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Registered number: 10844191










THAMES ENTERPRISE PARK LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
THAMES ENTERPRISE PARK LIMITED
 
 
COMPANY INFORMATION


Directors
Edward Brogan 
Andrew Owens 
Mark Steinberg 
Jonathan Whittingham 
Dominic Williamson 




Registered number
10844191



Registered office
10 Upper Berkeley Street

London

W1H 7PE




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
THAMES ENTERPRISE PARK LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Consolidated Profit and Loss Account
 
7
Consolidated Balance Sheet
 
8
Company Balance Sheet
 
9
Consolidated Statement of Changes in Equity
 
10
Company Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 19


 
THAMES ENTERPRISE PARK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The company's principal activity during the period continued to be a holding company with direct holding of strategic land development companies.

Directors

The directors who served during the year were:

Edward Brogan  
Andrew Owens 
Mark Steinberg 
Jonathan Whittingham 
Dominic Williamson 

Page 1

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Jonathan Whittingham
Director

Date: 14 March 2024

Page 2

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED
 

Opinion


We have audited the financial statements of Thames Enterprise Park Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2022 and of the Group's loss 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' 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 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Group Strategic Report.


Page 4

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 an Auditors' 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 Group 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Company and the Group, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals using artificial intelligence to analyse all journals posted in the year and to detect and identify risks of management override of controls; and
- Challenging assumptions and judgements made by management in their critical accounting estimates, in particular the carrying value of stock. 
 


Page 5

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 Auditors' 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.





Ian Daniels (Senior Statutory Auditor)
  
for and on behalf of
Haysmacintyre LLP
 
Statutory Auditors
  
10 Queen Street Place
London
EC4R 1AG

14 March 2024
Page 6

 
THAMES ENTERPRISE PARK LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022

Year ended 31 December 2022
18 months ending 31 December 2021
£000
£000

  

Turnover
  
1,310
1,658

Cost of sales
  
(77)
(631)

Gross profit
  
1,233
1,027

Administrative expenses
  
(251)
(286)

Operating profit
  
982
741

Interest payable
  
(1,316)
(703)

(Loss)/profit before taxation
  
(334)
38

(Loss)/profit for the period
  
(334)
38

(Loss)/profit for the year attributable to:
  

Owners of the parent
  
(334)
38

  
(334)
38

There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated profit and loss account.

The notes on pages 12 to 19 form part of these financial statements.

Page 7

 
THAMES ENTERPRISE PARK LIMITED
REGISTERED NUMBER: 10844191

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

Fixed assets
  

Tangible assets
 6 
2
4

Current assets
  

Stocks
 8 
87,791
83,749

Debtors
 9 
1,219
1,358

Cash at bank and in hand
 10 
2,618
703

  
91,628
85,810

Creditors: amounts falling due within one year
 11 
(88,081)
(81,931)

Net current assets
  
 
 
3,547
 
 
3,879

Total assets less current liabilities
  
3,549
3,883

  

Net assets
  
3,549
3,883


Capital and reserves
  

Profit and loss account
  
3,549
3,883

Shareholders' funds
  
3,549
3,883

The consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.




Edward Brogan
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 8

 
THAMES ENTERPRISE PARK LIMITED
REGISTERED NUMBER: 10844191

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

Fixed assets
  

Tangible assets
 6 
2
4

Current assets
  

Debtors: amounts falling due within one year

 9 
17,233
11,123

Creditors: amounts falling due within one year
 11 
(19,075)
(12,831)

Net current liabilities
  
 
 
(1,842)
 
 
(1,708)

Total assets less current liabilities
  
(1,840)
(1,704)

  

  

Net liabilities
  
(1,840)
(1,704)


Capital and reserves
  

Profit and loss account brought forward
  
(1,704)
(982)

Loss for the year

  

(136)
(722)

Profit and loss account carried forward
  
(1,840)
(1,704)

  
(1,840)
(1,704)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss for the company for the year was £136,000 (2021 - £722,000).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.


Edward Brogan
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 9

 
THAMES ENTERPRISE PARK LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Profit and loss account
Total equity

£000
£000


At 1 July 2020
3,845
3,845



Profit for the period
38
38



At 1 January 2022
3,883
3,883



Loss for the year
(334)
(334)


At 31 December 2022
3,549
3,549


The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
THAMES ENTERPRISE PARK LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Profit and loss account
Total equity

£000
£000


At 1 July 2020
(982)
(982)


Comprehensive income for the period

Loss for the period
(722)
(722)



At 1 January 2022
(1,704)
(1,704)



Loss for the year
(136)
(136)


At 31 December 2022
(1,840)
(1,840)


The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Thames Enterprise Park Limited (the "Company") is a private company limited by share capital incorporated in England and Wales and domiciled in the United Kingdom. The address of the registered office is 10 Upper Berkeley Street, London,W1H 7PE.
The Company's principal activity is that of a holding company with direct holding of strategic land development companies. 
The consolidated financial statements and company only financial statements have been prepared for the twelve months ended 31 December 2022. The comparatives shown in the Consolidated Profit and Loss Account are for the 18 month period to 31 December 2021 and therefore are not entirely comparable due to the difference in length of the reporting period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 12

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company has the resources to continue in business for the foreseeable future which has been taken as being at least twelve months from the date of approval of the financial statements. 
In the year ended 31 December 2022, the Group made a loss of £334,000 and had a net asset position at that date of £3,549,000. The Group holds a significant plot of land on the Thames Estuary and the directors are confident the Group will be able to access sufficient liquid facilities for at least twelve months after the approval of the financial statements in order to be able to operate as a going concern. The Group has received confirmation from its owners, Greenergy International Limited and Marcol TEP Limited, that they will provide support for a period of at least 12 months from the date of approval of these financial statements. A Resolution to Grant has been obtained and the directors believe full planning permission will be granted within twelve months of the approval of these financial statements. This will allow the Group to bring the land to a state fit for sale. 
Based on the results of the Group, the support gained from the owners and the future financial prospects of the land, the directors have concluded that the going concern basis remains an appropriate basis of preparation for these financial statements and therefore the directors do not consider there to be any material uncertainties relating to going concern.

