Registered number: 11759072
THERME NORTH LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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THERME NORTH LTD
REGISTERED NUMBER: 11759072
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 on 25 September 2024.
The notes on pages 3 to 9 form part of these financial statements.
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THERME NORTH LTD
REGISTERED NUMBER: 11759072
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Therme North Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private Company limited by shares and is registered in England and Wales. The address of the Company's registered office is 15 Little Green, Richmond, Surrey, England, TW9 1QH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely conditions and sources of support for a period of twelve months from the date of our approval of these accounts.
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Foreign currency translation
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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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.
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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, as explained below.
Depreciation is provided on the following basis:
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Property under development
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The property was incomplete and not in use, hence no depreciation has been provided for.
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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.
Work in progress includes labour, capitalised loan interest and attributable overheads.
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Cash and cash equivalents
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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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 4).
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Property under development
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Reclassified to held for sale
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Charge for the year on owned assets
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Property under development includes pre-construction costs for a wellbeing resort in Manchester known as 'Therme Manchester'. The amount above includes a total of £Nil (2021 - £422,191) of accumulated capitalised borrowing costs. As per the arrangements made in 2023 (as detailed in note 10,) the Company is expecting to recover these costs from an affiliate company. Therefore, these costs have been de-capitalised and shown as work in progress to be invoiced in a future period.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The Company previously entered into an Agreement for lease (‘AFL’) in relation to the proposed development of a wellbeing resort in Manchester. In 2023, the parties agreed to mutually terminate the AFL.
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Post balance sheet events
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During the year, Therme MAPR Limited (formerly TG UKMP Limited), an affiliate of the Company, entered into arrangements to develop Therme Manchester. The Company has agreed to support the affliate by undertaking certain development responsibilities. The Company expects that it will recover all development costs it incurred in relation will be remunerated for its role on an arms’ length basis.
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Related party transactions
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During the year the Company was charged £1,162,137 (2022 - £409,999) for services provided by non-wholly owned group undertakings, of which £864,752 (2022 - £37,489) was outstanding at the balance sheet date and shown in creditors falling due within one year under amounts owed to group undertakings.
At the balance sheet date, the Company owed £15,468,786 (2022 - £7,448,757) in long term loans and interest to parent undertakings on which £857,253 (2022 - £199,413) of related interest and charges was incurred during the year.
The Company has taken advantage of exemption, under the terms of section 33.1A of the Finanical
Reporting Standard 102, not to disclose transactions entered with other wholly-owned group undertakings.
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RHTG Holding GmbH is the ultimate parent company. Its registered office is Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria.
A-HEAT Allied Heat Exchange Technology AG is the current parent company undertaking of the smallest group within which this company belongs. Group accounts can be obtained from its registered office at Wienerbergstraße 51 / 4. OG, A-1120 Wien, Austria.
The immediate parent company is Therme Group Holdings (UK) Limited. Its registered office is 15 Little Green, Richmond, Surrey TW9 1QH, UK.
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THERME NORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 26 September 2024 by Richard Rhodes (Senior statutory auditor) on behalf of Feltons Chartered Accountants.
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