How much does Thermal Economics Limited make?

Thermal Economics Limited reported revenue of £9.9m and £1.3m profit in the year to 31 Oct 2025, according to its accounts filed at Companies House.

How many employees does Thermal Economics Limited have?

Thermal Economics Limited reported an average of 16 employees in the year to 31 Oct 2025.

Is Thermal Economics Limited profitable?

Yes — Thermal Economics Limited reported a profit of £1.3m in the year to 31 Oct 2025.

Company No. 01665995 · Incorporated 21 Sep 1982

Thermal Economics Limited

Registered name: THERMAL ECONOMICS LIMITED

Thermal Economics Limited made £9.9m revenue and £1.3m profit in the year to 31 Oct 2025.

Thermal Economics Limited’s revenue fell 16% to £9.9m in the year to 31 Oct 2025, with £1.3m profit and 16 employees. The company is classified under “agents involved in the sale of timber and building materials” and is based in Bedfordshire; we hold 4 years of its filed accounts.

Full P&L filedSection G · Wholesale and retail trade; repair of motor vehiclesSIC 46130Agents involved in the sale of timber and building materials

Status: Active
Location: Bedfordshire, East of England
Age: 44 yrs · since 1982
Type: Private Limited Company

Latest accounts · year to 31 Oct 2025

Key figures

IndependentCapital-lightCash flow filed

Revenue

£9.9m

Growth ▼16.3%

Profit

£1.3m

Growth ▼10.4%

Profit margin

12.7%

Gross 29.4%

Employees

Change 0%

Profit / employee

£78.4k

Revenue/employee £619k

Profitable streak

4yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Oct 2022	31 Oct 2023	31 Oct 2024	31 Oct 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£23.7m	£17.1m	£11.8m	£9.9m
Cost of sales	£18.9m	£13.2m	£8.7m	£7m
Gross profit	£4.8m	£3.9m	£3.1m	£2.9m
Operating profit	£3.5m	£2.6m	£1.8m	£1.6m
Profit before tax	£3.5m	£2.6m	£1.9m	£1.7m
Profit after tax	£2.8m	£2m	£1.4m	£1.3m
Profit (best available)	£2.8m	£2m	£1.4m	£1.3m
Staff costs	£908k	£918k	£904k	£898k
Employees (average)	17	16	16	16
Ratios
Profit margin	12%	11.7%	11.8%	12.7%
Gross margin	20.4%	22.9%	26.5%	29.4%
Revenue per employee	£1.4m	£1.1m	£740k	£619k
Profit per employee	£167k	£126k	£87.6k	£78.4k
Cash conversion	−93.2%	−110.1%	−72.2%	−128.8%
Growth (year on year)
Revenue growth	—	▼27.8%	▼30.9%	▼16.3%
Profit growth	—	▼29.3%	▼30.3%	▼10.4%
Headcount growth	—	▼5.9%	0%	0%
Balance sheet — indirect signals, not revenue
Cash at bank	£338k	£301k	£296k	£2m
Net assets	£3.5m	£3.2m	£3.8m	£3.8m
Fixed assets	£421k	£413k	£422k	£418k
Current assets	£6.8m	£4.5m	£4.7m	£4.6m
Debtors	£5.9m	£3.8m	£2.7m	£2.2m
Deferred income	£53.9k	£60.7k	£72k	£57.8k
Cash from operations	−£3.3m	−£2.8m	−£1.3m	−£2.1m
Source	FullAccounts · bulk data Jul 2024	FullAccounts · bulk data Jul 2024	FullAccounts · bulk data Jul 2025	FullAccounts · bulk data Jul 2026

Derived from the latest filing

How the business works

Profit margin: 12.7%; Profit ÷ revenue.
Gross margin: 29.4%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £619k; Revenue ÷ average employees.
Profit per employee: £78.4k; Profit ÷ average employees.
Cash conversion: −128.8%; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 4.2%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 0.6%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 21.8%; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

Balance-sheet signals

Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.

Net assets: ▲1%; Now £3.8m
Cash at bank: ▲569%; Now £2m
Headcount: 0%; Now 16
Deferred income: ▼20%; Now £57.8k
Fixed assets: ▼1%; Now £418k

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Oct 2025 (profit £1.3m), from the Companies House accounts bulk data published Jul 2026. Spotted an error? Request a correction.

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.