Company registration number 14902898 (England and Wales)
THG TRADING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THG TRADING LIMITED
COMPANY INFORMATION
Directors
M L M Krekeler
(Appointed 29 February 2024)
L C Regnier
(Appointed 16 October 2024)
R Streicher
(Appointed 29 February 2024)
Company number
14902898
Registered office
c/o Symrise Limited
Fieldhouse Lane
Marlow
Buckinghamshire
SL7 1TB
Auditor
Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
Greater London
UK
EC2R 8DD
THG TRADING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
THG TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the trading of fruit juices.

Performance during the year & outlook

THG Trading Limited started trading on 1st February 2024. It is a Joint Venture between Th Geyer Ingredients holding 51 % and Symrise Limited holding 49 % of the shares. Although the first year of trading was promising, it came with its challenges including an increase in commodity purchase prices. This has now stabilised, and profits are starting to improve.

Principal Risks and uncertainties

THG Trading Limited has a risk management team to ensure that Directors identify risks promptly and minimise risk exposure. There is a weekly meeting centred around risk management to facilitate this.

Future developments

THG Trading plans to increase sales in 2025 to £45m, an increase of 25%.

This will be achieved by operating for a full year, targeting expansion through product diversification in current, emerging and new markets. Profitability is also expected to increase with a robust control of our raw material procurement.

 

THG Trading continues to consider and evaluate appropriate business opportunities as and when they develop.

Key performance indicators

Turnover for 2024 was £36.1m (2023: £0m) with 2024 being the first year of trading. This relates to trading from 1 February 2024 to 31 December 2024.

Gross profit was £1.9m (2023: £0m) and gross profit margin was 5.4%. There was a loss for the financial year of £0.1m (2023: £0m).

On behalf of the board

M L M Krekeler
Director
10 June 2025
THG TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M L M Krekeler
(Appointed 29 February 2024)
L C Regnier
(Appointed 16 October 2024)
R Streicher
(Appointed 29 February 2024)
J Bauer
(Appointed 29 February 2024 and resigned 5 June 2024)
S Glancy-Ross
(Appointed 9 February 2024 and resigned 30 April 2024)
H Greenhall
(Resigned 9 February 2024)
F Hoeving
(Resigned 12 September 2024)
Financial instruments
Business Risk

Intense competition exists in the industries served by THG Trading Limited. As a result, there is a risk that the Company could lose customers and market share. To mitigate the impact of this, we continue to develop customer and supplier relationships. THG Trading have only been trading under this name since 2024, however, many of the stakeholders have longstanding relationships with the company as the sales were previously traded under Symrise Limited and were transferred.

 

The Company also recognises that its employees are fundamental to its continued success. Training and Development programmes are in place for all employees. Performance is measured against specific objectives and rewarded accordingly through schemes which are designed to retain high performing staff and maintain effective succession planning

Liquidity risk

Liquidity risk describes the danger of the Company not being in a position to fulfil financial obligations to third parties. The Company actively manages its working capital to ensure liquidity risk is kept to a minimum. The Company does have exposure to foreign exchange risk. This is minimised by planning when exchanges need to occur by forecasting cashflows by currency.

Price Risk

The Company is exposed to commodity price risk as a result of its operations and consideration is given to the forward planning and purchase of key commodities when market conditions dictate.

Currency Risk

The Company is trading goods in different currencies (mainly US-Dollar, EURO and British Pound) whereas in some cases the purchasing and selling currency is different. Due to volatile exchange rates a risk of unfavourable currency developments cannot be excluded completely.

Credit Risk

The risk of default arises if a customer or contract partner fails to meet its financial obligations resulting in a loss to the Company. To mitigate this risk, the Company has adopted policies on customer credit management.

Cashflow Risk

A cashflow forecast by currency is performed every two weeks. This helps to see what receipts and payments are expected in the short term and further forward.

THG TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Business relationships

Business relationships with customers, suppliers and other business partners are key to the Company’s long-term success. The Directors empower employees to understand and successfully engage with these partners, with the emphasis on the value of long-term relationships. All stakeholders are considered to ensure a balanced and robust decision-making process is enacted within the business.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

The Directors who held office at the date of approval of this Directors’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

On behalf of the board
M L M Krekeler
Director
10 June 2025
THG TRADING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THG TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THG TRADING LIMITED
- 5 -
Opinion

