Thermocoax U.K. Limited Company accounts

THERMOCOAX U.K. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03504380

THERMOCOAX U.K. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2020

THERMOCOAX U.K. LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	3

Independent auditor's report to the member of thermocoax u.K. Limited	5

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13

THERMOCOAX U.K. LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	I Hamon

Registered office	Tower House
	Lucy Tower Street
	Lincoln
	LN1 1XW

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Notts
	NG23 5JR

THERMOCOAX U.K. LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2020

We aim to present a balanced and comprehensive view of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. Business Review The company is a part of the Spirax-Sarco Engineering plc group and continues to act as agents for coaxial cable manufacturers located in France. The company's strategy broadly remains the same. We do not consider that we have any key financial performance indicators due to the nature of our business, these are considered at group level. Coronavirus We have made all necessary adjustments in line with government guidance to ensure we operate in a safe and secure manner. In addition, the director is mindful of the significant ongoing support being offered by the Government. Currency Risk The Director minimises the risk to foreign currency fluctuations by invoicing and purchasing in sterling where possible. Brexit Risk Whilst the outcome of Brexit is far from clear, the company works closely with its immediate parent company to minimise risk to the group as a whole. Liquidity Risk The Directors seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. As for many businesses of our size, the business environment in which we operate continues to be challenging. However in terms of what we can foresee at present, we remain very confident in the prospects of the business.

This report was approved by the board of directors on 4 October 2021 and signed on behalf of the board by:

I Hamon
Director

Registered office:

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

THERMOCOAX U.K. LIMITED

DIRECTOR'S REPORT

YEAR ENDED 31 DECEMBER 2020

The director presents her report and the financial statements of the company for the year ended 31 December 2020 .

Directors

The directors who served the company during the year were as follows:

I Hamon	(Appointed 5 February 2020)
H-D Mallet	(Resigned 5 February 2020)

Dividends

The director does not recommend the payment of a dividend.

Greenhouse gas emissions and energy consumption

Information not included

The company consumed 40,000kWh of energy or less in the UK during the period and therefore qualifies as a low energy user. It is therefore exempt from reporting under the Streamlined Energy and Carbon Reporting guidelines.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 4 October 2021 and signed on behalf of the board by:

I Hamon
Director

Registered office:

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

THERMOCOAX U.K. LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF THERMOCOAX U.K. LIMITED

YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of Thermocoax U.K. Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Bradshaw

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Notts

NG23 5JR

4 October 2021

THERMOCOAX U.K. LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2020

		2020	2019
Note		£	£
Turnover	4	116,858	135,042

	----------	----------
Gross profit	116,858	135,042

Administrative expenses		( 108,705)	( 125,636)
		----------	----------
Operating profit	5	8,153	9,406

Other interest receivable and similar income	7	–	16
		----------	----------
Profit before taxation		8,153	9,422

Tax on profit	8	( 1,616)	( 658)
		-------	-------
Profit for the financial year and total comprehensive income		6,537	8,764
		-------	-------

Retained earnings at the start of the year	196,501	187,737
	----------	----------
Retained earnings at the end of the year	203,038	196,501
	----------	----------

All the activities of the company are from continuing operations.

THERMOCOAX U.K. LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	10	211,661	195,482
Cash at bank and in hand		5,012	12,377
		----------	----------
		216,673	207,859

Creditors: amounts falling due within one year	11	12,635		10,358
		----------		----------
Net current assets			204,038	197,501
			----------	----------
Total assets less current liabilities			204,038	197,501
			----------	----------
Net assets			204,038	197,501
			----------	----------

Capital and reserves

Called up share capital	13	1,000	1,000
Profit and loss account	14	203,038	196,501
		----------	----------
The member of thermocoax u.K. Limited funds		204,038	197,501
		----------	----------

These financial statements were approved by the board of directors and authorised for issue on 4 October 2021 , and are signed on behalf of the board by:

