ACCOUNTS - Final Accounts preparation

MCL PV PROPCO LIMITED - Company Information

Registered number: 12134005

THG PV PropCo Limited

Directors' Report and Financial Statements

For the 17 month period Ended 31 December 2020

THG PV PropCo Limited

Company Information

Directors	J A Gallemore (appointed 1 August 2019)
	J P Pochin (appointed 1 August 2019)


Company secretary	J P Pochin


Registered number	12134005


Registered office	5th Floor Voyager House
	Chicago Avenue
	Manchester Airport
	Manchester
	M90 3DQ


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	Lancashire Gate
	21 Tiviot Dale
	Stockport
	SK1 1TD

THG PV PropCo Limited

Contents

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 7
Statement of Comprehensive Income	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 19

THG PV PropCo Limited

Directors' Report

For the 17 month period Ended 31 December 2020

The directors present their report and the financial statements for the 17 month period ended 31 December 2020.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to 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.

Directors

The directors who served during the 17 month period were:

J A Gallemore (appointed 1 August 2019)

J P Pochin (appointed 1 August 2019)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Going concern
In March 2020, the World Health Organisation declared Coronavirus (COVID-19) as a worldwide pandemic. The directors have reviewed current and projected financial position of the Company, making reasonable assumptions about trading performance. On the basis of the review, although the Company made losses of £195k in the period, the Directors have reasonable expectation that the Company has adequate resources to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Page 1

THG PV PropCo Limited

Directors' Report (continued)

For the 17 month period Ended 31 December 2020

Post balance sheet events

The Group to which the Company belongs has refinanced with new lenders post year end. The Company is party to the fixed and floating charge of these liabilities.

Auditors

The auditors, Hurst Accountants Limited, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J A Gallemore

Director

Date: 29 April 2021

Page 2

THG PV PropCo Limited

Independent Auditors' Report to the Members, As A Body, of THG PV PropCo Limited

Opinion

We have audited the financial statements of THG PV PropCo Limited (the 'Company') for the 17 month period ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2020 and of its loss for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 3

THG PV PropCo Limited

Independent Auditors' Report to the Members, As A Body, of THG PV PropCo Limited (continued)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other thyan the financial statements and our Auditors' Report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

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 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:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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

∙we have not received all the information and explanations we require for our audit; 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.

Page 4

THG PV PropCo Limited

Independent Auditors' Report to the Members, As A Body, of THG PV PropCo Limited (continued)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.

Auditors' 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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
• Supporting documentation relating to the Company's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations
- Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

•The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Page 5

THG PV PropCo Limited

Independent Auditors' Report to the Members, As A Body, of THG PV PropCo Limited (continued)

Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

THG PV PropCo Limited

Independent Auditors' Report to the Members, As A Body, of THG PV PropCo Limited (continued)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Besant-Roberts (Senior Statutory Auditor)

for and on behalf of

Hurst Accountants Limited

Chartered Accountants

Statutory Auditors

Lancashire Gate

21 Tiviot Dale

Stockport

SK1 1TD

29 April 2021

Page 7

THG PV PropCo Limited

Statement of Comprehensive Income

For the 17 month period Ended 31 December 2020

	17 months 31 December
	2020
Note	£000


Turnover	4	159
Gross profit		159
Administrative expenses		(295)
Operating loss	5	(136)
Interest payable and expenses	8	(59)
Loss before tax		(195)
Loss for the financial period		(195)

There was no other comprehensive income for the period.

The notes on pages 11 to 19 form part of these financial statements.

Page 8

THG PV PropCo Limited

Registered number: 12134005

Statement of Financial Position

As at 31 December 2020

		2020
Note		£000


Fixed assets
Investment property	10		2,703
Current assets
Debtors: amounts falling due within one year	11	2,179
Creditors: amounts falling due within one year	12	(806)
Net current assets			1,373
Total assets less current liabilities			4,076

Creditors: amounts falling due after more than one year	13		(1,396)


Net assets			2,680

Capital and reserves
Called up share capital	16	2,875
Profit and loss account	17	(195)
		2,680

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J A Gallemore

Director

Date: 29 April 2021

The notes on pages 11 to 19 form part of these financial statements.

