this is included in creditors.