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Registered number: 11759072
THERME NORTH LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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THERME NORTH LTD
REGISTERED NUMBER: 11759072
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 21 September 2026.
The notes on pages 3 to 8 form part of these financial statements.
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THERME NORTH LTD
REGISTERED NUMBER: 11759072
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Therme North Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private Company limited by shares and is registered in England and Wales. The address of the Company's registered office is 15 Little Green, Richmond, Surrey, England, TW9 1QH.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely conditions and sources of support for a period of twelve months from the date of our approval of these accounts.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue comprises fees for services provided together with recoveries and recharges of costs incurred. Revenue is recognised when the Company has satisfied its performance obligations, the amount can be measured reliably and recovery is considered probable. Revenue from services is recognised by reference to the stage of completion of the relevant contract at the reporting date.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs directly attributable to work in progress were capitalised until August 2025 and are included within work in progress at the reporting date.
Following the execution of revised contractual arrangements during the year, borrowing costs incurred after August 2025 were no longer considered directly attributable to work in progress and have therefore been recognised as finance costs in the period incurred.
The cumulative amount of borrowing costs included within work in progress at 31 December 2025 amounted to £5,347,617 (2024: £3,351,319).
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as explained below.
Depreciation is provided on the following basis:
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.
Work in progress comprises costs incurred on contracts and other activities which are recoverable under contractual arrangements. It includes directly attributable labour costs, borrowing costs and attributable overheads. Work in progress is stated at the lower of cost and estimated net realisable value.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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The average monthly number of employees, including directors, during the year was 10 (2024 - 2).
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,296 (2024 - £Nil) . Contributions totalling £5,460 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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During the year, the Company was charged net of credit notes £(226) (2024 - £2,203,522) for services provided by non-wholly owned group undertakings and to companies whose directors are also directors of other group undertakings, of which £210,743 (2024 - £326,410) was outstanding at the balance sheet date and shown in creditors falling due within one year under amounts owed to group undertakings.
During the year the Company charged a total of sales net of credit notes of £165,764 (2024 - £Nil) for services provided to non-wholly owned group undertakings and to companies whose directors or key management have significant influence over group undertakings, of which £165,764 (2024 - £Nil) was outstanding at the balance sheet date and shown in debtors falling due within one year under amounts owed to group undertakings.
At the balance sheet date, the Company owed £Nil (2024 - £Nil) in long term loans and interest to parent undertakings on which £Nil (2024 - £1,833,190) of related interest and charges was incurred during the year.
The Company has taken advantage of exemption, under the terms of section 33.1A of the Finanical Reporting Standard 102, not to disclose transactions entered with other wholly-owned group undertakings.
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At the reporting date, RHTG Holding GmbH is the ultimate parent company. Its registered office is Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria.
A-HEAT Allied Heat Exchange Technology AG was the former ultimate parent company and a current parent company undertaking of an intermediate group within which this company belongs. Group accounts can be obtained from its registered office at Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria.
The immediate parent company is Therme Group Holding Limited. Its registered office is 15 Little Green, Richmond, Surrey TW9 1QH, UK.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 22 September 2026 by Richard Rhodes (Senior statutory auditor) on behalf of Feltons Chartered Accountants.
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