Company registration number 05258020 (England and Wales)
THASI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
THASI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THASI LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
906,255
929,475
Investments
4
304,826
247,119
1,211,081
1,176,594
Current assets
Debtors
6
1,851,447
1,643,367
Cash at bank and in hand
368,561
670,522
2,220,008
2,313,889
Creditors: amounts falling due within one year
7
(1,513,669)
(955,771)
Net current assets
706,339
1,358,118
Total assets less current liabilities
1,917,420
2,534,712
Creditors: amounts falling due after more than one year
8
(484,866)
(479,739)
Provisions for liabilities
(182,356)
(181,888)
Net assets
1,250,198
1,873,085
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
1,250,108
1,872,995
Total equity
1,250,198
1,873,085

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 31 July 2026 and are signed on its behalf by:
Mr S J G Williams
Director
Company registration number 05258020 (England and Wales)
THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Thasi Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 & 4 Langley Park, Waterside Drive, Langley, Berkshire, SL3 6AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The company offers worldwide packing, shipping and storage services to the interior design, contemporary art galleries and collectors, antique dealers and collectors as well as private individuals.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised at the point that goods are delivered to customers, as this is when the risks and rewards of ownership are transferred.

1.3
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 so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% Straight line
Fixtures and fittings
20% Straight line
Computers
25% Straight line
Motor vehicles
20% Straight line

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

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. Equity investments and other financial instruments are measured at fair value, with any gain or loss recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
57
59
THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
1,762,886
Additions
287,534
Disposals
(37,726)
At 31 December 2025
2,012,694
Depreciation and impairment
At 1 January 2025
833,411
Depreciation charged in the year
303,208
Eliminated in respect of disposals
(30,180)
At 31 December 2025
1,106,439
Carrying amount
At 31 December 2025
906,255
At 31 December 2024
929,475
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
37,172
-
0
Other investments other than loans
267,654
247,119
304,826
247,119
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2025
-
247,119
247,119
Additions
-
12,000
12,000
Valuation changes
37,172
8,535
45,707
At 31 December 2025
37,172
267,654
304,826
Carrying amount
At 31 December 2025
37,172
267,654
304,826
At 31 December 2024
-
247,119
247,119
THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Fixed asset investments
(Continued)
- 6 -

The valuation movement for investments in associated companies made in the year is to recognise the original cost value for the incorporation of TBS Inc..

5
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
267,654
247,119
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
997,617
870,253
Corporation tax recoverable
150,569
142,818
Amounts owed by group undertakings
436,290
427,683
Other debtors
266,971
202,613
1,851,447
1,643,367
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
60,734
50,000
Trade creditors
948,307
494,085
Taxation and social security
65,673
87,094
Other creditors
438,955
324,592
1,513,669
955,771

Included in creditors due within one year is a loan of £60,734 (2024: £50,000) a debenture and cross-guarantee was registered holding a fixed and floating charge over the property of the company. The loan attracts an interest rate of 6.75%.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
97,784
25,000
Other creditors
387,082
454,739
484,866
479,739

Included in creditors due after more than one year is a loan of £97,784 (202 4: £2 5,000) a debenture and cross-guarantee was registered holding a fixed and floating charge over the property of the company. The loan attracts an interest rate of 6.75%.

THASI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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.

Senior Statutory Auditor:
Leighton Bower
Statutory Auditor:
Rouse Audit LLP
Date of audit report:
5 August 2026
10
Contingent liabilities

On 7 May 2025 as security for a bank loan, a debenture and cross-guarantee was registered holding a fixed and floating charge over the property of the company. The loan was taken out on 17 June 2025 for a principal amount of £200,000, and attracts an interest rate of 6.75%.

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
1,910,420
2,559,238
12
Parent company

The ultimate parent company is Simal Global Limited, a company incorporated in England & Wales at a registered address of Unit 3 & 4, Langley Park, Waterside Drive, Langley, Berkshire SL3 6AD.

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