Company registration number 04134445 (England and Wales)
THAMES INDUSTRIAL ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THAMES INDUSTRIAL ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THAMES INDUSTRIAL ESTATE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,986
19,716
Investments
4
100
100
52,086
19,816
Current assets
Stocks
6,760,196
6,760,196
Debtors
6
3,401,796
3,369,227
Cash at bank and in hand
4,585,550
3,818,692
14,747,542
13,948,115
Creditors: amounts falling due within one year
7
(3,223,048)
(3,231,484)
Net current assets
11,524,494
10,716,631
Total assets less current liabilities
11,576,580
10,736,447
Creditors: amounts falling due after more than one year
8
(2,000,000)
(2,000,000)
Provisions for liabilities
(12,404)
(4,207)
Net assets
9,564,176
8,732,240
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,564,076
8,732,140
Total equity
9,564,176
8,732,240
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
R V Mawhood
Director
Company registration number 04134445 (England and Wales)
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Thames Industrial Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.
1.1
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.
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.
1.2
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:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
33.33% on cost
Motor vehicles
25% reducing balance
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
197,449
Additions
68,738
At 30 April 2024
266,187
Depreciation and impairment
At 1 May 2023
177,733
Depreciation charged in the year
36,468
At 30 April 2024
214,201
Carrying amount
At 30 April 2024
51,986
At 30 April 2023
19,716
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
The company owns 100% of Hexa Homes Ltd, a subsidiary established to build residential property for the group.
5
Subsidiaries
These financial statements are separate company financial statements for Thames Industrial Estate Limited.
Details of the company's subsidiary at 30 April 2024 was as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Hexa Homes Ltd
1
Ordinary shares
100.00
Registered office addresses:
1
First floor, Sheraton House, Lower Road, Chorleywood, Herts WD3 5LH
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Hexa Homes Ltd
234,398
(3,383)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
516,083
481,960
Other debtors
2,885,713
2,887,267
3,401,796
3,369,227
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
118,685
141,195
Amounts owed to group undertakings
37,796
38,296
Corporation tax
144,245
157,583
Other taxation and social security
85,308
66,443
Other creditors
2,837,014
2,827,967
3,223,048
3,231,484
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,000,000
2,000,000
Bank loans and overdrafts includes loans of £2,000,000 (2023: £2,000,000) from Barclays Bank Plc against which the company has provided security by charges over the company's freehold properties at Thames Industrial Estate, Princess Margaret Road, East Tilbury, Essex and by charges over the the company's rental agreements at the same properties. The company has also entered into a cross guarantee with Mr R V Mawhood under which Mr Mawhood guarantees the loan provided by Barclays Bank to the company and the company cross guarantees the loan made by Barclays to Mr Mawhood in the sum of £7,194,000 (2023: £7,194,000).
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
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.
Senior Statutory Auditor:
Nicholas Corden ACA
Statutory Auditor:
Summers Morgan
Date of audit report:
28 January 2025
10
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
2,675,899
2,818,176
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Other entities not under common control
-
1,201
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other entities under common control
1,851,986
1,852,422
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other entities under common control
2,697,082
2,720,078
Other entities not under common control
107,158
84,219
THAMES INDUSTRIAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
12
Directors' transactions
At the balance sheet date the company owed £312,383 (2023: £322,398) to the directors of the company.
13
Parent company
The ultimate controlling party is Mr RV Mawhood, a director.
14
Non-audit services provided by auditor
In common with many businesses of a similar size and nature the company uses its auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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