REGISTERED NUMBER:
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THERMATIC BUILDING SERVICES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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THERMATIC BUILDING SERVICES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THERMATIC BUILDING SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditors |
Clarke Nicklin House |
Brooks Drive |
Cheadle Royal Business Park |
Cheadle |
Cheshire |
SK8 3TD |
THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | 10 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Thermatic Building Services Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£). |
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Going concern |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, notwithstanding a loss of £620,091 (2019: profit of £218,031) and net liabilities of £267,348 (2019: assets of £404,159). The director has reached this conclusion giving due consideration to the projected future performance of the company, any potential risk that might impact the company's ability to meet its required solvency levels, the position with regard to financing and the continued support of group companies, upon which this company relies. For this reason, he continues to adopt the going concern basis in preparing the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised when work is completed. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the Statement of Income and Retained Earnings over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Income and Retained Earnings in the period to which they relate. |
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Government grants |
Grant income receivable under the Coronavirus Job Retention Scheme ("CJRS") is recognised in the Statement of Income and Retained Earnings on a straight line basis over the furlough period for each relevant employee. |
THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial assets |
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings. |
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If there is a decrease in the the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Income and Retained Earnings. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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Financial Liabilities |
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2019 |
and 31 December 2020 |
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AMORTISATION |
At 1 September 2019 |
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Charge for period |
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Impairments |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 August 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2019 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for period |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 August 2019 |
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 August 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 August 2019 |
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THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Included in Other creditors are unpaid pension contributions of £nil (2019: £3,209). |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Amounts owed to group undertakings |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 2,835 | 6,556 |
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The bank overdraft is secured by fixed and floating charge over the company's assets. |
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Hire purchase liabilities are secured against the assets to which they relate. |
THERMATIC BUILDING SERVICES LIMITED (REGISTERED NUMBER: 03421312) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2019 TO 31 DECEMBER 2020 |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | - | 2,081 |
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Deferred |
tax |
£ |
Balance at 1 September 2019 |
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Credit to Statement of Income and Retained Earnings during period | ( |
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Balance at 31 December 2020 |
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The provision for deferred taxation is made up as follows |
2020 | 2019 |
£ | £ |
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Accelerated capital allowances | - | 2,081 |
- | 2,081 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | CONTINGENT LIABILITIES |
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The company has given a cross guarantee for Thermatic Limited's liabilities with National Westminster Bank plc. As at 31 December 2020 the potential liability stood at £750,000 (2019: £nil). |
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14. | RELATED PARTY DISCLOSURES |
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Overheads includes management service charges of £16,500 (2019: £40,250) from a company under common control. |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent undertaking is Thermatic Limited, a company controlled by Dr and Mrs R J Wratten. |