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Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
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THERMOTEKNIX SYSTEMS LIMITED
COMPANY INFORMATION
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THERMOTEKNIX SYSTEMS LIMITED
CONTENTS
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THERMOTEKNIX SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their strategic report for the year ended 30 April 2025.
The company continues to lead the industry with innovative products in this highly technical and specialised field of thermal imaging and night vision. The directors are confident about the future. Thermoteknix commitment to innovation and commercial success has been widely recognized, including receiving the first-ever King's Award for Enterprise 2023 in International Trade and a second King's Award for Enterprise 2024 in Innovation, recognising Thermoteknix success in its Augmented Reality enhanced Night Vision and Thermal Imaging products. This marks the company's fifth such Royal award, following earlier "Queen's Award for Enterprise, Export" and two "Queen's Awards for Enterprise, Innovation". The company remains heavily invested in groundbreaking research and development across its industrial and imaging markets. This investment is entirely self-funded and based on both patented and patent-pending technologies. Significant contracts for specialist projects have been secured, with deliveries continuing in the next financial year. Global success has also been achieved with the recent launch of innovative new products in both the industrial and surveillance sectors. Increased global tension and activity in Eastern Europe have created new opportunities for Thermoteknix security and surveillance products, where the company's expertise is in high demand. The UK's decision to leave the European Union has introduced uncertainty for many businesses, resulting in fluctuations in currency exchange rates. Thermoteknix continues to assess the implications of limited access to European markets while seeking to capitalize on expanded global opportunities. The company takes well-considered measures to protect its foreign exchange exposure and maintain its status as a global exporter. The directors remain enthusiastic and confident about the company's future. Despite a reduction in turnover in the current year and substantial ongoing investment in R&D projects Thermoteknix has maintained positive cash flow, strong cash reserves, and a solid balance sheet. While it can take up to 24 months or more to transition a new product from launch to sale, especially in security market sectors, the company expects its current product range to significantly boost sales and profits in the coming years as these products establish themselves as market standards.
Market and economic risks
Thermoteknix operates in a competitive market, where demand is partly dependent on the availability of funds to the ultimate end-users of its products. The company mitigates this risk by ensuring its products are technologically advanced through continuous investment in R&D and competitive pricing. High-quality, reliable, and innovative products are supported by excellent customer service and aftercare. Additionally, a well-trained and knowledgeable sales team is in place to build strong customer relationships. The global semiconductor shortage impacted product manufacturing and delivery times, as well as component purchase prices driven to unprecedented levels. The company continues to manage its component sourcing and manufacturing processes to meet expected orders and delivery schedules. Financial risks The company mitigates its foreign exchange exposure by placing forward currency contracts when considered appropriate for committed and future purchases. Other financial risks are managed through regular management information systems and by monitoring prices and production requirements. Safety, health and environmental risks Safety, health, and environmental (SHE) risks are inherent in the business. Thermoteknix systematically assesses all SHE risks in accordance with UK legislation and industry best practices. The company is ISO 9001:2015 certified and remains committed to customer satisfaction, quality, and the health and safety of its staff.
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THERMOTEKNIX SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The key performance indicators for this business are revenue, gross profit and net profit per taxation, which can be seen on page 9.
This report was approved by the board on 11 March 2026 and signed on its behalf.
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THERMOTEKNIX SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The loss for the year, after taxation, amounted to £1,876,019 (2024 - profit £1,088,166).
No dividends were paid during the year or subsequent to the year end.
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THERMOTEKNIX SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THERMOTEKNIX SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THERMOTEKNIX SYSTEMS LIMITED
We have audited the financial statements of Thermoteknix Systems Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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THERMOTEKNIX SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THERMOTEKNIX SYSTEMS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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THERMOTEKNIX SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THERMOTEKNIX SYSTEMS LIMITED (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management. • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety. • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non- compliance with laws and regulations throughout the audit. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance laws and regulations. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside of the normal course of business. We also assessed management bias in relation to the accounting policies adopted in determining significant accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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THERMOTEKNIX SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THERMOTEKNIX SYSTEMS LIMITED (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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THERMOTEKNIX SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
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THERMOTEKNIX SYSTEMS LIMITED
REGISTERED NUMBER: 01624251
BALANCE SHEET
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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