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Registered number: 15905133 THERME IPG LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2025
THERME IPG LTD REGISTERED NUMBER: 15905133 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | €
Fixed assets |  |  |
Intangible assets | 5 |  | 3,666,014
Tangible assets | 6 |  | 5,206
|  |  | 3,671,220
Current assets |  |  |
Debtors: amounts falling due within one year | 7 | 960,118 |
|  | 960,118 |
Creditors: amounts falling due within one year | 8 | (4,160,698) |
Net current (liabilities)/assets |  |  | (3,200,580)
Total assets less current liabilities |  |  | 470,640
Net assets |  |  | 470,640
Capital and reserves |  |  |
Called up share capital |  |  | 118
Share premium account |  |  | 889,999
Profit and loss account |  |  | (419,477)
|  |  | 470,640
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2026.
N H Cranfield | E M Powrie
Director | Director
The notes on pages 2 to 6 form part of these financial statements. Page 1
THERME IPG LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
The Company is a private Company limited by shares and is registered in England and Wales, registration number 15905133. The address of the Company's registered office is 15 Little Green, Richmond, Surrey, TW9 1QH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 current figures cover the period commencing 19 August 2024 and ending 31 December 2025. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company is dependent on the future commercialisation of its intellectual property assets and anticipated continued support from other group undertakings. The directors have reviewed the Company's forecasts and funding position and are satisfied that sufficient resources will be available to enable the Company to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Euros. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 2
THERME IPG LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The Company's intellectual property portfolio includes software, engineering and design know-how, research and business intelligence assets, branding content and project delivery methodologies acquired as part of the Group's intellectual property consolidation programme. Amortisation is charged on a straight-line basis over the estimated useful economic lives of the assets. The directors consider that a reliable estimate of the useful economic life of the intellectual property assets cannot be made and, accordingly, the assets are being amortised over ten years. At each reporting date the Company assesses whether there are indicators of impairment and recognises an impairment loss where the carrying amount exceeds the recoverable amount. The directors have considered whether indicators of impairment existed at the reporting date and concluded that no impairment provision was required. Management exercises judgement in determining useful economic lives, assessing impairment indicators and estimating the future economic benefits expected from the assets.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 3
THERME IPG LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The carrying value of intellectual property assets at 31 December 2025 was €3,666m. The assessment of useful economic lives and recoverability requires management judgement regarding the anticipated commercialisation of the underlying intellectual property, future economic benefits and indicators of impairment. Changes in these assumptions may result in material adjustments to the carrying amount of the assets in future reporting periods.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration.
| The average monthly number of employees, including directors, during the period was 0.
5. | Intangible assets
|  | Intellectual Property
|  | €
| Cost |
| Additions | 3,805,284
| At 31 December 2025 | 3,805,284
| Amortisation |
| Charge for the period on owned assets | 139,270
| At 31 December 2025 | 139,270
| Net book value |
| At 31 December 2025 | 3,666,014
Page 4
THERME IPG LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Computer equipment
|  | €
| Cost or valuation |
| Additions | 5,355
| At 31 December 2025 | 5,355
| Depreciation |
| Charge for the period on owned assets | 149
| At 31 December 2025 | 149
| Net book value |
| At 31 December 2025 | 5,206
7. | Debtors
|  |  |  |  | 2025
|  |  |  |  | €
| Amounts owed by group undertakings | 118
| Prepayments | 960,000
|  | 960,118
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | €
| Trade creditors | 1,986,661
| Amounts owed to group undertakings | 2,174,037
|  | 4,160,698
Page 5
THERME IPG LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
9. | Related party transactions
| During the year, the Company was charged €935,047 by non-wholly owned group undertakings for Intellectual Property acquisition, all of which remained outstanding at the balance sheet date and is included in creditors due within one year. During the year, the company was charged by non-wholly owned group undertakings €960,000 for services to be provided post year end, all of which remained outstanding at the balance sheet date and is included in creditors due within one year
10. | Controlling party
At the reporting date RHTG Holding GmbH was the ultimate parent company. Its registered office is Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria. At the reporting date Therme Group RHTG AG was the immediate holding company. Its registered office is Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria.
11. | Auditors' information
The auditors' report on the financial statements for the period ended 31 December 2025 was unqualified. The audit report was signed on 13 August 2026 by Richard Rhodes (Senior statutory auditor) on behalf of Feltons.
Page 6