Thermoseal Group Holdings Limited - Limited company accounts 23.2
Thermoseal Group Holdings Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 13372624 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| FOR |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the year ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 1110 Elliott Court |
| Coventry Business Park |
| Herald Avenue |
| Coventry |
| West Midlands |
| CV5 6UB |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| GROUP STRATEGIC REPORT |
| for the year ended 31 December 2022 |
| The director presents his strategic report of the company and the group for the year ended 31 December 2022. |
| REVIEW OF BUSINESS |
| The principal activity of the group continues to be the manufacture and supply of components to the insulated glass industry in the United Kingdom and worldwide markets. |
| The directors are pleased to provide a review of the business of the group during the year and the position at the end of it. |
| The main trading entity within the group is Thermoseal Group Limited, which was acquired by the group on 8 September 2022. |
| The information below relates to Thermoseal Group Limited for the year ended 31 December 2022. |
| Thermoseal Group Limited's turnover for the year increased by 10% against 2021 which comprised of an increase in UK sales of 9%, whilst export sales increased by 25%. |
| The group's balance sheet remains very strong, with cash reserves available for the continuing developments in the manufacturing processes. |
| KEY PERFORMANCE INDICATORS |
| We consider the key performance indicators of Thermoseal Group Limited to be that of turnover, gross margin and operating profit. |
| The overall increase in turnover of 10% was mainly due to the increased sales of inhouse manufactured goods as opposed to purely distributed products. |
| The gross margin for the year decreased by 1.6% to 34.4% (2021 - 36.0%), mainly due to underlying cost pressures and increases in energy costs. |
| Operating profit remained relatively consistent at £3,395,633 (2021 - £3,431,963). |
| Profit after taxation was £2,715,940 (2021 - £2,818,571). |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key risk facing the group is the competitive nature of the marketplace in which it operates, the directors are however, confident of continuing to successfully compete now and into the foreseeable future, adopting a forward-thinking approach that will ensure the company remains innovative and competitive. |
| The group will attempt to mitigate any retraction in the UK market by remaining highly competitive and growing export sales. The directors actively seek to mitigate exposure to bad debts and currency fluctuation. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| GROUP STRATEGIC REPORT |
| for the year ended 31 December 2022 |
| DEVELOPMENT AND PERFORMANCE |
| The group has maintained its strong position in the UK market and is building its presence in export markets, which continue to be a prime focus. It is the group's policy to continue its investment in the manufacturing and research and development divisions as they seek to be at the forefront of innovative, cost effective and energy efficient product design. |
| The directors fully expect the success and growth of Thermoseal Group Holdings Limited to continue throughout 2023 and beyond. |
| ON BEHALF OF THE BOARD: |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| REPORT OF THE DIRECTOR |
| for the year ended 31 December 2022 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 December 2022. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2022. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of Thermoseal Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
| - | reference to past history and experience of the Entity, |
| - | enquiry of management, including obtaining and reviewing supporting documentation concerning the Entity's procedures relating to: |
| - | identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| - | detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud. |
| - | assessment of the controls and processes that the Entity has in place to mitigate risk |
| Our assessments included the identification of the following potential areas for fraud: |
| - | Management override of control; |
| - | Revenue recognition, particularly in respect of delivery of goods |
| We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below: |
| - | We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies |
| - | We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements |
| - | We reviewed the Entity's accounting policies for non-compliance with relevant standards. |
| - | We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations |
| In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process. |
| The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THERMOSEAL GROUP HOLDINGS LIMITED |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| 1110 Elliott Court |
| Coventry Business Park |
| Herald Avenue |
| Coventry |
| West Midlands |
| CV5 6UB |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONSOLIDATED |
| INCOME STATEMENT |
| for the year ended 31 December 2022 |
| Year Ended | Period |
