Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Thames Street Properties Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Thames Street Properties Limited |
Thames Street Properties Limited (Registered number: 11023677) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Thames Street Properties Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8-10 South Street |
Epsom |
Surrey |
KT18 7PF |
Thames Street Properties Limited (Registered number: 11023677) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Thames Street Properties Limited (Registered number: 11023677) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Thames Street Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties. |
Going concern |
The company has a negative balance sheet value and net current liabilities position which arises due to downward valuation of its properties from cost. However trading is cash positive annually. The company is reliant on support from the ultimate parent company and is supported by way of the intercompany loan. The parent currently has no intention of demanding repayment on the loan in the immediate future. In the opinion of the directors the going concern is appropriate. |
Significant judgements and estimates |
Investment property, which is freehold, was revalued to fair value at 1 April 2021, based on a valuation undertaken by a suitably qualified director with recent experience in the location and class of the investment property being valued. |
Turnover |
Turnover represents rents receivable in relation to the accounting period after adjusting for rent free periods and other agreed rebates and discounts. VAT and other taxes are excluded |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits Deferred tax assets are not recongnised due to uncertainty of realising the asset. |
Investment properties |
Investment properties are reviewed annually with any change recognised in the profit and loss account. Any gains arising on the revaluation are taken to the fair value reserve. Where there is a negative revaluation, these balances are first reduced against the fair value reserve (if present) with any remaining balance being taken against the profit and loss account.The properties are valued by the directors unless a third party valuation is available. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Thames Street Properties Limited (Registered number: 11023677) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Investment |
property |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
No depreciation is provided in respect of the company's investment property. The valuation of the investment property at the balance sheet date has been based upon those performed by a suitably qualified director. |
On a historical cost basis, the company's investment property would have been included at an original cost of £10,328,933. |
Cost or valuation at 31 March 2024 is represented by: |
Investment |
property |
£ |
Valuation in 2020 | 5,000,000 |
Valuation in 2023 | (1,300,000 | ) |
Valuation in 2024 | 3,900 |
3,703,900 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 24,762 | 23,568 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
Thames Street Properties Limited (Registered number: 11023677) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33, not to disclose related party transactions with wholly owned subsidiaries within the group. |
Director's remuneration and pension contributions are borne by other group companies and details can be found in the financial statements of these companies. |
9. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
10. | ULTIMATE PARENT COMPANY |
The immediate and ultimate parent company is Canadian & Portland Estates (Holdings) Limited, a company incorporated in England and Wales. Consolidated financial statements are prepared by this entity and copies can be obtained from the registered office at 76 New Bond Street, London, W1S 1RX. |
11. | CROSS GUARANTEE |
The company's investment property is provided as security by way of a 1st charge and debenture in respect of a £15,000,000 loan in fellow subsidiary Canadian & Riverside Limited. The loan is disclosed in the financial statements of Canadian & Riverside Limited. |