Thameswey Maintenance Services Limited - Limited company accounts 18.2

REGISTERED NUMBER: 05637552 (England and Wales)

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THAMESWEY MAINTENANCE SERVICES LIMITED

Page

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

R N Morgan

Dr B M Maunders

P N Bryant

SECRETARY:

Clyde Secretaries Limited

REGISTERED OFFICE:

The St Botolph Building

138 Houndsditch

London

London

EC3A 7AR

REGISTERED NUMBER:

05637552 (England and Wales)

AUDITOR:

Hamlyns LLP

Statutory Auditor and

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

BANKERS:

National Westminster Bank Plc

PO Box 358

1 High Street

Woking

Surrey

GU21 1ZS

SOLICITORS:

Clyde & Co LLP

The St Botolph Building

138 Hounsditch

London

EC3A 7AR

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of installation, commissioning, servicing, maintaining

and operating total energy systems.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report.

R N Morgan

Dr B M Maunders

P N Bryant

Other changes in directors holding office are as follows:

R J Kingsbury - resigned 7 May 2018

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006)

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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Dr B M Maunders - Director

31 July 2019

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 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:

-	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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the

company's website.

Opinion

We have audited the financial statements of Thameswey Maintenance Services Limited (the 'company') for the year ended

31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes

in Equity, Cash Flow Statement and Notes to the Financial Statements, 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 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year 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 Auditor 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

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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Directors'

Report and the Statement of Directors' Responsibilities, but does not include the financial statements and our Auditor's 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.

Opinions 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 year 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 where 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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, 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 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 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.

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 Auditor's Report.

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 Auditor's 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.

David Cooper (Senior Statutory Auditor)

for and on behalf of Hamlyns LLP

Statutory Auditor and

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

31 July 2019

Note:

The maintenance and integrity of the Thameswey Maintenance Services Limited website is the responsibility of the directors; the work carried out by the auditor does not involve consideration of these matters and, accordingly, the auditor accepts no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

TURNOVER

2,177,735

2,067,158

Cost of sales

1,668,866

1,679,425

GROSS PROFIT

508,869

387,733

Administrative expenses

444,325

303,807

OPERATING PROFIT

5

64,544

83,926

Interest receivable and similar income

285

54

PROFIT BEFORE TAXATION

64,829

83,980

Tax on profit

6

23,174

20,500

PROFIT FOR THE FINANCIAL YEAR

41,655

63,480

PROFIT FOR THE YEAR

41,655

63,480

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

41,655

63,480

FIXED ASSETS

Tangible assets

7

26,646

76,603

CURRENT ASSETS

Stocks

8

16,925

27,801

Debtors

9

577,722

382,518

Cash at bank and in hand

318,624

705,940

913,271

1,116,259

CREDITORS

Amounts falling due within one year

10

289,875

584,475

NET CURRENT ASSETS

623,396

531,784

TOTAL ASSETS LESS CURRENT LIABILITIES

650,042

608,387

CAPITAL AND RESERVES

Called up share capital

11

660,000

660,000

Retained earnings

12

(9,958

)

(51,613

)

SHAREHOLDERS' FUNDS

650,042

608,387

The financial statements were approved by the Board of Directors on 31 July 2019 and were signed on its behalf by:

R N Morgan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2017

660,000

(115,093

)

544,907

Changes in equity

Total comprehensive income

-

63,480

63,480

Balance at 31 December 2017

660,000

(51,613

)

608,387

Changes in equity

Total comprehensive income

-

41,655

41,655

Balance at 31 December 2018

660,000

(9,958

)

650,042

Cash flows from operating activities

Cash generated from operations

15

(380,331

)

622,974

Net cash from operating activities

(380,331

)

622,974

Cash flows from investing activities

Purchase of tangible fixed assets

(7,270

)

(18,587

)

Interest received

285

54

Net cash from investing activities

(6,985

)

(18,533

)

Cash flows from financing activities

Intercompany loan

-

(80,941

)

Net cash from financing activities

-

(80,941

)

(Decrease)/increase in cash and cash equivalents

(387,316

)

523,500

Cash and cash equivalents at beginning of year

16

705,940

182,440

Cash and cash equivalents at end of year

16

318,624

705,940

1.	STATUTORY INFORMATION

Thameswey Maintenance Services Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Significant judgements and estimates

No significant judgements have had to be made by management in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for

goods supplied and services rendered, stated net of discounts and of value added tax.

The following criteria must also be met before revenue is recognised.

Turnover from large maintenance service contracts are recognised by reference to the stage of completion. Stage of

completion is measured by reference to labour hours incurred to date as a percentage of total estimated labour hours for

each contract. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the

expenses recognised that are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over remaining term of lease

Motor vehicles

-

Straight line over 4 years

Fixtures and fittings

-

Straight line over 2 years, Straight line over 3 years and Straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost is calculated on a first in, first out basis and includes all costs of purchase and conversion and other costs incurred

in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified as accounted for according to the substance of the contractual arrangements as

either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a

residual interest in the net assets of the company.