| 31.12.22 | 4.5.21 to 31.12.21 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 4 | 10,912,839 | - |
| Cost of sales | 7,409,163 | - |
| GROSS PROFIT | 3,503,676 | - |
| Distribution costs | 390,801 | - |
| Administrative expenses | (22,150,544 | ) | - |
| (21,759,743 | ) | - |
| OPERATING PROFIT | 6 | 25,263,419 | - |
| Interest receivable and similar income | 54,176 | - |
| 25,317,595 | - |
| Interest payable and similar expenses | 7 | 8,289 | - |
| PROFIT BEFORE TAXATION | 25,309,306 | - |
| Tax on profit | 8 | 162,056 | - |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 25,147,250 | - |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| for the year ended 31 December 2022 |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 25,147,250 | - |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
25,147,250 |
- |
| Total comprehensive income attributable to: |
| Owners of the parent | 25,147,250 | - |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONSOLIDATED BALANCE SHEET |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | - | - |
| Tangible assets | 11 | 10,891,924 | - |
| Investments | 12 | - | - |
| 10,891,924 | - |
| CURRENT ASSETS |
| Stocks | 13 | 6,736,235 | - |
| Debtors | 14 | 5,270,865 | - |
| Cash at bank and in hand | 8,075,167 | 1 |
| 20,082,267 | 1 |
| CREDITORS |
| Amounts falling due within one year | 15 | 4,539,034 | - |
| NET CURRENT ASSETS | 15,543,233 | 1 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
26,435,157 |
1 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(219,848 |
) |
- |
| PROVISIONS FOR LIABILITIES | 21 | (1,057,299 | ) | - |
| NET ASSETS | 25,158,010 | 1 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 10,760 | 1 |
| Retained earnings | 23 | 25,147,250 | - |
| SHAREHOLDERS' FUNDS | 25,158,010 | 1 |
| The financial statements were approved by the director and authorised for issue on 21 September 2023 and were signed by: |
| G R Paterson - Director |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| COMPANY BALANCE SHEET |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The financial statements were approved by the director and authorised for issue on |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| for the year ended 31 December 2022 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 1 | - | 1 |
| Balance at 31 December 2021 | 1 | - | 1 |
| Changes in equity |
| Issue of share capital | 10,759 | - | 10,759 |
| Total comprehensive income | - | 25,147,250 | 25,147,250 |
| Balance at 31 December 2022 | 10,760 | 25,147,250 | 25,158,010 |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| for the year ended 31 December 2022 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Balance at 31 December 2021 |
| Changes in equity |
| Issue of share capital | - |
| Balance at 31 December 2022 |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| CONSOLIDATED CASH FLOW STATEMENT |
| for the year ended 31 December 2022 |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,381,050 | - |
| Interest paid | (4,572 | ) | - |
| Interest element of hire purchase payments paid |
(3,717 |
) |
- |
| Tax paid | (201,113 | ) | - |
| Net cash from operating activities | 2,171,648 | - |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,892,793 | ) | - |
| Sale of tangible fixed assets | 2,440 | - |
| Cash acquired with subsidiaries | 7,796,291 | - |
| Interest received | 54,176 | - |
| Net cash from investing activities | 5,960,114 | - |
| Cash flows from financing activities |
| Loan repayments in year | (43,161 | ) | - |
| Capital repayments in year | 29,058 | - |
| Amount withdrawn by directors | (42,493 | ) | - |
| Share issue | - | 1 |
| Net cash from financing activities | (56,596 | ) | 1 |
| Increase in cash and cash equivalents | 8,075,166 | 1 |
| Cash and cash equivalents at beginning of year |
2 |
1 |
- |
| Cash and cash equivalents at end of year |
2 |
8,075,167 |
1 |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the year ended 31 December 2022 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Profit before taxation | 25,309,306 | - |
| Depreciation charges | (23,989,688 | ) | - |
| Profit on disposal of fixed assets | (49 | ) | - |
| Finance costs | 8,289 | - |
| Finance income | (54,176 | ) | - |
| 1,273,682 | - |
| Decrease in stocks | 7,308 | - |
| Decrease in trade and other debtors | 920,698 | - |
| Increase in trade and other creditors | 179,362 | - |
| Cash generated from operations | 2,381,050 | - |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2022 |
| 31.12.22 | 1.1.22 |
| £ | £ |
| Cash and cash equivalents | 8,075,167 | 1 |
| Period ended 31 December 2021 |
| 31.12.21 | 4.5.21 |
| £ | £ |
| Cash and cash equivalents | 1 | - |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the year ended 31 December 2022 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| Acquisition |
| of |
| At 1.1.22 | Cash flow | subsidiary | At 31.12.22 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 1 | 278,875 | 7,796,291 | 8,075,167 |
| 1 | 278,875 | 7,796,291 | 8,075,167 |
| Debt |
| Finance leases | - | (29,058 | ) | (305,932 | ) | (334,990 | ) |
| Debts falling due |
| within 1 year | - | 31,341 | (136,816 | ) | (105,475 | ) |
| Debts falling due |
