Company No:
Contents
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) |
Note | 31.03.2024 | 30.06.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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11,429,361 | 11,429,361 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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3,120,362 | 3,846,748 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (11,117,859) | (11,488,291) | ||
Total assets less current liabilities | 311,502 | (58,930) | ||
Provision for liabilities | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital |
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Other reserves | (
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Profit and loss account |
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Total shareholders' funds/(deficit) |
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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:
Tishen Tham
Director |
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.
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 £.
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 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.
Management fee income is recognised in the period in which the service is provided.
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.
Investments in subsidiary undertakings are carried at cost less impairment.
Period from 01.07.2023 to 31.03.2024 |
Year ended 30.06.2023 |
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Number | Number | ||
Monthly average number of persons employed by the company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 31 March 2024 |
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Investments in subsidiaries
31.03.2024 | |
£ | |
Cost | |
At 01 July 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 30 June 2023 |
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31.03.2024 | 30.06.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by group undertakings (note 7) |
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Amounts owed by associates (note 7) |
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Other debtors |
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31.03.2024 | 30.06.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings (note 7) |
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Taxation and social security |
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Other creditors |
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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).