Company registration number 08311155 (England and Wales)
THACKERAY ESTATES GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
THACKERAY ESTATES GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
THACKERAY ESTATES GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
27,165
52,385
Current assets
Debtors
7
113,783,133
136,560,519
Cash at bank and in hand
11,607,437
1,180,431
125,390,570
137,740,950
Creditors: amounts falling due within one year
8
(12,708,218)
(124,057,824)
Net current assets
112,682,352
13,683,126
Total assets less current liabilities
112,709,517
13,735,511
Creditors: amounts falling due after more than one year
9
(87,457,000)
-
0
Net assets
25,252,517
13,735,511
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
25,252,417
13,735,411
Total equity
25,252,517
13,735,511

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
A J D Alberti
Director
Company Registration No. 08311155
THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Thackeray Estates Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The principal place of business is Queripel House, 1 Duke of York Square, London, SW3 4LY.

1.1
Reporting period

In the previous year, the reporting period was shortened to 30 June 2022 to align the company's reporting date with that of the group. The reporting period for the period ended 30 June 2022 is 3 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intercompany provision

The intercompany impairment provision is derived from the opinions of the company's valuation team. This valuation is based on in-depth knowledge of the property values in each of the subsidiary accounts.

 

No complex models are used. Directors have used their knowledge of impairment of property values and impair the intercompany debtors based on the net liability position of the corresponding subsidiary.

 

The Directors annually review the intercompany provisions and change them as necessary to reflect the recoverability of the intercompany balance as at the balance sheet date.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
36,521
Disposals
(36,521)
At 30 June 2023
-
0
Depreciation and impairment
At 1 July 2022
36,521
Eliminated in respect of disposals
(36,521)
At 30 June 2023
-
0
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
5
Fixed asset investments
2023
2022
£
£
Investments
27,165
52,385
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022
52,385
Additions
100
Disposals
(25,320)
At 30 June 2023
27,165
Carrying amount
At 30 June 2023
27,165
At 30 June 2022
52,385
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
159 Reading TE Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
National pub portfolio Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Broad Street Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Market Chambers Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Kingston Ltd
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Fenchurch Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Filaments Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Hammersmith 2 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Hammersmith 3 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Hammersmith 4 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Hammersmith 5 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Hammersmith Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Kensington & Chelsea Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Birkenhead Ltd
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Station Rd Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Reading 153 Ltd
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Reading City Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Reading Investments Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Shops Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Western Furriers Leasehold Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Worcester Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE 14 High Street Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Peterborough Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TEGG 1 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Canterbury Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Oxford St Swansea Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Smugglers Way Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Wharton Street Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TEG Manchester Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TEG Shop 1 Ltd
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
Thackeray Estates Church Street Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
THSOF1 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Cardiff 5 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Fenchurch 2 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Liverpool Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Broad St Reading Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Manchester 2 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Castle Construction Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Cardiff 8 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
95.00
TE Cardiff 6 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Cardiff 7 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Manchester 3 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Manchester 4 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
95.00
TI Manchester 5 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TI Manchester 6 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
TE Sheen Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
95.00
TE Cardiff 9 Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
(Continued)
- 7 -
TE Hotel Construction Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
1 Station Road Leasehold Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
9,267
Amounts owed by group undertakings
105,816,208
135,103,541
Other debtors
7,966,925
1,447,711
113,783,133
136,560,519

Included within amounts due from group undertakings are loan balances that are unsecured, interest free and repayable on demand.

8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,501,250
111,808,000
Trade creditors
103,687
177,884
Amounts owed to group undertakings
4,711,985
3,673,328
Taxation and social security
2,329
319
Other creditors
4,388,967
8,398,293
12,708,218
124,057,824

The bank loan is secured by a fixed and floating charge over the assets of the company and by limited personal guarantees provided by the directors. The bank loan is also secured by any wholly owned subsidiary of the company which accedes to the cross guarantee as an Additional Guarantor.

 

Included within amounts due to group undertakings are loan balances that are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
87,457,000
-
0

The bank loan is secured by a fixed and floating charge over the assets of the company and by limited personal guarantees provided by the directors. The bank loan is also secured by any wholly owned subsidiary of the company which accedes to the cross guarantee as an Additional Guarantor.

THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Sarah Wilson FCA.
The auditor was Gravita II LLP.
11
Financial commitments, guarantees and contingent liabilities

The security has been given in respect of the bank loans as a fixed and floating charge over the company's assets. At the balance sheet date the indebtedness of the Group to its bankers was £90,958,250 (2022: £111,808,000).

12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
173,040
13
Events after the reporting date

On 1st July 2023 the shares owned by the company in TE Cardiff 5 Limited, TE Cardiff 7 Limited, TE Sheen Limited, Thackeray Estates Hammersmith 4 Limited and Thackeray Estates Filaments Limited were sold to Thackeray Estates Group 2 Limited for consideration of £500.

 

On 1st July 2023 the shares owned by the company in National Pub Portfolio Limited, Thackeray Estates Fenchurch Limited, Thackeray Estates Reading City Limited, Thackeray Estates Reading Investments Limited, Thackeray Estates Church St Limited and TI Manchester 4 Limited were sold to Thackeray Estates Group 3 Limited for consideration of £1,973.

 

On 1st July 2023 the shares owned by the company in 159 Reading TE Limited, TE Broad Street Limited, TE Peterborough Limited, TEG Manchester Limited, THSOF1 Limited, TE Smugglers Way Limited, TI Broad St Reading Limited and TI Manchester 3 Limited were sold to Thackeray Estates Group 4 Limited for consideration of £800.

THACKERAY ESTATES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Interest receivable
Interest receivable
2023
2022
£
£
Entities with significant influence over the company
632,668
-
Dividends received
Interest payable
2023
2022
2023
2022
£
£
£
£
Entities with significant influence over the company
-
-
290,172
95,485
Entities over which the entity has control, joint control or significant influence
57,000
-
-
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with significant influence over the company
4,270,425
7,377,500
Other related parties
-
774,991

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with significant influence over the company
6,468,120
1,110,452
Entities over which the entity has control, joint control or significant influence
8,403,270
2,526,858
Other related parties
538,415
-
Other information

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

15
Parent company

The immediate and ultimate parent company is Thackeray Estates Holdings Limited, a company registered in England and Wales.

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