Page 9

THG PV PropCo Limited

Statement of Changes in Equity

For the 17 month period Ended 31 December 2020

	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
Comprehensive income for the 17 month period
Loss for the 17 month period	-	(195)	(195)
Total comprehensive income for the 17 month period	-	(195)	(195)
Shares issued during the 17 month period	2,875	-	2,875
Total transactions with owners	2,875	-	2,875
At 31 December 2020	2,875	(195)	2,680

The notes on pages 11 to 19 form part of these financial statements.

Page 10

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

1.	General information

THG PV Propco Limited is a private company limited by shares incorporated in England and Wales, company number 12134005. The address of the registered office is 5th Floor Voyager House, Chicago Avenue, Manchester Airport, Manchester, United Kingdom, M90 3DQ.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
These financial statements are in respect of the 17 month period ended 31 December 2020.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

2.3

Going concern

In March 2020, the World Health Organisation declared Coronavirus (COVID-19) as a worldwide pandemic. The directors have reviewed current and projected financial position of the Company, making reasonable assumptions about trading performance. On the basis of the review, although the Company made losses of £195k in the period, the Directors have reasonable expectation that the Company has adequate resources to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Page 11

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue represents income from property rental and is accounted for on an accruals basis. Amounts are invoiced in advance.
Rental income from operating leases is credited to the profit or loss on a straight line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis representative of the time patter over which the lessor's benefit from the leased asset is diminshed.

2.5

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.

2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

2.7

Investment Property

Investment Property, which is property held to earn rentals for capital appreciation is recognised on the statement of financial position using the cost model and is stated at cost less accumulated depreciation and any accumulated impairment losses. Investment property includes the interior fixtures and fittings.
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:
Freehold property 2% Straight line
Fixtures and fittings 20% Straight line

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

2.Accounting policies (continued)

2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.10

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
All recognised financial assets are measured at amortised cost.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Company has no financial liabilities at fair value through profit and loss and has no derivatives designated as hedging instruments.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date. The nature of estimation means that the actual outcomes could differ from those estimates. The most significant effect on the amount recognised in the financial statements.
Investment Property
Management exercises judgement in estimating the useful life of investment property and its interior fixtures and fittings. Management estimates the useful life of investment property to be 50 years and for interior fixtures and fittings to be 5 years. Depreciation is recognised on a straight line basis and the charge recognised in the profit or loss account for the period is £172k.

Page 13

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

4.	Turnover
	An analysis of turnover by class of business is as follows:
		17 months 31 December
		2020
		£000

	Rental income	159

All turnover arose within the United Kingdom.

5.	Operating (loss)
	The operating (loss) is stated after charging:
		17 months 31 December
		2020
		£000

Depreciation

172

6.	Auditors' remuneration

	The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.
	Auditors remuneration is bourne by the ultimate parent company, Moulding Capital Limited, and the total fee is £50k.

Employees

The average monthly number of employees, including the directors, during the 17 month period was as follows:

			17 months 31 December 2020
			No.

		Directors	2

Directors are not remunerated by THG PV PropCo Limited.

Page 14

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

8.	Interest payable and similar expenses
		17 months 31 December
		2020
		£000

Bank interest payable

9.	Taxation

	Factors affecting tax charge for the 17 month period
	The tax assessed for the 17 month period is higher than the standard rate of corporation tax in the UK of 19%. The differences are explained below:
					17 months 31 December
					2020
					£000

Loss on ordinary activities before tax

(195)

	Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%	(37)
	Effects of:
	Expenses not deductible for tax purposes	37
	Total tax charge for the 17 month period	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

10.	Investment Property

		Freehold property
		£000
	Cost or valuation
	Transfers intra group	3,516
	At 31 December 2020	3,516
	Depreciation
	Charge for the period	172
	Transfers intra group	641
	At 31 December 2020	813
	Net book value
	At 31 December 2020	2,703

