GARRETT THERMAL SYSTEMS LIMITED
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Cash
£251k
-2.3% lowest in 3 filed years
Net assets
-£66m
-5.5% vs 2024
Employees
—
Average over period
Profit before tax
-£42m
-177% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Accounts not prepared on a going-concern basis
After the balance sheet date, the Honeywell Group approved a legal entity simplification initiative under which the Company is expected to transfer its assets, liabilities and operations to another entity. Following completion of this intragroup reorganisation, the Company is expected to be placed into voluntary liquidation and subsequently dissolved. As the transaction is an internal Group restructuring, no material impact on the Group's consolidated financial position is anticipated. The process remains subject to completion of the required legal and regulatory steps. Accordingly, the going concern basis of accounting is not appropriate and the financial statements have been prepared on a basis other than going concern. No material adjustment arose as a result of ceasing to apply the going concern basis.
-
Going-concern uncertainty disclosed
-
Negative shareholders' funds
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | — | — | — | — | |
| Operating profit | -£3,881,000 | -£12,523,000 | -£37,223,000 | -197.2% | |
| Profit before tax | -£6,469,000 | -£15,291,000 | -£42,354,000 | -177% | |
| Net profit | -£6,469,000 | -£15,291,000 | -£42,354,000 | -177% | |
| Cash | £16,111,000 | £257,000 | £251,000 | -2.3% | |
| Total assets less current liabilities | -£78,110,000 | -£62,519,000 | -£65,973,000 | -5.5% | |
| Net assets | -£78,110,000 | -£62,519,000 | -£65,973,000 | -5.5% | |
| Equity | -£78,110,000 | -£62,519,000 | -£65,973,000 | -5.5% | |
| Average employees | 0 | 0 | — | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Gearing (liabilities / total assets) | 122.5% | 117.7% | — | |
| Current ratio | 0.43x | 0.47x | 0.51x | |
| Interest cover | -0.31x | -0.91x | -2.45x |
Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 2 times since incorporation
- GARRETT THERMAL SYSTEMS LIMITED 2003-10-01 → present
- SERCK HEAT TRANSFER LIMITED 1997-09-04 → 2003-10-01
- SHT 1997-08-27 → 1997-09-04
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Not a going concern (break-up basis)
“After the balance sheet date, the Honeywell Group approved a legal entity simplification initiative under which the Company is expected to transfer its assets, liabilities and operations to another entity. Following completion of this intragroup reorganisation, the Company is expected to be placed into voluntary liquidation and subsequently dissolved. As the transaction is an internal Group restructuring, no material impact on the Group's consolidated financial position is anticipated. The process remains subject to completion of the required legal and regulatory steps. Accordingly, the going concern basis of accounting is not appropriate and the financial statements have been prepared on a basis other than going concern. No material adjustment arose as a result of ceasing to apply the going concern basis.”
Group structure
- GARRETT THERMAL SYSTEMS LIMITED · parent
- Xtralis Global Unlimited Company 99%
- Xtralis International Holdings Limited 100%
- Xtralis Technologies Ltd 100%
- Xtralis Holdings UK Limited 100%
- Xtralis (UK) Limited 100%
- Xtralis Security Holdings Limited 100%
- Xtralis US Global Holdings LLC 100%
- Xtralis Pty Ltd 100%
Significant events
- “After the balance sheet date, the Honeywell Group undertook a review of its legal entity structure with the objective of simplifying operations, reducing administrative complexity and costs, and improving operational efficiency. As a result of this review, a decision was made after the year end to place the Company into voluntary liquidation. The Company's liquidation is not expected to have a material impact on the Group's ongoing operations or financial performance. The remaining net assets of the Company are expected to be distributed as part of the liquidation process.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
1 active · 39 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MOUNZEO, Lazare | Director | 2024-08-19 | Sep 1967 | French |
