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Registered number: 10770891










TERMINUS PLACE LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

 
TERMINUS PLACE LTD
REGISTERED NUMBER: 10770891

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
As restated
2 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,563,245
2,743,499

  
2,563,245
2,743,499

Current assets
  

Stocks
  
55,392
39,894

Debtors
 5 
4,311,814
2,481,706

Cash at bank and in hand
  
447,285
439,680

  
4,814,491
2,961,280

Creditors: amounts falling due within one year
 6 
(1,623,009)
(1,367,327)

Net current assets
  
 
 
3,191,482
 
 
1,593,953

Total assets less current liabilities
  
5,754,727
4,337,452

Creditors: amounts falling due after more than one year
 7 
(387,089)
(437,089)

Provisions for liabilities
  

Deferred tax
  
(155,448)
(142,811)

  
 
 
(155,448)
 
 
(142,811)

Net assets
  
5,212,190
3,757,552


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
5,212,189
3,757,551

  
5,212,190
3,757,552


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

 
TERMINUS PLACE LTD
REGISTERED NUMBER: 10770891
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024



K Rose
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

  
2.3

Turnover

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

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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.

 
2.5

Pensions

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.

 
2.6

Current and deferred taxation

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.

 
2.7

Tangible fixed assets

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

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
Over the lease term
Plant and machinery
-
20% Straight line
Fixtures and fittings
-
20/25% Straight line

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.

 
2.8

Stocks

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 5

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

4.


Tangible fixed assets







Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total

£
£
£
£



Cost 


At 3 July 2023
3,533,752
74,458
537,635
4,145,845


Additions
8,350
28,351
132,565
169,266


Disposals
-
-
(82,918)
(82,918)



At 30 June 2024

3,542,102
102,809
587,282
4,232,193



Depreciation


At 3 July 2023
1,048,385
22,847
331,114
1,402,346


Charge for the year
235,297
19,026
92,966
347,289


Disposals
-
-
(80,687)
(80,687)



At 30 June 2024

1,283,682
41,873
343,393
1,668,948



Net book value



At 30 June 2024
2,258,420
60,936
243,889
2,563,245



At 2 July 2023
2,485,367
51,611
206,521
2,743,499

Page 6

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

5.


Debtors


30 June
As restated
2 July
2024
2023
£
£

Due after more than one year

Other debtors
225,000
225,000

225,000
225,000

Due within one year

Trade debtors
71,915
65,235

Amounts owed by group undertakings
3,866,875
2,021,514

Other debtors
2,286
1

Prepayments and accrued income
145,738
169,956

4,311,814
2,481,706



6.


Creditors: Amounts falling due within one year

30 June
As restated
2 July
2024
2023
£
£

Trade creditors
304,310
338,042

Amounts owed to group undertakings
39,205
25,918

Other taxation and social security
-
13,560

Other creditors
233,018
283,116

Accruals and deferred income
1,046,476
706,691

1,623,009
1,367,327



7.


Creditors: Amounts falling due after more than one year

30 June
2 July
2024
2023
£
£

Accruals and deferred income
387,089
437,089


Page 7

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

8.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
2 July
2024
2023
£
£


Not later than 1 year
750,000
750,000

Later than 1 year and not later than 5 years
2,250,000
2,250,000

Later than 5 years
3,565,068
4,315,068

6,565,068
7,315,068


9.
Prior year adjustments

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.


2023 (As previously stated)
Adjustment 1
Adjustment 2
2023 (As restated)

£
£
£
£

Debtors

Amounts owed to group undertakings
1,733,210
133,875
154,429
2,021,514


Cash at bank and in hand
547,637
(107,957)
-
439,680


Creditors: Amounts falling due within one year

Other creditors
(128,687)
-
(154,429)
(283,116)

Amounts owed to group undertakings
-
(25,918)
-
(25,918)

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

 
TERMINUS PLACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

10.


Controlling party

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.


11.


Auditors' information

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