The assets were transferred from a fellow subsidiary in December 2019. The entity is considered a related party at the balance sheet date.
The investment properties were valued at 31 December 2020, carried out by external independent qualified valuers, Rothschild & Co Limited, with recent experience valuing investment properties in the location held by the company. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. The investment properties were valued at £2,650k.
During the period £159k was recognised in the statement of comprehensive income in relation to rental income from the investment properties (note 4). Direct operating expenses, including repairs and maintenance, arising from investment property that generated rental income amounted to £Nil. Direct operating expenses, including repairs and maintenance, arising from investment property that did not generate rental income during the year amounted to £Nil.
See note 15 for the undiscounted rent receivables for investment properties under operating leases.

Page 16

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

11.

Debtors

					2020
					£000


	Trade debtors	41
	Amounts owed by group undertakings	2,138
		2,179

All amounts shown under debtors fall due for payment within one year.

12.	Creditors: Amounts falling due within one year
		2020
		£000

	Bank loans	31
	Amounts owed to group undertakings	698
	Other taxation and social security	29
	Accruals and deferred income	48
		806

Bank loans are secured by fixed and floating charges against assets to which they relate.
Amounts owed to Group undertakings are unsecured, non-interest bearing and repayable on demand.

13.	Creditors: Amounts falling due after more than one year
		2020
		£000

	Bank loans	1,396

Bank loans are secured by fixed and floating charges against assets to which they relate.
The Group to which the Company belongs has refinanced with new lenders post year end.

Page 17

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

14.	Loans
	Analysis of the maturity of loans is given below:
		2020
		£000

	Amounts falling due within one year
	Bank loans	31
	Amounts falling due 1-2 years
	Bank loans	31
	Amounts falling due 2-5 years
	Bank loans	1,365

		1,427

The bank loan attracts an interest rate of LIBOR plus 3.5%.
The Group to which the Company belongs has refinanced with new lenders post year end.

15.

Leases

	Company as a lessor
	The Company has entered lease agreements as a lessor that are considered to be operating leases.

	Operating leases
	The following table summarises the undiscounted lease payments receivable after the reporting date.

				2020
				£000

	Not later than one year	151
	Between one and two years	151
	Between two and three years	151
	Between three and four years	151
	Between four and five years	151
	Later than five years	1,352
	Total undiscounted lease payments receivable	2,107

Page 18

THG PV PropCo Limited

Notes to the Financial Statements

For the 17 month period Ended 31 December 2020

16.	Share capital
		2020
		£000

		Allotted, called up and fully paid

		2,874,535 Ordinary shares of £1.00 each	2,875

2,874,535 Ordinary shares were issued during the year with an aggregate nominal value of £2,875k.

17.

Reserves

Profit and loss account

Comprises the retained profits and losses for the period.

18.

Related party transactions

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.
The Company has taken advantage of the exemption under paragraph 8(j) of FRS 101 not to disclose transactions with key management personnel.
THG PV PropCo Limited received rental income of £159k from a company with a common director. Amounts owed from a company with a common director at the year end totalled £41k.

19.	Post balance sheet events

The Group to which the Company belongs has refinanced with new lenders post year end. The Company is party to the fixed and floating charge of these liabilities.

20.	Controlling party

At the start of the period the company's ultimate parent was THG Plc (formerly THG Holdings Plc). On 11 September 2020, the entire share capital of Moulding Capital Limited was transferred to Moulding Group Limited, a company registered in Guernsey, registered number 1-67166.
The company's immediate parent company is THG Property Office & Industrial Holdings Limited, a company registered in England and Wales, company number 12170541.
Moulding Capital Limited, a subsidiary of Moulding Group Limited, is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements as at 31 December 2020. The consolidated financial statements of Moulding Capital Limited are available from 5th Floor, Voyager House, Chicago Avenue, Manchester Airport, Manchester, England, M90 3DQ.

Page 19