Company Registration No. 08303835 (England and Wales)
THAMES SIDE STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THAMES SIDE STUDIOS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THAMES SIDE STUDIOS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
721
Investment properties
5
41,063,911
51,107,791
Investments
6
200
200
41,064,111
51,108,712
Current assets
Debtors
8
2,246,097
2,345,266
Cash at bank and in hand
69,785
14,962
2,315,882
2,360,228
Creditors: amounts falling due within one year
9
(13,416,437)
(14,258,610)
Net current liabilities
(11,100,555)
(11,898,382)
Total assets less current liabilities
29,963,556
39,210,330
Provisions for liabilities
11
(4,537,564)
(6,948,775)
Net assets
25,425,992
32,261,555
Capital and reserves
Called up share capital
400
400
Investment property reserve
11
11,912,838
19,445,748
Profit and loss reserves
13,512,754
12,815,407
Total equity
25,425,992
32,261,555

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THAMES SIDE STUDIOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
H I Simons
Director
Company Registration No. 08303835
THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Thames Side Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 122-150 Hackney Road, London, E2 7QS.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management of Print Studio activities, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Over 3 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, except for investment properties in the course of construction, investment properties are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss and is subsequently transferred within equity to the investment property reserve together with the associated deferred tax.

 

Where the fair value of investment properties in the course of construction cannot be determined reliably, they are stated at the aggregate of: their predevelopment values, the company’s share of the construction costs to date; the company’s share of both the accumulated interest and commitment fees due to date on borrowings used to fund the development.

1.6
Fixed asset investments

Interests in associates are 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.

THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revaluation of investment property

The company carries its investment properties, used in the business, at fair value, with changes in fair value being recognised through other comprehensive income. The company engaged independent valuation specialists to determine the fair value of their investment properties. The in depth valuation was based on on a variety of factors including location, site area, and history. Comparisons were also done to similar properties.

 

The directors also assessed the property markets in order for them to make an assessment of the potential sales income, as well as potential rental income that these investments properties could return. This assessment was then relied on in order to further ascertain the property value.

3
Employees

The company did not have any employees during the current or prior year.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
15,015
Depreciation and impairment
At 1 June 2023
14,294
Depreciation charged in the year
721
At 31 May 2024
15,015
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
721
5
Investment property
2024
£
Fair value
At 1 June 2023
51,107,791
Revaluations
(10,043,880)
At 31 May 2024
41,063,911
THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Investment property
(Continued)
- 7 -

Included within the total above are investment properties, representing a mixture of both commercial units and residential flats, which have been valued by an independent third party on 28 April 2022 at a combined value of £39,645,000. The directors do not believe the value of these investment properties at the year end to be materially different to the valuation carried out.

 

The director carried out a revaluation which resulted in a reduction in value by £10,043,880. The valuation was made on an open market value basis by reference to rental yields.

 

 

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 June 2023 & 31 May 2024
200
Carrying amount
At 31 May 2024
200
At 31 May 2023
200
THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
7
Associates

Details of the company's associates at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vindex Properties Limited
1
Ordinary
50.00
Vindex Properties (2) Limited
1
Ordinary
50.00

Registered Office addresses:

1 124-150 Hackney Road, London, E2 7QS

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,604
3,025
Other debtors
1,560,123
1,643,132
Prepayments and accrued income
677,370
699,109
2,246,097
2,345,266
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,309
304,654
Amounts owed to group undertakings
5,885,454
5,536,354
Amounts owed to undertakings in which the company has a participating interest
4,259,954
5,063,106
Corporation tax
194,568
311,228
Other taxation and social security
9,942
-
0
Other creditors
3,030,427
3,019,611
Accruals and deferred income
30,783
23,657
13,416,437
14,258,610
THAMES SIDE STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
587,066
485,182
Revaluations
3,950,498
6,463,593
4,537,564
6,948,775
2024
Movements in the year:
£
Liability at 1 June 2023
6,948,775
Credit to profit or loss
(2,411,211)
Liability at 31 May 2024
4,537,564
11
Investment property reserve
2024
2023
£
£
At the beginning of the year
19,445,748
18,081,150
Transfer to retained earnings
(7,532,910)
1,364,598
At the end of the year
11,912,838
19,445,748
12
Financial commitments, guarantees and contingent liabilities

There is group set-off by HSBC bank under a Company Unlimited Multilateral Guarantee dated 10 May 2015 in relation to overdraft facilities between connected companies. The maximum contingent liability under this guarantee as at 31st May 2024 amounted to £197,660 (2023: £197,660).

 

There is a fixed charge over the assets of Thames Side Studios Limited in respect of a loan taken out by a connected company. The amount outstanding at the year end amounted to £24,580,799. Post year end, a further £5m was paid towards the outstanding loan.

13
Related party transactions

At the year end, the company owed £5,786,354 (2023: £5,436,354) to its parent company. This amount is interest free and repayable on demand.

14
Parent company

The parent company of Thames Side Studios Limited is Robobond Limited and its registered office is 124-150 Hackney Road, London, E2 7QS.

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