Acorah Software Products - Accounts Production 16.8.310 false true true 31 December 2023 1 January 2023 false 28 January 2026 1 January 2024 31 December 2024 31 December 2024 08787320 Mr Aiadurai Premananthan Mr Aiadurai Premananthan Mr A Subaskaran false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08787320 2023-12-31 08787320 2024-12-31 08787320 2024-01-01 2024-12-31 08787320 frs-core:Non-currentFinancialInstruments 2024-12-31 08787320 frs-core:ShareCapital 2024-12-31 08787320 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 08787320 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08787320 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 08787320 frs-bus:SmallEntities 2024-01-01 2024-12-31 08787320 frs-bus:Audited 2024-01-01 2024-12-31 08787320 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08787320 1 2024-01-01 2024-12-31 08787320 frs-core:UnlistedNon-exchangeTraded 2024-12-31 08787320 frs-core:UnlistedNon-exchangeTraded 2023-12-31 08787320 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 08787320 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-12-31 08787320 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 08787320 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-12-31 08787320 frs-bus:Director1 2024-01-01 2024-12-31 08787320 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 08787320 frs-countries:EnglandWales 2024-01-01 2024-12-31 08787320 2022-12-31 08787320 2023-12-31 08787320 2023-01-01 2023-12-31 08787320 frs-core:Non-currentFinancialInstruments 2023-12-31 08787320 frs-core:ShareCapital 2023-12-31 08787320 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 08787320
Thames Quay Properties III Limited
Financial Statements
For The Year Ended 31 December 2024
Sterling Young Limited
Thames Quay Properties III Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1
Notes to the Financial Statements | 2—5

Page 1
Thames Quay Properties III Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 08787320

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Investments | 4 |  | 200 |  | 200
|  |  | 200 |  | 200
CURRENT ASSETS
Debtors | 5 | 117,565,268 |  | 115,134,949 |
|  | 117,565,268 |  | 115,134,949 |
NET CURRENT ASSETS (LIABILITIES) |  |  | 117,565,268 |  | 115,134,949
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 117,565,468 |  | 115,135,149
Creditors: Amounts Falling Due After More Than One Year | 7 |  | (186,774,863 ) |  | (174,927,771 )
NET LIABILITIES |  |  | (69,209,395 ) |  | (59,792,622 )
CAPITAL AND RESERVES
Called up share capital | 8 |  | 201 |  | 201
Profit and Loss Account |  |  | (69,209,596 ) |  | (59,792,823 )
SHAREHOLDERS' FUNDS |  |  | (69,209,395) |  | (59,792,622)

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr Aiadurai Premananthan Director
28/01/2026

The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Thames Quay Properties III Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Thames Quay Properties III Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08787320 . The registered office is 3rd Floor, Walbrook Building 195 Marsh Wall, London, E14 9SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the company.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The Directors are of the opinion that the Company will be able to meet its obligations to creditors as they fall due for a period of at least 12 months from the date of approval of these financial statements.
Administrative expenses were in credit due to an impairment of £9,416,773 during the year.
The Directors of the Company's parent, Thames Quay Properties Holdings Limited, have confirmed that they are willing to not ask for repayment of existing payables for the going concern assessment period and not until at least such time the Company has sufficient cash reserves in place. Thames Quay Properties Holdings Limited itself is reliant on other related parties not to ask for the repayment of loan accounts and interest.
The Company is wholly reliant on financial support from its parent who have confirmed their intention to support the Company to ensure they are able to settle their obligations as they fall due for a period of at least 12 months from the approval of these financial statements.
The ability of these related parties to provide the required support, as set out above, give rise to a material uncertainty relating to going concern.
These financial statements do not include any adjustments that would be necessary should the going concern assumption not apply
2.3. Significant judgements and estimations
In preparing these Financial Statements, management has made judgements, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised prospectively.
Impairment of intercompany receivables
The Company has entered into related party transactions with other group entities and has material receivable balances due as the year end, As a part of its year-end procedures, the Company has performed an assessment of the recoverability of the amounts due from its related party companies.
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans to and from related parties, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Profit and loss.
...CONTINUED
Page 2
Page 3
Thames Quay Properties III Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.4. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Interest-bearing borrowings classified as basic financial instrument
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Interest bearing borrowings are recognised net of initial fees which are amortised using the effective interest rate method.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
2.5. Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Investments

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 January 2024 | 200
As at 31 December 2024 | 200
Provision
As at 1 January 2024 | -
As at 31 December 2024 | -
Net Book Value
As at 31 December 2024 | 200
As at 1 January 2024 | 200

5. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due after more than one year
Amounts owed by group undertakings | 117,565,268 |  | 115,134,949

Page 3
Page 4
Thames Quay Properties III Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Amounts owed to group undertakings | 186,774,863 |  | 174,927,771

Amounts owed to related parties are unsecured and has a nominal interest rate of 7%. The related party loan does not have a specified date of maturity.Amount owed to related parties must not be repaid until the bank loans have been fully repaid.
8. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 201 |  | 201

9. Post Balance Sheet Events
There were no post balance sheet events.
10. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
11. Controlling Party
The company's controlling party is Mr A Subaskaran by virtue of his ownership of 98% of the issued share capital of Thames Quay Properties Holdings Limited, the ultimate parent entity of the Company. The Company has two subsidiaries, Thames Quay Properties Limited and Thames Quay Properties II Limited, of which the Company has full ownership.
The Consolidated Financial Statements of Thames Quay Properties Holdings Limited are available to the public and may be obtained from its principal place of business, 3rd Floor, Walbrook Building, 195 Marsh Wall, London, E14 9SG.
12. Auditor Liability Limitation Agreement
The company has entered into a liability limitation agreement with Sterling Young Ltd, the statutory auditor, in respect of the statutory audit for the period ended 31 December 2024. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor LiabilityAgreements, and was approved by the member on 8 August 2024.
13. Audit Information
The auditor's report on the accounts of Thames Quay Properties III Limited for the year ended 31 December 2024 was qualified.
The basis of qualification in the auditor's report was as follows:
With respect to amounts owed by group undertakings, included in the Balance Sheet, having a carrying value of £117,565,267 which includes the an impairment amounting to £9,416,773, the audit evidence available to support the recoverability of this balance was limited to the net assets per the 31 December 2024 audited financial statements of the counterparty.
However, the audit opinion on the financial statements of the counterparty includes a qualification pointing to the fact that the auditor could not obtain sufficient appropriate audit evidence with the respect to the recoverability of amounts owed by group undertakings to the value of £117,565,267, which will have an equal impact on the amounts owed by group undertakings per these financial statements, and hence we are qualifying our audit opinion as a result.
Furthermore, we qualify our audit opinion regarding the comparatives (2023) with respect to the amounts owed by group undertakings, which amounted to £115,134,948. The same limitations of audit evidence regarding the recoverability of these balances applied to both the current and comparative periods, and our opinion for the current year is similarly qualified.
The matters required to report by exception are stated below:
Page 4
Page 5
Thames Quay Properties III Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
In the light of the knowledge and understanding of the company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
Matters arising solely from the limitation of our work referred to above:

- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

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:

- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
- the company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

The auditor's report was signed by Shoolin Girishkumar Yagnik (Senior Statutory Auditor) for and on behalf of Sterling Young Limited , Statutory Auditor.

Sterling Young Limited Suite 50 238 Merton High Road London SW19 1AU

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