| after 1 year | - | 11,820 | (11,820 | ) | - |
| - | 14,103 | (454,568 | ) | (440,465 | ) |
| Total | 1 | 292,978 | 7,341,723 | 7,634,702 |
| 4. | ACQUISITION OF BUSINESS |
| During the year, the company acquired Thermoseal Group Limited. This acquisition included the following balance sheet items: |
| £ |
| Tangible fixed assets | 9,431,280 |
| Investments | 760 |
| Stocks | 6,743,543 |
| Debtors | 5,973,999 |
| Creditors | (4,580,095 | ) |
| Long term creditors | (214,143 | ) |
| Provisions for liabilities | (721,429 | ) |
| 16,633,915 |
| Financed by: |
| Cash acquired on acquisition | 7,796,291 |
| Share capital issued | (10,760 | ) |
| Goodwill on consolidation | (24,419,446 | ) |
| (16,633,915 | ) |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the year ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Thermoseal Group Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The principal accounting policies adopted are set out below. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured |
| Goodwill |
| 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. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
| proceeds and the carrying value of the asset, and is credited or charged to profit or loss . |
| Fixed asset investments |
| Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
| A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
| Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities . |
| Impairment of fixed assets |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
| effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Other financial assets |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss. |
| If there is a decrease in 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 profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
| preference shares that are classified as debt, 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 payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Derivatives |
| Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. |
| A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| Current tax |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the scheme and charged to the profit and loss account in the period to which they relate. |
| 3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business for the year ended 31 December 2022 is given below: |
| £ |
| Insulated glass industry | 10,912,839 |
| 10,912,839 |
| This analysis is not considered to be applicable to the period ended 31 December 2021. |
| An analysis of turnover by geographical market for the year ended 31 December 2022 is given below: |
| £ |
| United Kingdom | 9,754,907 |
| Overseas sales | 1,157,932 |
| 10,912,839 |
| This analysis is not considered to be applicable to the period ended 31 December 2021. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 5. | EMPLOYEES AND DIRECTORS |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Wages and salaries | 1,685,325 | - |
| Social security costs | 183,847 | - |
| Other pension costs | 149,176 | - |
| 2,018,348 | - |
| The average number of employees during the year was as follows: |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| Office and management | 11 | - |
| Stores and delivery | 12 | - |
| Production | 25 | - |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2021 - NIL). |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Director's remuneration | 48,713 | - |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Hire of plant and machinery | 3,292 | - |
| Other operating leases | 114,486 | - |
| Depreciation - owned assets | 393,160 | - |
| Depreciation - assets on hire purchase contracts | 36,598 | - |
| Profit on disposal of fixed assets | (49 | ) | - |
| Goodwill amortisation | (24,419,446 | ) | - |
| Auditor's remuneration | 2,868 | - |
| (Profit)/loss on foreign exchange | (60,359 | ) | - |
| Exchange differences, recognised in profit and loss during the year, except for those arising on financial instruments measured at fair value through profit and loss, amounted to £(60,359) (2021 - £Nil). |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Bank loan interest | 4,572 | - |
| Hire purchase | 3,717 | - |
| 8,289 | - |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| Period |
| 4.5.21 |
| Year Ended | to |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Current tax: |
| UK corporation tax | (173,814 | ) | - |
| Deferred tax | 335,870 | - |
| Tax on profit | 162,056 | - |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Year Ended |
| 31.12.22 |
| £ |
| Profit before tax | 25,309,306 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % |
4,808,768 |
| Effects of: |
| Expenses not deductible for tax purposes | 1,926 |
| R&D tax credit | (23,333 | ) |
| Depreciation on assets not qualifying for capital allowances | 9,034 |
| Release of negative goodwill arising on consolidation | (4,639,695 | ) |
| Super deduction capital allowances | (89,708 | ) |
| Change in rate of taxation | 95,064 |
| Total tax charge | 162,056 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | (24,419,446 | ) |
| At 31 December 2022 | (24,419,446 | ) |
| AMORTISATION |
| Amortisation for year | (24,419,446 | ) |
| At 31 December 2022 | (24,419,446 | ) |
