Thermasolutions International Limited

	Page
Company Information	1
Balance Sheet	2—3
Notes to the Financial Statements	4—10

Page 1

Page 2

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 05695129

		31 December 2025		31 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		143,337		732,310

			143,337		732,310
CURRENT ASSETS
Stocks	5	581,657		425,000
Debtors	6	248,787		388,962
Cash at bank and in hand		181,754		644,701

		1,012,198		1,458,663
Creditors: Amounts Falling Due Within One Year	7	(473,806 )		(380,238 )

NET CURRENT ASSETS (LIABILITIES)			538,392		1,078,425

TOTAL ASSETS LESS CURRENT LIABILITIES			681,729		1,810,735

Creditors: Amounts Falling Due After More Than One Year	8		(16,939 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation			(14,266 )		-

NET ASSETS			650,524		1,810,735

CAPITAL AND RESERVES
Called up share capital	9		50		50
Capital redemption reserve			50		50
Profit and Loss Account			650,424		1,810,635

SHAREHOLDERS' FUNDS			650,524		1,810,735

Page 2

Page 3

Thermasolutions International Limited

Balance Sheet (continued)

As At 31 December 2025

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Tanup Patel

Director

12th March 2026

The notes on pages 4 to 10 form part of these financial statements.

Page 3

Page 4

Thermasolutions International Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Thermasolutions International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05695129 . The registered office is Units D & E, I.O. Centre Barn Way, Lodge Farm Industrial Estate, Northampton, NN5 7UW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue from the sale of goods is recognised when all the following conditions are satisfied:

• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the economic benefits associated with the transaction will flow to the Company;

and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% SL
Plant & Machinery	25% RB
Motor Vehicles	25% RB
Fixtures & Fittings	25% RB
Computer Equipment	25% RB

Improvements to property 10% SL

Page 4

Page 5

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Stocks and Work in Progress

Stocks (inventories) are stated at the lower of cost and net realisable value. Cost comprises direct production costs and, where appropriate, an appropriate proportion of production overheads incurred in bringing the inventories to their present location and condition.

Cost is determined using the method considered most appropriate to the relevant class of inventory, typically on a first-in, first-out or weighted average cost basis.

Net realisable value represents the estimated selling price less all estimated costs of completion and costs necessary to make the sale.

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. Any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period in which the write-down or loss occurs.

Any reversal of a write-down of inventories arising from an increase in net realisable value is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

2.6. Financial Instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period, financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

Page 5

Page 6

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Related party exemption

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

2.11. Functional currency

The functional currency of the company is GBP (£) which the directors consider to be most appropriate as the main currency in which the company conducts its business.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2024: 13)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2025	739,235	292,433	157,907	8,023
Additions	-	37,306	22,198	7,640
Disposals	(635,554 )	-	(122,091 )	-

As at 31 December 2025	103,681	329,739	58,014	15,663

...CONTINUED

Page 6

Page 7

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	202,422	201,238	55,142	7,430
Provided during the period	2,154	21,531	4,531	467
Disposals	(107,797 )	-	(22,650 )	-

As at 31 December 2025	96,779	222,769	37,023	7,897

Net Book Value
As at 31 December 2025	6,902	106,970	20,991	7,766

As at 1 January 2025	536,813	91,195	102,765	593


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2025	2,115	1,199,713
Additions	-	67,144
Disposals	-	(757,645 )

As at 31 December 2025	2,115	509,212

Depreciation
As at 1 January 2025	1,171	467,403
Provided during the period	236	28,919
Disposals	-	(130,447 )

As at 31 December 2025	1,407	365,875

Net Book Value
As at 31 December 2025	708	143,337

As at 1 January 2025	944	732,310

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	31 December 2025	31 December 2024
	£	£
Motor Vehicles	18,868	-

Page 7

Page 8

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Stocks

	31 December 2025	31 December 2024
	£	£
Stock	576,979	425,000
Payments on account	4,678	-

	581,657	425,000

6. Debtors

	31 December 2025	31 December 2024
	£	£
Due within one year
Trade debtors	209,130	352,276
Prepayments and accrued income	16,855	6,919
Other debtors	5,487	3,100
Deferred tax current asset	-	20,943
VAT	17,315	3,569
Net wages	-	2,155

	248,787	388,962

7. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 December 2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,041	-
Trade creditors	394,442	171,440
Corporation tax	55,055	187,340
Other taxes and social security	15,283	20,643
Net wages	1,000	-
Accruals and deferred income	5,985	815

	473,806	380,238

Page 8

Page 9

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2025	31 December 2024
	£	£
Net obligations under finance lease and hire purchase contracts	16,939	-

9. Share Capital

	31 December 2025	31 December 2024
	£	£
Allotted, Called up and fully paid	50	50

During the period ended 31 December 2025, 50 Ordinary shares of £1 each were transferred to Teqnion AB from Minaxi Patel and Kantilal Patel.

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2025	31 December 2024
	£	£
Not later than one year	46,487	-
Later than one year and not later than five years	128,656	-

	175,143	-

11. Related Party Transactions

During the year, the company entered into transactions with directors, who are considered related parties in accordance with Section 33 of FRS 102.

The company sold a motor vehicle and two properties to directors during the year. These transactions were undertaken in the ordinary course of business and were conducted at market value.

No amounts relating to the transactions were outstanding at the balance sheet date.

Proceeds from assets sold to directors during the year were as follows:

Motor Vehicles: 96,945

Freehold Property: 1,000,000

The amounts due to group undertakings at the year end was as follows:

Teqnion AB 180,000

Page 9

Page 10

Thermasolutions International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Ultimate Parent Undertaking and Controlling Party

The ultimate controlling party is Teqnion AB . The company's ultimate parent undertaking, the parent undertaking of the largest group of which the company is a member and for which group financial statements are prepared, is Teqnion AB, a company incorporated in Sweden. The registered office and principal place of business of the company is Dalvägen 14, 169 56 Solna, Sweden.

13. Audit Information

The auditor's report on the accounts of Thermasolutions International Limited for the year ended 31 December 2025 was qualified.

The basis of qualification in the auditor's report was as follows:

Due to its acquisition by Teqnion AB, the company is required to have its financial statements audited for the first time for the year ended 31 December 2025. Therefore, the comparative figures for the year ended 31 December 2024 were not audited.

As we were appointed as auditor after 31 December 2024, we did not observe the counting of physical stock at that date. We were unable to satisfy ourselves by alternative audit procedures concerning the stock quantities held at 31 December 2024, which are included in the balance sheet at £425,000.

Since opening stock enters into the determination of the results and cash flows for the year, we were unable to determine whether any adjustments might have been necessary to profit for the year, cash flows from operating activities, or opening equity balances.

The auditor's report was signed by Katharine Halsall (Senior Statutory Auditor) for and on behalf of Caldwell Penn , Statutory Auditor.

Caldwell Penn

7a Abbey Business Park

Monks Walk

Farnham

Surrey

GU9 8HT

Page 10

Directors	David Barton
	Kenth Olsson
	Daniel Zhang
	Tanup Patel

Company Number	05695129

Registered Office	Units D & E, I.O. Centre Barn Way
	Lodge Farm Industrial Estate
	Northampton
	NN5 7UW

Accountants	Parfitt Taylor Limited
	CIMA
	Hazelrigg House
	33 Marefair
	Northampton
	NN1 1SR

Auditors	Caldwell Penn
	7a Abbey Business Park
	Monks Walk
	Farnham
	Surrey
	GU9 8HT