Show 39 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ATTWOOD, Michael Peter | Secretary | 1999-04-30 | 2000-05-09 |
| DUGAN, Ian Robert | Secretary | 2000-05-09 | 2000-09-04 |
| ROGNEFLATEN, Kjersti | Secretary | 2000-09-04 | 2001-10-08 |
| TAYLOR, Nigel Keith | Secretary | 1997-08-27 | 1999-04-30 |
| EPS SECRETARIES LIMITED | Corporate Secretary | 2001-10-08 | 2008-06-30 |
| SISEC LIMITED | Corporate Secretary | 2008-06-30 | 2016-01-29 |
| AMELIO, William Joseph | Director | 2000-05-09 | 2000-07-08 |
| ATTWOOD, Michael Peter | Director | 1999-01-28 | 2000-05-09 |
| BALTUS, Richard Alexander | Director | 2006-02-20 | 2007-09-05 |
| CARTER, Susan Kay | Director | 2001-10-30 | 2002-03-15 |
| DUFFY, Patrick Joseph | Director | 2005-02-20 | 2006-02-20 |
| DUFFY, Patrick Joseph | Director | 2002-03-22 | 2005-02-20 |
| DUGAN, Ian Robert | Director | 1997-09-03 | 2001-03-30 |
| DUNN, Jennifer Maike | Director | 2020-09-25 | 2022-07-15 |
| DURSUN, Olga | Director | 2024-09-19 | 2024-12-15 |
| DURSUN, Olga | Director | 2020-02-21 | 2024-08-19 |
| EDEN, Stuart David | Director | 1997-09-03 | 2000-05-09 |
| ERKILIC, Mehmet | Director | 2016-12-12 | 2018-01-31 |
| HOGAN, Richard | Director | 2008-10-31 | 2018-09-30 |
| HOGAN, Richard | Director | 2008-10-23 | 2008-10-23 |
| ISMAIL, Alexandre Rohal | Director | 2003-09-01 | 2007-09-05 |
| KLIMENTOVA, Dagmar | Director | 2018-09-30 | 2020-02-21 |
| KNEIPP, James Russell | Director | 2006-02-20 | 2007-10-01 |
| MOLZAHN, Sven Eric | Director | 2007-11-01 | 2008-11-24 |
| NORRIS, David William | Director | 2006-06-26 | 2008-10-31 |
| NORRIS, David William | Director | 2002-02-01 | 2004-07-02 |
| OPHELE, Olivier | Director | 2008-11-24 | 2013-03-28 |
| PAYNE, Mark Joseph | Director | 2001-10-05 | 2005-12-31 |
| ROGNEFLATEN, Kjersti | Director | 2000-09-04 | 2002-04-12 |
| SCHRADY, Peter Hilt | Director | 2000-05-09 | 2000-07-01 |
| SNIJDERS, Lambert Walterus Maria | Director | 2001-10-30 | 2003-08-31 |
| TAYLOR, Nigel Keith | Director | 1997-08-27 | 1999-06-03 |
| TEED, Christopher Andrew | Director | 1997-08-27 | 2000-05-09 |
| TOWERS, John | Director | 1998-01-22 | 2000-05-09 |
| TOZIER, Scott Allen | Director | 2006-02-20 | 2007-11-01 |
| TREANOR, Sharon | Director | 2018-09-30 | 2020-09-25 |
| VICKERSTAFF, James Ryalls | Director | 2013-04-01 | 2018-09-30 |
| WOOLLEY, David John | Director | 1997-09-03 | 2000-05-09 |
| WRIGHT, Simon | Director | 2004-07-02 | 2006-02-20 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Honeywell Group Holding Uk Ii | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 191 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-10-20 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-26 | AA | accounts | Accounts with accounts type full | |
| 2026-05-20 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-10-20 | RESOLUTIONS | resolution | Resolution | |
| 2025-10-16 | SH01 | capital | Capital allotment shares | |
| 2025-10-02 | AA | accounts | Accounts with accounts type full | |
| 2025-08-14 | RP04CS01 | confirmation-statement | Second filing of confirmation statement with made up date | |
| 2025-07-25 | SH01 | capital | Capital allotment shares | |
| 2025-05-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-17 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-23 | AA | accounts | Accounts with accounts type full | |
| 2024-09-20 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-20 | TM01 | officers | Termination director company with name termination date | |
| 2024-08-20 | AP01 | officers | Appoint person director company with name date | |
| 2024-05-03 | CH01 | officers | Change person director company with change date | |
| 2024-05-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-01 | AA | accounts | Accounts with accounts type full | |
| 2023-06-16 | CH01 | officers | Change person director company with change date | |
| 2023-05-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-02-01 | CH01 | officers | Change person director company with change date | |
| 2022-09-21 | AA | accounts | Accounts with accounts type full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 2
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.