| First Thermal Ltd |
| Registered number: |
13303102 |
| Directors' Report |
|
| The directors present their report and accounts for the period ended 30 June 2022. |
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| Principal activities |
| The Company's principal trading activity during the period was the development of a social franchise for energy auditing by providing a thermal image service of buildings, the development of: CRM software as a service, the design of specialist machinery and training in thermal imaging techniques and analysis, the recording of video files of surveys to download for the client and thermal camera hire services. |
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| Thanks to a significant grant from Energy for Tomorrow - a Centrica initiative, we were able to incorporate this company on 30th March 2021 and to commence its development as a vehicle to socially-franchise the award-winning C.H.E.E.S.E. Project (Cold Homes Energy Efficiency Survey Experts) in Bristol. The articles embrace both social enterprise and charitable aims objectives, and the Shareholders' Agreement includes an asset-lock and dividend restriction to mirror those of a CIC. |
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| We employed specialist consultants in Franchising, CRM and novel sales software development, legal and other areas, while developing a business plan to engage franchisees. We also developed a new training course and bespoke thermal camera with novel software, while establishing relationships with prospective franchisees. |
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| Directors |
| The following persons served as directors during the period: |
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|
Michael Andrews |
|
Jeremy Birch |
|
James Hanlon |
|
David Tudgey |
- resigned 26 April 2022 |
|
Brian Harper |
- resigned 14 September 2021 |
|
Rosamund Thomas |
|
Emma Aiken-Jones |
- resigned 9 December 2021 |
|
Stuart Urquhart |
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| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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| This report was approved by the board on 22 December 2022 and signed on its behalf. |
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| Michael Andrews |
| Director |
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| First Thermal Ltd |
| Notes to the Accounts |
| for the period from 30 March 2021 to 30 June 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 4 years |
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Computer equipment |
over 4 years |
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Going concern |
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The directors are confident in the company's ability to continue as a going concern and these accounts have been prepared on this basis. |
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Unrestricted reserves |
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Unrestricted income is made up of donations, sponsorship and other income received or generated for the objects of the company without specific purpose and are available as general reserves. |
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Restricted reserves |
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Restricted income is given for a specific purpose as laid down by the donor. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 2 |
Employees |
2022 |
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| Number |
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Average number of persons employed by the company |
3 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
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Computer equipment |
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Total |
| £ |
£ |
£ |
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Cost |
|
Additions |
20,321 |
|
953 |
|
21,274 |
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At 30 June 2022 |
20,321 |
|
953 |
|
21,274 |
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Depreciation |
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Charge for the period |
6,350 |
|
298 |
|
6,648 |
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At 30 June 2022 |
6,350 |
|
298 |
|
6,648 |
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Net book value |
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At 30 June 2022 |
13,971 |
|
655 |
|
14,626 |
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| 4 |
Debtors |
2022 |
|
| £ |
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Other debtors |
16,385 |
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| 5 |
Creditors: amounts falling due within one year |
2022 |
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| £ |
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Trade creditors |
3,584 |
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Taxation and social security costs |
5,368 |
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Other creditors |
107,391 |
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116,343 |
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| 6 |
Other information |
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First Thermal Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
28 Seawalls |
|
Seawalls Road |
|
Bristol |
|
BS9 1PG |
