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Company No: 12662953 (England and Wales)

THAMESWORTH LIMITED

Unaudited Financial Statements
For the financial period from 01 July 2023 to 31 March 2024
Pages for filing with the registrar

THAMESWORTH LIMITED

Unaudited Financial Statements

For the financial period from 01 July 2023 to 31 March 2024

Contents

THAMESWORTH LIMITED

COMPANY INFORMATION

For the financial period from 01 July 2023 to 31 March 2024
THAMESWORTH LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 July 2023 to 31 March 2024
DIRECTORS Hanshen Tham
Ka Hon Tham (Appointed 15 March 2024)
Lishan Tham
Tishen Tham
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 12662953 (England and Wales)
THAMESWORTH LIMITED

BALANCE SHEET

As at 31 March 2024
THAMESWORTH LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.06.2023
£ £
Fixed assets
Investment property 3 11,425,000 11,425,000
Investments 4 4,361 4,361
11,429,361 11,429,361
Current assets
Debtors 5 2,797,834 2,485,565
Cash at bank and in hand 322,528 1,361,183
3,120,362 3,846,748
Creditors: amounts falling due within one year 6 ( 14,238,221) ( 15,335,039)
Net current liabilities (11,117,859) (11,488,291)
Total assets less current liabilities 311,502 (58,930)
Provision for liabilities ( 237,500) 0
Net assets/(liabilities) 74,002 ( 58,930)
Capital and reserves
Called-up share capital 300 300
Other reserves ( 377,220 ) ( 363,486 )
Profit and loss account 450,922 304,256
Total shareholders' funds/(deficit) 74,002 ( 58,930)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Thamesworth Limited (registered number: 12662953) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Tishen Tham
Director
THAMESWORTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
THAMESWORTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thamesworth Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company owes £13,307,711 (2023 - £13,315,434) to several group undertakings, resulting in overall net current liabilities, before provisions, of £11,117,857 (2023 - £11,264,523). The group undertakings have confirmed they will not seek payment for these assets within the 12 months from the date the financial statements of Thamesworth Limited are approved, therefore the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Rental income is recognised on a straight line basis over the term of the lease and recharges are recognised in the period in which the associated services are provided.

Management fee income is recognised in the period in which the service is provided.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade debtors are amounts due from customers for rents and services invoiced in the ordinary course of business.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Investment in subsidiary undertakings

Investments in subsidiary undertakings are carried at cost less impairment.

2. Employees

Period from
01.07.2023 to
31.03.2024
Year ended
30.06.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 5 3

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 11,425,000
As at 31 March 2024 11,425,000

4. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 July 2023 4,361
At 31 March 2024 4,361
Carrying value at 31 March 2024 4,361
Carrying value at 30 June 2023 4,361

5. Debtors

31.03.2024 30.06.2023
£ £
Trade debtors 146,378 33,000
Amounts owed by group undertakings (note 7) 2,511,676 2,403,942
Amounts owed by associates (note 7) 113,616 4,798
Other debtors 26,164 43,825
2,797,834 2,485,565

6. Creditors: amounts falling due within one year

31.03.2024 30.06.2023
£ £
Trade creditors 7,783 15,738
Amounts owed to group undertakings (note 7) 13,307,711 13,315,434
Taxation and social security 21,371 2,266
Other creditors 901,356 2,001,601
14,238,221 15,335,039

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

31.03.2024 30.06.2023
£ £
Thamesworth Baker Street Limited 2,000,999 2,000,999
Lotus One Limited 510,677 402,943
Woodstock Investment International Limited (5,671,138) (5,675,000)
Oakwell Business Investment Limited (7,636,573) (7,640,434)

During the prior year, the company loaned £2,000,999 to Thamesworth Baker Street Limited, a 100% owned subsidiary. At the period end, the balance owed to the company was £2,000,000 (2023 - £2,000,999). This loan is interest free and repayable on demand.

During the period, the company met expenses of £107,734 on behalf of Lotus One Limited, a 51.25% owned subsidiary. At the period end, the balance owed to the company was £510,677 (2023 - £402,943).

During the period, the company met expenses of £3,862 on behalf of Woodstock Investment International Limited, a 100% subsidiary. At the period end, the balance owed to Woodstock was £5,671,138 (2023 - £5,675,000). The board have confirmed they will not seek repayment of these loans within the 12 months from the date the financial statements of Thamesworth Limited are approved.

During the period, the company met expenses of £3,861 on behalf of Oakwell Business Investment Limited, a 100% subsidiary. At the period end, the balance owed to Oakwell was £7,636,573 (2023 - £7,640,434). The board have confirmed they will not seek repayment of these loans within the 12 months from the date the financial statements of Thamesworth Limited are approved.

Transactions with the entity's directors

31.03.2024 30.06.2023
£ £
Tishen Tham (865,314) (1,730,314)

In the period to 31 March 2024 the company repaid Mr Tishen Tham, a director of the company, £865,000. At the year end, the balance owing to Mr Tham was £865,314 (2023 - £1,730,314).

Other related party transactions

31.03.2024 30.06.2023
£ £
126 Baker Street Limited 113,616 4,798

During the period, the company met expenses of £108,818 on behalf of 126 Baker Street Limited, a company in which Thamesworth Limited indirectly holds a 50% share. At the period end, the balance owed to the company was £113,616 (2023 - £4,798).