REGISTERED NUMBER: 01337045 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

THERMOSERV LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

Tarrant Beaumont

Jason William Paine

Paul Regan Leech

John Ian Moore

REGISTERED OFFICE:

Bourne House

475 Godstone Road

Whyteleafe

Surrey

CR3 0BL

REGISTERED NUMBER:

01337045 (England and Wales)

AUDITORS:

Owadally & King

Chartered Certified Accountants

& Statutory Auditors

73 Park Lane

Croydon

Surrey

CR0 1JG

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors are satisfied with the sales performance in the year to 31 December 2024, and the achievement of a gross profit margin of 27.14% (2023: 24.6%) in a very competitive market.

Operating costs have increased during the year and this, together with the increased gross margin results in a profit before tax of £119,504 (2023: profit before tax £144,410).

There has been no additional funding requirement during the year as the company had maintained adequate reserves to support the business.

The directors recognise retained earnings have fallen this is primarily related to the purchase of a group company and the planned repayment of loan notes.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors constantly monitor the risks and uncertainties facing the company with particular reference to the exposure on liquidity and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered.

The company uses various financial instruments which include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, including liquidity and credit risk. The directors review and agree policies for managing each of these risks and are confident that there are suitable policies in place and there are no material risks which have not been considered. These policies have remained unchanged from previous years.

LIQUIDITY RISK

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.

KEY PERFORMANCE INDICATORS

The directors use a number of measures, both financial and non-financial to monitor and benchmark the performance of the company. They regard the following as the key financial indicators of performance:

- Operating profit - measuring the profits generated by the company's operations.

- Net cash flow from operating activities - measuring the performance in translating operating profit into cash flow through management of working capital and the monitoring of debtor days and stock levels.

The key non-financial indicators are associated with the company's ability to maintain its existing customer and supplier base.

POSITION OF THE COMPANY AT THE YEAR END

The results for the year and the financial position at the year end were considered satisfactory by the directors.

ON BEHALF OF THE BOARD:

Tarrant Beaumont - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of mechanical & electrical specialists in commercial & domestic repairs, maintenance and installations.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £260,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Tarrant Beaumont

Jason William Paine

Paul Regan Leech

Other changes in directors holding office are as follows:

John Ian Moore - appointed 1 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Owadally & King, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Tarrant Beaumont - Director

23 December 2025

Opinion

We have audited the financial statements of Thermoserv Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to Note 2 (Going Concern) in the financial statements, which describes certain events and conditions arising after the year end that have affected the Company’s financial position. As explained in that note, these matters have been considered by the directors in their assessment of the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed our audit by determining materiality and assessing risks of material misstatement, including fraud, through inquiries with management about their consideration of fraud. We focused on subjective judgments in significant accounting estimates involving assumptions about uncertain future events. We also assessed potential pressures, opportunities, and motivations for fraud, identifying internal controls to mitigate related risks and reviewing management's monitoring processes. Our procedures included reviewing and testing manual journals and key estimates and judgments.

We examined the legal and regulatory framework relevant to the company and industry, considering risks of noncompliance, including fraud, with laws like FRS 102, the Copyright, Designs and Patents Act 1988, and UK tax legislation. We inquired about compliance and corroborated evidence by reviewing legal correspondence and obtaining legal letters on significant matters.

Our tests involved matching financial statement disclosures to supporting documents and management inquiries. We found no key audit matters related to irregularities or fraud. As in all audits, we addressed the risk of management override of controls by testing journals and evaluating potential biases that could lead to material misstatements due to fraud.

Our procedures acknowledged the higher risk of undetected material misstatement due to fraud compared to error, due to deliberate concealment through forgery, misrepresentation, or collusion. Despite inherent limitations in audit procedures, we aimed to identify material misstatements, recognizing that detection of non-compliance is less likely if it is not reflected in financial transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters

The financial statements of the Company for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those statements on 13 June 2024.

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 a Report of the Auditors 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.

Mr Mohammed Yousouf Farook Owadally (Senior Statutory Auditor)

for and on behalf of Owadally & King

Chartered Certified Accountants

& Statutory Auditors

73 Park Lane

Croydon

Surrey

CR0 1JG

23 December 2025

TURNOVER

12,852,182

11,690,150

Cost of sales

9,363,851

8,819,588

GROSS PROFIT

3,488,331

2,870,562

Administrative expenses

3,344,920

2,712,663

OPERATING PROFIT

4

143,411

157,899

Interest receivable and similar income

3,000

6,400

146,411

164,299

Interest payable and similar expenses

5

26,907

19,889

PROFIT BEFORE TAXATION

119,504

144,410

Tax on profit

6

25,354

29,620

PROFIT FOR THE FINANCIAL YEAR

94,150

114,790

PROFIT FOR THE YEAR

94,150

114,790

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

100,850

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

100,850

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

195,000

114,790

FIXED ASSETS

Tangible assets

8

1,348,461

1,110,652

CURRENT ASSETS

Stocks

9

300,254

814,268

Debtors

10

2,260,294

2,212,863

Cash at bank

234,683

194,078

2,795,231

3,221,209

CREDITORS

Amounts falling due within one year

11

3,211,675

3,321,937

NET CURRENT LIABILITIES

(416,444

)