 
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from short term rental and lease agreements is credited to the profit and loss account on a straight line basis over the rental/lease term. Where payments are received from customers in advance of the services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. 

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
Over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Investments

Investments in subsidiaries are measured at cost less any accumulated impairment losses.

 
2.8

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognise as an expense in the period in which the related revenue is recognised. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

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. 

 
2.10

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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. 

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are descried in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other apparent sources. The estimates and associated assumptions are based on experience and other factors 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and estimations that the Directors have made in the process of applying the Group’s accounting policies and that have the most significant impact on the amounts recognised in the financial statements.
Valuation of stock
Stock is held at the lower of cost and net realisable value. The Directors have determined that the selling price of the land held for sale is greater than that for which it was purchased. The Directors have taken into account the present value of the future sales price in order to determine this as well as the residual value of the stock at the balance sheet date.  
Recoverability of amounts owed by group undertakings 
The Directors assess the recoverability of amounts owed by group undertakings to the Company by considering the net asset position of the creditor company and the future prospects of that company. The Directors consider the amounts owed by group undertakings to the Company are materially recoverable in full. 


4.


Auditors' remuneration

2022
2021
£000
£000


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
40
33




5.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
5
5

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £Nil).
Page 15

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Tangible fixed assets

Group and Company






Motor vehicles

£000



Cost or valuation


At 1 January 2022
9



At 31 December 2022

9



Depreciation


At 1 January 2022
5


Charge for the year on owned assets
2



At 31 December 2022

7



Net book value



At 31 December 2022
2



At 31 December 2021
4

Page 16

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Fixed asset investments


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Thames Enterprise Park Land Limited
10 Upper Berkeley Street, London, United Kingdom, W1H 7PE
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Coryton Asset Holding Limited
44 The Esplanade, St Helier, Jersey, JE4 9WG
Oridinary
100%


8.


Stocks

Group
Group
2022
2021
£000
£000

Finished goods and goods for resale
87,791
83,749



9.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000


Trade debtors
92
208
-
-

Amounts owed by group undertakings
-
-
17,200
11,102

Other debtors
596
1,146
27
17

Prepayments and accrued income
531
4
6
4

1,219
1,358
17,233
11,123


Page 17

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Cash and cash equivalents

Group
Group
2022
2021
£000
£000

Cash at bank and in hand
2,618
703



11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000

Other loans
80,364
74,198
18,984
12,818

Trade creditors
884
33
6
7

Other taxation and social security
-
316
-
-

Other creditors
8
4
-
-

Accruals and deferred income
6,825
7,380
85
6

88,081
81,931
19,075
12,831



12.


Loans

Subscription, Shareholders' and Joint Venture Agreement 
In July 2018, an agreement was signed between the Company’s shareholders and the Company, and later Thames Enterprise Park Land Limited, which provided £61,380,000 to Thames Enterprise Park Land Limited for the purchase of 100% of the share capital of Coryton Asset Holding Limited. The loan is secured over charges on the shares in Coryton Asset Holding Limited and a debenture granted by Coryton Asset Holding Limited over its assets. No interest is charged on the loan and has no specific repayment date.  However, the Company anticipates repayment within two to five years of the balance sheet date.
Equity Loan 1 
In July 2018, an agreement was signed between the Company and a shareholder to provide the Company with an unsecured facility. The facility is intended to enable the Company to meet its obligations under the Subscription, Shareholder' and Joint Venture Agreement. There is no fixed repayment date and at 31 December 2022, the total liability under this loan (including accrued interest) was £9,634,930 (2021: £7,389,514). Interest is charged at 10% per annum. The Company anticipates repayment within two to five years of the balance sheet date. 
Equity Loan 2 
In July 2018, an agreement was signed between the Company and another shareholder to provide the Company with an unsecured facility. The facility is intended to enable the Company to meet its obligations under the Subscription, Shareholder' and Joint Venture Agreement. There is no fixed repayment date and at 31 December 2022, the total liability under this loan (including accrued interest) was £9,348,791 (2021: £5,428,664). Interest is charged at 10% per annum.  The Company anticipates repayment within two to five years of the balance sheet date. 
 

Page 18

 
THAMES ENTERPRISE PARK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



135 (2021 - 135) Ordinary A shares of £1.00 each
135
135
65 (2021 - 65) Ordinary B shares of £1.00 each
65
65

200

200



14.


Related party transactions

As at 31 December 2022 loans from related companies totalled £80,363,721 (2021 - £74,198,178). No repayments were made in the year (2021 - £nil). This is the sum of the Subscription, Shareholders' and Joint Venture Agreement loans disclosed in note 12. 

Page 19