Registered number: 10770891
TERMINUS PLACE LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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TERMINUS PLACE LTD
REGISTERED NUMBER: 10770891
BALANCE SHEET
AS AT 30 JUNE 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.
Page 1
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TERMINUS PLACE LTD
REGISTERED NUMBER: 10770891
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The notes on pages 3 to 9 form part of these financial statements.
Page 2
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
Terminus Place Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 10770891 and registered office address is 9 Holles Street, London, England, W1G 0BD. Its trading address is 191 Victoria Street, England, London, SW1E 5NE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Terminus Place Limited is a fully owned subsidiary of Cavendish Square Group Ltd and therefore the nature of Going Concern of Terminus Place Limited should be considered as part of The Group (Cavendish Square Group Limited).
Group liquidity remains strong. The Directors and management of the business consider there to be strong cash reserves at year end and cash flow from operations will continue to fund Terminus Place Limited’s cash requirements through FY25 and beyond.
The Directors and management of the business have reviewed the Group's detailed forecast cash flows for the forthcoming twelve months from the date of the approval of the financial statements and consider that the Terminus Place Limited will have sufficient cash resources available to meet its liabilities as they fall due. These cash flow forecasts and re-forecasts are prepared regularly as part of the business planning process. The Director's have also confirmed that the intercompany creditor balance will not be demanded for repayment for at least the next 12 months.
Based on the above indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Turnover arises from the Company's principal activity, the operation of a food hall. Turnover recognised excludes sales taxes such as VAT and excludes discounts, tips and rebates. Turnover from bar sales is recognised at the point of sale. Turnover in relation to amounts charged to food traders is recognised at the point the trader generates the revenue, as this reflects provision of the service and the amount earned is closely linked to this. If any amounts are received in advance then they are held in deferred revenue until the point at which the revenue is considered earned. Listing fees are recognised over the period to which they relate, being held in deferred revenue when they are received upfront from the supplier.
Page 3
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the 52 week period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Page 5
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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Leasehold land and buildings
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Fixtures, fittings and equipment
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Page 6
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Page 7
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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Commitments under operating leases
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At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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1.Correction of outstanding merchant receipts
An error was identified where sales receipts outstanding at year-end were incorrectly recorded within cash rather than intercompany debtors, as the amounts were received by a group company. This resulted in cash at bank being overstated by £107,957, intercompany debtors being understated by £133,875 and intercompany creditors to be understated by £25,918.
The adjustment has had no impact on the profit for the period ended 2 July 2023.
2.Correction of amounts owed to traders
An error was identified whereby amounts owed to traders that operate the food offerings within the site, that had been received by the company pre 30 June 2024, were not recorded in other creditors. This resulted in an understatement of both other creditors and intercompany debtors of £154,429.
The adjustment has had no impact on the profit for the period ended 2 July 2023.
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2023 (As previously stated)
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Amounts owed to group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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The adjustments above have had no impact on the profit for the period ended 2 July 2023, nor on the brought forward reserves at 2 July 2022 and 3 July 2023.
Page 8
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TERMINUS PLACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
The immediate parent undertaking is Cavendish Square Group Limited, a private company incorporated in
England and Wales. Cavendish Square Group Limited's registered address is 9 Holles Street, London,
United Kingdom, W1G 0BD. The smallest and largest group of which the Company is a member and for
which group accounts are prepared is Cavendish Square Group Limited. Copies of these accounts are
available from Companies House.
The ultimate controlling party is Gees Court Partners Ltd, a company incorporated in England and Wales. Its registered office address is 8 Gees Court, London, England, W1U 1JQ.
The auditors' report on the financial statements for the 52 week period ended 30 June 2024 was unqualified.
The audit report was signed on 28 March 2025 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 9
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