I Hamon
Director

Company registration number: 03504380

THERMOCOAX U.K. LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2020

	2020	2019
	£	£

Cash flows from operating activities

Profit for the financial year	6,537	8,764

Adjustments for:
Depreciation of tangible assets	–	152
Other interest receivable and similar income	–	( 16)
Tax on profit	1,616	658
Accrued expenses/(income)	1,627	( 82)

Changes in:
Trade and other debtors	( 16,179)	( 5,589)
Trade and other creditors	650	( 52)
	---------	-------
Cash generated from operations	( 5,749)	3,835

Interest received	–	16
Tax paid	( 1,616)	( 2,312)
	-------	-------
Net cash (used in)/from operating activities	( 7,365)	1,539
	-------	-------

Net (decrease)/increase in cash and cash equivalents	( 7,365)	1,539
Cash and cash equivalents at beginning of year	12,377	10,838
	---------	---------
Cash and cash equivalents at end of year	5,012	12,377
	---------	---------

THERMOCOAX U.K. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The UK is continuing to deal with the Covid-19 pandemic. The potential implications to the company and its future performance cannot be ascertained but the director remains committed to the protection of the business. The director has concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements There were no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises recharges of administrative expenses incurred during the year charged to the parent company at a mark-up of 7.5%. Turnover is recognised when an invoice is raised. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Turnover

Turnover arises from:

	2020	2019
	£	£
Rendering of services	116,858	135,042
	----------	----------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging:

	2020	2019
	£	£
Depreciation of tangible assets	–	152
Fees payable for the audit of the financial statements	4,000	4,000
	-------	-------

6. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2020	2019
	No.	No.
Management staff	1	1
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2020	2019
	£	£
Wages and salaries	80,938	82,968
Social security costs	6,657	8,995
Other pension costs	4,675	4,110
	---------	---------
	92,270	96,073
	---------	---------

7. Other interest receivable and similar income

	2020	2019
	£	£
Interest on cash and cash equivalents	–	16
	----	----

8. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	1,616	658
	-------	----
Tax on profit	1,616	658
	-------	----

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2019: lower than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

	2020	2019
	£	£
Profit on ordinary activities before taxation	8,153	9,422
	-------	-------
Profit on ordinary activities by rate of tax	1,549	1,790
Effect of capital allowances and depreciation	67	29
Utilisation of tax losses	–	( 1,161)
	-------	-------
Tax on profit	1,616	658
	-------	-------

9. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	458	458
	----	----
Depreciation
At 1 January 2020 and 31 December 2020	458	458
	----	----
Carrying amount
At 31 December 2020	–	–
	----	----
At 31 December 2019	–	–
	----	----

10. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	209,325	193,076
Prepayments and accrued income	2,000	2,000
Other debtors	336	406
	----------	----------
	211,661	195,482
	----------	----------

11. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,692	2,801
Accruals and deferred income	5,545	3,918
Social security and other taxes	4,944	3,639
Other creditors	454	–
	---------	---------
	12,635	10,358
	---------	---------

12. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,675 (2019: £ 4,110 ).

13. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

14. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

15. Analysis of changes in net debt

	At 1 Jan 2020	Cash flows	At 31 Dec 2020
	£	£	£
Cash at bank and in hand	12,377	(7,365)	5,012
	---------	-------	-------

16. Related party transactions

The company was under the control of Thernocoax S.A.S during the current and previous year. During the year the company made sales totalling £ 116,858 (2019 - £135,042) to Thermocoax S.A.S. At the end of the year the company was owed £ 209,325 (2019 - £193,076) from Thermocoax S.A.S. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

17. Ultimate controlling party

The company is controlled by Thermocoax S.A.S. Thermocoax S.A.S is ultimately controlled by Spirax-Sarco Engineering plc. In the opinion of the directors this is the company's ultimate parent company.

Consolidated accounts are prepared for Spirax-Sarco Engineering plc, a company incorporated in England and Wales.