| Thermokil Ltd |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Thermokil Ltd for the year ended 31 December 2017 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Thermokil Ltd for the year ended 31 December 2017 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance |
| This report is made solely to the Board of Directors of Thermokil Ltd, as a body, in accordance with the terms of our engagement letter dated 4 March 2018. Our work has been undertaken solely to prepare for your approval the accounts of Thermokil Ltd and state those matters that we have agreed to state to the Board of Directors of Thermokil Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thermokil Ltd and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that Thermokil Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Thermokil Ltd. You consider that Thermokil Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the accounts of Thermokil Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
|
| P W Accountants Ltd |
| Chartered Accountants |
| 82b High Street |
| Sawston |
| Cambs |
| CB22 3HJ |
|
| 26 March 2018 |
|
| Thermokil Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
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. |
|
|
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: |
|
|
Plant and machinery |
20% straight line |
|
Office equipment |
25% reducing balance |
|
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
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. |
|
|
Taxation |
|
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. |
|
|
| 2 |
Taxation |
2017 |
|
2016 |
| £ |
£ |
|
|
Corporation tax |
4,354 |
|
5,775 |
|
|
|
|
|
|
|
4,354 |
|
5,775 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant and machinery |
|
Office equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2017 |
1,417 |
|
2,319 |
|
3,736 |
|
Additions |
- |
|
1,456 |
|
1,456 |
|
At 31 December 2017 |
1,417 |
|
3,775 |
|
5,192 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2017 |
1,417 |
|
1,977 |
|
3,394 |
|
Charge for the year |
- |
|
707 |
|
707 |
|
At 31 December 2017 |
1,417 |
|
2,684 |
|
4,101 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2017 |
- |
|
1,091 |
|
1,091 |
|
At 31 December 2016 |
- |
|
342 |
|
342 |
|
|
| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2017 |
1,250 |
|
Additions |
26 |
|
|
At 31 December 2017 |
1,276 |
|
|
During the year the company received a dividend from Thermokil Insect Control Services Ltd amounting to £31,460 (2016: £41,600). During the year the company purchased 26% of the issued share capital of Thermokil International Ltd, a company registered in the UK. |
| 6 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
9,344 |
|
3,917 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
10,265 |
|
- |
|
|
|
|
|
|
19,609 |
|
3,917 |
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
2,642 |
|
360 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
60 |
|
980 |
|
Deferred income |
|
|
|
|
- |
|
10,000 |
|
Corporation tax |
|
|
|
|
4,354 |
|
5,775 |
|
Directors loan account |
|
|
|
|
2,498 |
|
2,277 |
|
Taxation and social security costs |
2,947 |
|
2,906 |
|
Other creditors |
750 |
|
750 |
|
|
|
|
|
|
13,251 |
|
23,048 |
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Mr D Hammond is a director and majority shareholder in Organic Pest Control Limited. Mr D Hammond is a director of Thermokil Insect Control Services Ltd and a director and majority shareholder of Thermokil International Ltd. All companies are registered in the UK. |
| 9 |
Other information |
|
|
Thermokil Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
82b High Street |
|
Sawston |
|
Cambs |
|
CB22 3HJ |