| NET BOOK VALUE |
| At 31 December 2022 | - |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| Additions | 5,498,447 | 91,912 | 4,727,321 |
| Disposals | - | - | (326 | ) |
| At 31 December 2022 | 5,498,447 | 91,912 | 4,726,995 |
| DEPRECIATION |
| Charge for year | 39,056 | 8,492 | 306,450 |
| At 31 December 2022 | 39,056 | 8,492 | 306,450 |
| NET BOOK VALUE |
| At 31 December 2022 | 5,459,391 | 83,420 | 4,420,545 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| Additions | 501,448 | 504,945 | 11,324,073 |
| Disposals | - | (2,065 | ) | (2,391 | ) |
| At 31 December 2022 | 501,448 | 502,880 | 11,321,682 |
| DEPRECIATION |
| Charge for year | 30,526 | 45,234 | 429,758 |
| At 31 December 2022 | 30,526 | 45,234 | 429,758 |
| NET BOOK VALUE |
| At 31 December 2022 | 470,922 | 457,646 | 10,891,924 |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions | 435,874 |
| Transfer to ownership | (26,660 | ) |
| At 31 December 2022 | 409,214 |
| DEPRECIATION |
| Charge for year | 36,598 |
| Transfer to ownership | (668 | ) |
| At 31 December 2022 | 35,930 |
| NET BOOK VALUE |
| At 31 December 2022 | 373,284 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Gavin Way, Nexus Point, Holford, Broadlands, Birmingham, West Midlands, B6 7AF |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Gavin Way, Nexus Point, Holford, Broadlands, Birmingham, West Midlands, B6 7AF |
| Nature of business: |
| % |
| Class of shares: | holding |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 13. | STOCKS |
| Group |
| 2022 | 2021 |
| £ | £ |
| Raw materials | 2,653,753 | - |
| Finished goods | 4,082,482 | - |
| 6,736,235 | - |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2022 | 2021 |
| £ | £ |
| Trade debtors | 4,746,197 | - |
| Other debtors | 11,745 | - |
| Tax | 217,564 | - |
| Prepayments | 295,359 | - |
| 5,270,865 | - |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2022 | 2021 | 2022 | 2021 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 105,475 | - |
| Hire purchase contracts (see note 18) | 115,142 | - |
| Trade creditors | 3,526,327 | - |
| Social security and other taxes | 572,692 | - |
| Other creditors | 44,198 | - |
| Accruals and deferred income | 175,200 | - |
| 4,539,034 | - |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts (see note 18) | 219,848 | - |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank loans | 105,475 | - |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 115,142 | - |
| Between one and five years | 219,848 | - |
| 334,990 | - |
| Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
| Group |
| Non-cancellable | operating leases |
| 2022 | 2021 |
| £ | £ |
| Within one year | 331,893 | - |
| Between one and five years | 890,927 | - |
| In more than five years | 630,000 | - |
| 1,852,820 | - |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2022 | 2021 |
| £ | £ |
| Bank loans | 105,475 | - |
| Hire purchase contracts | 334,990 | - |
| 440,465 | - |
| The bank loans of £105,475 (2021 - £Nil) are secured with a fixed and floating charge over all property and assets. |
| The hire purchase creditor of £334,990 (2021 - £Nil) is secured with charges over the specific assets obtained. |
| 20. | FINANCIAL INSTRUMENTS |
| The group purchases forward foreign currency contracts to hedge currency exposure on firm future commitments. The fair values of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using quoted prices. |
| As at 31 December 2022 the company agreed to buy €1,000,000 at £865,146 (2021 - €Nil) and $800,000 at £672,745 (2021 - $Nil). |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 2022 | 2021 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 1,057,299 | - |
| Group |
| Deferred |
| tax |
| £ |
| Charge to Income Statement during year | 335,870 |
| Acquired on acquisition | 721,429 |
| Balance at 31 December 2022 | 1,057,299 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | 10p | 10,760 | 1 |
| 107,599 Ordinary shares of 10p were issued during the year in exchange for shares in group companies. |
| 23. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| Profit for the year | 25,147,250 |
| At 31 December 2022 | 25,147,250 |
| 24. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
| The pension liability as at 31 December 2022 is £44,487 (2021 - £Nil). |
| 25. | CAPITAL COMMITMENTS |
| 2022 | 2021 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 48,400 | - |
| 26. | RELATED PARTY DISCLOSURES |
| THERMOSEAL GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13372624) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2022 |
| Other related parties |
| The group leases a property in Birmingham from MR G R Paterson and Mrs J P Paterson. Mr G R Paterson is a director of the company. Rental payments in this respect of £53,823 were paid by the company in the year (2021 - £Nil). The company lease premises in Wigan from Mr G R Paterson and the G R Paterson Retirement Benefits Scheme. Rental payments in this respect of £30,000 (2021 - £Nil) were made in the year. |
| At 31st December 2022 the company owed £43,219 (2021 - £Nil) to Mr G R Paterson in respect of his director's loan account. |
| 27. | ULTIMATE CONTROLLING PARTY |
| The controlling party is G R Paterson. |