We have audited the financial statements of THG Trading Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THG TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THG TRADING LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Gareth Francis
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
8th Floor
Becket House
36 Old Jewry
London
Greater London
EC2R 8DD
UK
10 June 2025
THG TRADING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
36,135,752
-
Cost of sales
(34,185,828)
-
0
Gross profit
1,949,924
-
Administrative expenses
(1,692,288)
-
0
Other operating expenses
(104,046)
-
0
Operating profit
4
153,590
-
Interest payable and similar expenses
7
(271,359)
-
0
Loss before taxation
(117,769)
-
0
Tax on loss
8
-
0
-
0
Loss for the financial year
(117,769)
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THG TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Loss for the year
(117,769)
-
0
Other comprehensive income
-
-
Total comprehensive income for the year
(117,769)
-
0
THG TRADING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
4
-
0
Tangible assets
10
3,461
-
0
3,465
-
0
Current assets
Stocks
11
3,450,058
-
Debtors
12
7,694,544
-
0
Cash at bank and in hand
2,120,075
100
13,264,677
100
Creditors: amounts falling due within one year
13
(4,991,244)
-
0
Net current assets
8,273,433
100
Total assets less current liabilities
8,276,898
100
Creditors: amounts falling due after more than one year
14
(5,616,400)
-
0
Net assets
2,660,498
100
Capital and reserves
Called up share capital
18
1,000
100
Share premium account
2,777,267
-
0
Profit and loss reserves
(117,769)
-
0
Total equity
2,660,498
100
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
M L M Krekeler
Director
Company registration number 14902898 (England and Wales)
THG TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
-
0
-
0
-
0
-
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
-
0
Issue of share capital
18
100
-
0
-
100
Balance at 31 December 2023
100
-
0
-
0
100
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(117,769)
(117,769)
Issue of share capital
18
900
2,777,267
-
2,778,167
Balance at 31 December 2024
1,000
2,777,267
(117,769)
2,660,498
THG TRADING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(5,998,672)
-
0
Interest paid
(271,359)
-
0
Net cash outflow from operating activities
(6,270,031)
-
Investing activities
Purchase of intangible assets
(4)
-
0
Purchase of tangible fixed assets
(4,557)
-
0
Net cash used in investing activities
(4,561)
-
Financing activities
Proceeds from issue of shares
2,778,167
100
Receipt of borrowings
5,616,400
-
0
Net cash generated from financing activities
8,394,567
100
Net increase in cash and cash equivalents
2,119,975
100
Cash and cash equivalents at beginning of year
100
-
0
Cash and cash equivalents at end of year
2,120,075
100
THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

THG Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Symrise Limited, Fieldhouse Lane, Marlow, Buckinghamshire, SL7 1TB.

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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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:

Office equipment
33% 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
36,116,684
-
Sales commission receivable
19,068
-
36,135,752
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(20,126)
-
0
Depreciation of owned tangible fixed assets
1,096
-
Operating lease charges
184,084
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
-
0
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
8
-
0
THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
819,651
-
0
Social security costs
67,007
-
Pension costs
41,025
-
0
927,683
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
271,359
-
0
8
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(117,769)
-
0
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(29,442)
-
0
Tax effect of expenses that are not deductible in determining taxable profit
838
-
0
Unutilised tax losses carried forward
29,743
-
0
Permanent capital allowances in excess of depreciation
(1,139)
-
0
Taxation charge for the year
-
-
THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
-
0
Additions
4
At 31 December 2024
4
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
4
At 31 December 2023
-
0
10
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2024
-
0
Additions
4,557
At 31 December 2024
4,557
Depreciation and impairment
At 1 January 2024
-
0
Depreciation charged in the year
1,096
At 31 December 2024
1,096
Carrying amount
At 31 December 2024
3,461
At 31 December 2023
-
0
11
Stocks
2024
2023
£
£
Raw materials and consumables
3,450,058
-
THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,656,529
-
0
Prepayments and accrued income
38,015
-
0
7,694,544
-
0
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
3,229,007
-
0
Amounts owed to group undertakings
437,344
-
0
Taxation and social security
929,254
-
0
Deferred income
16
23,752
-
0
Other creditors
6,734
-
0
Accruals and deferred income
365,153
-
0
4,991,244
-
0
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
15
5,616,400
-
0
15
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
5,616,400
-
0
Payable after one year
5,616,400
-
0
16
Deferred income
2024
2023
£
£
Other deferred income
23,752
-
THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,025
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
100
1,000
100
19
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Symrise Limited

 

Symrise Limited is a shareholder of the company THG Trading Limited.

 

During the year, the company sold goods to Symrise Limited totalling £858,741 and purchased goods from Symrise Limited totalling £1,795,418.

 

During the year, Symrise Limited advanced THG Trading Limited £2,752,400 as a loan. Interest was charged on the outstanding balance of the loan during the year of £134,584.

 

At the balance sheet date, the amount owing to Symrise Limited is £3,053,695.

 

Th. Geyer Ingredients GmbH & Co KG

 

Th. Geyer Ingredients GmbH & Co KG is a shareholder of the company THG Trading Limited.

 

During the year, Th. Geyer Ingredients GmbH & Co KG advanced THG Trading Limited £2,864,000 as a loan. Interest was charged on the outstanding balance of the loan during the year of £136,692.

 

At the balance sheet date, the amount owing to Th. Geyer Ingredients GmbH & Co KG is £3,000,049.

20
Ultimate controlling party

The company is controlled by the company Th. Geyer Ingredients GmbH & Co KG who own 51% of the called up share capital.

THG TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Cash absorbed by operations
2024
2023
£
£
Loss after taxation
(117,769)
-
0
Adjustments for:
Finance costs
271,359
-
0
Depreciation and impairment of tangible fixed assets
1,096
-
0
Movements in working capital:
Increase in stocks
(3,450,058)
-
0
Increase in debtors
(7,694,544)
-
0
Increase in creditors
4,967,492
-
0
Increase in deferred income
23,752
-
Cash absorbed by operations
(5,998,672)
-
22
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
100
2,119,975
2,120,075
Borrowings excluding overdrafts
-
(5,616,400)
(5,616,400)
100
(3,496,425)
(3,496,325)
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