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Company registration number: 11812778







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


THI 17GS LIMITED






































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THI 17GS LIMITED
 


 
COMPANY INFORMATION


Directors
Mihir Kotecha 
Christoph Ulrich Becker 




Registered number
11812778



Registered office
17 Grosvenor Street

London

W1K 4QG




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


THI 17GS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5


 


THI 17GS LIMITED
REGISTERED NUMBER:11812778



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
13,465,000
15,435,000

  
13,465,000
15,435,000

Current assets
  

Debtors: amounts falling due after more than one year
 6 
145,007
113,453

Debtors
 6 
205,721
536,481

Bank and cash balances
  
402,975
663,825

  
753,703
1,313,759

Creditors: amounts falling due within one year
 7 
(25,217,918)
(26,160,828)

Net current liabilities
  
 
 
(24,464,215)
 
 
(24,847,069)

Total assets less current liabilities
  
(10,999,215)
(9,412,069)

Creditors: amounts falling due after more than one year
 8 
(112,460)
(66,679)

  

Net liabilities
  
(11,111,675)
(9,478,748)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(11,111,676)
(9,478,749)

  
(11,111,675)
(9,478,748)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with 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 by: 


Mihir Kotecha
Director
Date: 6 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


THI 17GS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

THI 17GS Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office and registered number can be found on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have prepared the accounts on the assumption that the Company is a going concern.
This is on the grounds that, THI Holdings GmbH will continue to provide financial support for its ordinary activity in the same parameters that it has applied to date and that there is no intention to withdraw these facilities within 12 months of the approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue represents rental income received, exclusive of VAT. Rental income is recognised in the period that
the service is provided, where amounts are received from customers in advance of services provided, the
amounts are recorded as deferred income and included within creditors.

Page 2

 


THI 17GS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by directors and/or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Financial instruments

The Company 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumption and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year areas follows:
Fair value of investment property
The fair value of the investment property is based on the valuation carried out by an external independent qualified valuer having recent experience in the location and category of the property being valued. Valuations are based on current prices for similar properties in the same location and condition. These are revalued at the year end date.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 3

 


THI 17GS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Short term leasehold investment property

£



Valuation


At 1 January 2023
15,435,000


Additions at cost
17,169


Surplus on revaluation
(1,987,169)



At 31 December 2023
13,465,000

The 2023 valuations were made by external valuers, Metrus in accordance with RICS Valuation – Global Standards, on an open market value for existing use basis.


The historical cost of investment properties at the balance sheet date is £22,171,417 (2022: £22,154,248). The historical cost comprises leasehold improvements since these costs are 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.




6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
112,460
66,679

Prepayments and accrued income
32,547
46,774

145,007
113,453


2023
2022
£
£

Due within one year

Trade debtors
46,676
78,868

Amounts owed by group undertakings
-
296,000

Other debtors
88,421
88,421

Prepayments and accrued income
70,624
73,192

205,721
536,481


Page 4

 


THI 17GS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
54,724
49,490

Amounts owed to group companies
24,913,373
25,869,785

Other taxation and social security
28,480
28,280

Other creditors
661
-

Accruals and deferred income
220,680
213,273

25,217,918
26,160,828



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
112,460
66,679

112,460
66,679



9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
69,000
69,000

69,000
69,000


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 August 2024 by Sarah Hallam FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5