Basic financial instruments are recognised at amortised cost. The company has no non-basic financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2018

2017

£

£

Wages and salaries

432,392

449,566

Social security costs

45,534

46,685

Other pension costs

27,755

18,074

505,681

514,325

The average number of employees during the year was as follows:

2018

2017

Cost of sales

10

11

Administration

2

2

12

13

4.	DIRECTORS' EMOLUMENTS

2018

2017

£

£

Directors' remuneration

4,282

4,293

Directors remuneration relates to fees paid to the independent non-executive director.

5.	OPERATING PROFIT

The operating profit is stated after charging:

2018

2017

£

£

Hire of plant and machinery

7,793

6,435

Depreciation - owned assets

23,470

22,535

Loss on disposal of fixed assets

33,170

-

Auditors' remuneration

8,000

9,800

Operating leases

20,780

20,780

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

23,174

20,500

Tax on profit

23,174

20,500

UK corporation tax has been charged at 19% (2017 - 19.25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained

below:

2018

2017

£

£

Profit before tax

64,829

83,980

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2017 - 19.250%)

12,318

16,166

Effects of:

Expenses not deductible for tax purposes

6,302

-

Depreciation in excess of capital allowances

4,554

4,334

Total tax charge

23,174

20,500

7.	TANGIBLE FIXED ASSETS

Assets

Fixtures

Short

Motor

under

and

leasehold

vehicles

construction

fittings

Totals

£

£

£

£

£

COST

At 1 January 2018

80,363

88,383

-

129,050

297,796

Additions

2,043

-

3,800

1,427

7,270

Disposals

(80,363

)

(54,578

)

-

(104,748

)

(239,689

)

At 31 December 2018

2,043

33,805

3,800

25,729

65,377

DEPRECIATION

At 1 January 2018

39,217

64,127

-

117,849

221,193

Charge for year

8,204

8,946

-

6,320

23,470

Eliminated on disposal

(47,194

)

(54,578

)

-

(104,160

)

(205,932

)

At 31 December 2018

227

18,495

-

20,009

38,731

NET BOOK VALUE

At 31 December 2018

1,816

15,310

3,800

5,720

26,646

At 31 December 2017

41,146

24,256

-

11,201

76,603

8.

STOCKS

2018

2017

£

£

Stocks

16,925

27,801

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

535,988

183,520

Amounts owed by group undertakings

-

101,441

Amounts recoverable on contract

16,555

58,693

Other debtors

5,698

3,689

Prepayments

19,481

35,175

577,722

382,518

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

86,590

473,701

Amounts owed to group undertakings

85,098

61,924

Social security and other taxes

13,752

12,773

VAT

70,178

16,309

Accruals

34,257

19,768

289,875

584,475

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

660,000

Ordinary B

£1

660,000

660,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments

or any other distribution, including a distribution arising from a winding up of the company. The shares are not

redeemable.

12.

RESERVES

Retained

earnings

£

At 1 January 2018

(51,613

)

Profit for the year

41,655

At 31 December 2018

(9,958

)

13.	ULTIMATE PARENT COMPANY

The company's immediate parent company is Thameswey Limited, a company incorporated in England and Wales.

The company's ultimate parent undertaking is considered to be Woking Borough Council.

The largest group into which the company is consolidated is headed by Woking Borough Council, and the smallest

group into which the company is consolidated is Thameswey Limited. Copies of both sets of group accounts are

available from the Company Secretary, Clyde Secretaries Limited, The St Botolph Building, 138 Houndsditch, London,

EC3A 7AR.

14.	RELATED PARTY DISCLOSURES

The company's immediate parent company Thameswey Limited is 100% (2017 - 100%) owned by Woking Borough

Council. Thameswey Limited owns the share capital of the following companies:

2018

2017

Thameswey Energy Limited

100%

100%

Thameswey Housing Limited

100%

100%

Thameswey Sustainable Communities Limited

100%

100%

Thameswey Developments Limited

100%

100%

Thameswey Solar Limited

100%

100%

Thameswey Maintenance Services Limited

100%

100%

Thameswey Energy Limited owns 100% (2017 - 100%) of Thameswey Central Milton Keynes Limited. Thameswey

Housing Limited owns 100% (2017 - 100%) of Thameswey Guest Houses Limited and 50% (2017 - 50%) of Rutland

Woking (Residential) Limited. Thameswey Developments Limited owns 50% (2017 - 50%) of Rutland (Woking)

Limited and 50% (2017 - 50%) of Rutland Woking (Carthouse Lane) Limited. Rutland (Woking) Limited owns 50%

(2017 - 50%) of Rutland Woking (Residential) Limited.

Therefore, no transactions with these related parties are to be disclosed for either year under the provisions of section

33 of Financial Reporting Standard 102.

15.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2018

2017

£

£

Profit before taxation

64,829

83,980

Depreciation charges

23,970

22,535

Loss on disposal of fixed assets

33,170

-

Finance income

(285

)

(54

)

121,684

106,461

Decrease in stocks

10,876

13,949

(Increase)/decrease in trade and other debtors

(194,017

)

215,924

(Decrease)/increase in trade and other creditors

(318,874

)

286,640

Cash generated from operations

(380,331

)

622,974

16.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 31 December 2018

31.12.18

1.1.18

£

£

Cash and cash equivalents

318,624

705,940

Year ended 31 December 2017

31.12.17

1.1.17

£

£

Cash and cash equivalents

705,940

182,440