(100,728

)

TOTAL ASSETS LESS CURRENT LIABILITIES

932,017

1,009,924

CREDITORS

Amounts falling due after more than one year

12

(434,968

)

(474,229

)

PROVISIONS FOR LIABILITIES

15

(54,974

)

(29,620

)

NET ASSETS

442,075

506,075

CAPITAL AND RESERVES

Called up share capital

16

2,000

1,000

Revaluation reserve

17

100,850

-

Retained earnings

17

339,225

505,075

SHAREHOLDERS' FUNDS

442,075

506,075

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

Tarrant Beaumont - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

1,000

630,285

-

631,285

Changes in equity

Dividends

-

(240,000

)

-

(240,000

)

Total comprehensive income

-

114,790

-

114,790

Balance at 31 December 2023

1,000

505,075

-

506,075

Changes in equity

Issue of share capital

1,000

-

-

1,000

Dividends

-

(260,000

)

-

(260,000

)

Total comprehensive income

-

94,150

100,850

195,000

Balance at 31 December 2024

2,000

339,225

100,850

442,075

Cash flows from operating activities

Cash generated from operations

1

840,728

372,194

Interest paid

(26,907

)

(19,889

)

Tax paid

-

(22,877

)

Net cash from operating activities

813,821

329,428

Cash flows from investing activities

Purchase of tangible fixed assets

(198,328

)

(104,373

)

Sale of tangible fixed assets

2,373

834

Interest received

3,000

6,400

Net cash from investing activities

(192,955

)

(97,139

)

Cash flows from financing activities

Loan repayments in year

(37,772

)

(36,437

)

Amount withdrawn by directors

(718,151

)

-

Share issue

1,000

-

Equity dividends paid

(260,000

)

(240,000

)

Net cash from financing activities

(1,014,923

)

(276,437

)

Decrease in cash and cash equivalents

(394,057

)

(44,148

)

Cash and cash equivalents at beginning of year

2

194,078

238,226

Cash and cash equivalents at end of year

2

(199,979

)

194,078

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

119,504

144,410

Depreciation charges

60,052

34,409

(Profit)/loss on disposal of fixed assets

(1,055

)

917

Finance costs

26,907

19,889

Finance income

(3,000

)

(6,400

)

202,408

193,225

Decrease/(increase) in stocks

514,014

(66,431

)

Decrease/(increase) in trade and other debtors

670,720

(619,299

)

(Decrease)/increase in trade and other creditors

(546,414

)

864,699

Cash generated from operations

840,728

372,194

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

234,683

194,078

Bank overdrafts

(434,662

)

-

(199,979

)

194,078

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

194,078

238,226

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

194,078

40,605

234,683

Bank overdrafts

-

(434,662

)

(434,662

)

194,078

(394,057

)

(199,979

)

Debt

Debts falling due within 1 year

(37,770

)

(1,490

)

(39,260

)

Debts falling due after 1 year

(474,229

)

39,261

(434,968

)

(511,999

)

37,771

(474,228

)

Total

(317,921

)

(356,286

)

(674,207

)

1.	STATUTORY INFORMATION

Thermoserv 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 represents the amounts receivable for heating installations and maintenance services net of VAT and trade discounts.

Revenue is recognised as and when the company satisfies a performance obligation and the significant risks and rewards have been transferred to the customer. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of the debtors due within one year.

Tangible fixed assets

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

Freehold property: None

Plant and machinery: 15% Straight line

Office equipment: 10% - 50% Straight line

Motor vehicles: 33% Straight line

No depreciation is provided in respect of freehold property as the company maintains the assets.

The company adopts the revaluation model for its freehold property as permitted under FRS 102. Other plant and machinery is carried under the cost model.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 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.

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

Following the year end, the Company recognised a provision relating to an ongoing contractual matter. Management expects a financial recovery in respect of this matter, and discussions are continuing.

Post-year-end cash flows were impacted by drawings on the director's loan account and short-term financial support advanced to a related party. Management anticipates both items will be resolved in the short term. In addition, the Company disposed of a freehold property after the year end as part of an operational consolidation exercise, which has strengthened the Company's liquidity position.

While these events represent matters to monitor, the directors have assessed the Company's ability to continue as a going concern and consider it appropriate to prepare the financial statements on this basis.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,529,365

3,046,194

Social security costs

382,765

325,485

Other pension costs

86,751

75,755

3,998,881

3,447,434

The average number of employees during the year was as follows:

2024

2023

Operational

54

44

Administrative

13

15

67

59

2024

2023

£

£

Directors' remuneration

439,210

304,959

Directors' pension contributions to money purchase schemes

25,564

19,673

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

114,000

104,959

Pension contributions to money purchase schemes

6,000

4,500

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

60,051

34,409

(Profit)/loss on disposal of fixed assets

(1,055

)

917

Auditors' remuneration

12,000

12,500

Auditors' remuneration for non audit work

8,366

7,159

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Loan interest

26,907

19,889

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

25,354

29,620

Tax on profit

25,354

29,620