Thameswey Housing Limited - Limited company accounts 18.2
Thameswey Housing Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
FOR |
THAMESWEY HOUSING LIMITED |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
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 |
THAMESWEY HOUSING LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
Statutory Auditor and |
Chartered Accountants |
Sundial House |
High Street |
Horsell |
Woking |
Surrey |
GU21 4SU |
BANKERS: |
PO Box 358 |
1 High Street |
Woking |
Surrey |
GU21 1ZS |
SOLICITORS: |
The St Botolph Building |
138 Houndsditch |
London |
EC3A 7AR |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
DIRECTORS' REPORT |
for the Year Ended 31 December 2018 |
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 the provision of affordable housing in the borough. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report. |
Other changes in directors holding office are as follows: |
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: |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
for the Year Ended 31 December 2018 |
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. |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF |
THAMESWEY HOUSING LIMITED |
Opinion |
We have audited the financial statements of Thameswey Housing 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 loss 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. |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF |
THAMESWEY HOUSING LIMITED |
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. |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF |
THAMESWEY HOUSING LIMITED |
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. |
for and on behalf of |
Statutory Auditor and |
Chartered Accountants |
Sundial House |
High Street |
Horsell |
Woking |
Surrey |
GU21 4SU |
Note: |
The maintenance and integrity of the Thameswey Housing 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. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
INCOME STATEMENT |
for the Year Ended 31 December 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,880,973 | 3,056,078 |
Other operating income | 4 |
OPERATING PROFIT | 7 |
Income from shares in group undertakings |
Interest receivable and similar income |
159,448 | 238,110 |
3,196,052 | 3,454,619 |
Interest payable and similar expenses | 8 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 9 | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 December 2018 |
2018 | 2017 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
BALANCE SHEET |
31 December 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2018 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2017 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2017 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2018 |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
CASH FLOW STATEMENT |
for the Year Ended 31 December 2018 |
2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 24 | ( |
) |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) | ( |
) |
Sale of fixed asset investments |
Sale of investment property |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Share issue |
Loan repayments received in year |
Loan repayments in the year | ( |
) | ( |
) |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
25 |
6,371,085 |
453,767 |
Cash and cash equivalents at end of year | 25 | 3,636,365 | 6,371,085 |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
1. | STATUTORY INFORMATION |
Thameswey Housing Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The going concern basis for preparing the financial statements is contingent upon the continued financial support of the |
company's ultimate parent undertaking. |
The financial statements are presented in Sterling (£). |
Preparation of consolidated financial statements |
The financial statements contain information about Thameswey Housing Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the |
Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary |
undertaking are included by full consolidation in the consolidated financial statements of its parent, Thameswey |
Limited, The St Botolph Building, 138 Houndsditch, London, EC3A 7AR.. |
Turnover |
Turnover represents rent received in respect of residential letting of the investment properties, excluding value added |
tax. |
Rental income is recognised on a straight line basis over the lease term on an accruals basis. |
Tangible fixed assets |
Fixtures and fittings | - |
The company capitalises all directly attributable costs relating to the purchase of construction of fixed assets. |
Assets under construction are carried at historical cost and are not depreciated until they come into use. |
Investments in subsidiaries |
Investments in subsidiary undertakings are included in the statement of financial position at cost less any provision for |
impairment. |
Investment property |
Investment properties are properties held to earn rentals. |
Investment property is included at fair value. |
Gains and losses arising from changes in the fair value of investment properties are included in the income statement |
for the period in which they arise. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell which is equivalent to |
the the net realisable value. Costs comprise land and properties held for development and those overheads which have |
been incurred in bringing the stocks to their present location and condition. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are 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, which include trade and other debtors and creditors, cash and bank balances, amounts owed |
by and to group companies, are initially measured at transaction price and are subsequently carried at amortised cost. |
Other financial instruments which includes shared equity mortgages and non-basic loans are only recognised when the |
entity becomes a party to the contractual provisions of the instrument. Such instruments are initially recognised at fair |
value, which is the transaction price. Subsequently at the end of each reporting period these financial instruments are |
measured at fair value and any changes in fair value are recognised in the profit and loss. |
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. |
Government grants |
Government grants relating to fixed assets are treated as deferred income and released to the profit and loss account |
over the expected useful economic lives of the assets concerned. Other grants are credited to the profit and loss account |
as the related expenditure is incurred. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a |
past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can |
be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In preparing the accounts, the company is required to make estimates and assumptions that impact on the reported |
amounts of revenues, expenses, assets and liabilities of the company. Estimates and associated assumptions affecting |
the financial statements are based on historical experience and various other factors that are believed to be reasonable |
under the circumstances. However, the nature of estimation means that actual outcomes could differ from those |
estimates. Management considers the key sources of estimation uncertainty pertinent to the company are included |
below: |
Investment properties |
The directors assess the fair value of investment properties annually, using their knowledge of the local property |
market, taking into account the nature and location of specific properties. If the directors believe there has been a |
significant change in the fair value of investment properties they will utilise the services of an independent chartered |
surveyor. The surveyor values the properties on an open market value basis by reference to market evidence of |
transaction prices for similar properties and the directors base the valuation of the properties on this work. Whilst |
established methods of valuation have been used there is an element of estimation involved in determining the fair value |
of the investment properties. |
4. | OTHER OPERATING INCOME |
2018 | 2017 |
£ | £ |
Insurance claims |
Grants amortised |
155,631 | 160,431 |
5. | EMPLOYEES AND DIRECTORS |
No employees are directly employed by the company. The independent director is remunerated by the parent |
undertaking in both the current and preceding year. The cost of which is reimbursed. |
6. | DIRECTORS' EMOLUMENTS |
2018 | 2017 |
£ | £ |
Directors' remuneration |
Directors remuneration relates to fees paid to the independent non-executive director. |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2018 | 2017 |
£ | £ |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Other interest |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
9. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax | ( |
) |
Tax on loss | ( |
) | ( |
) |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax credit 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 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of - |
( |
) |
( |
) |
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Government grants amortised | (29,570 | ) | (29,959 | ) |
Deferred tax | - | (669,110 | ) |
profit on disposal of fixed |
corporation tax |
Tax losses carried forward | 416,056 | 374,869 |
Total tax credit | (177,324 | ) | (777,744 | ) |
Factors that may affect future tax charges |
A deferred tax asset has not been recognised in respect of timing differences relating to accelerated capital allowances |
and trading losses as there is insufficient evidence that the asset will be recovered. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
10. | TANGIBLE FIXED ASSETS |
Assets | Fixtures |
under | and |
construction | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
Additions |
At 31 December 2018 |
DEPRECIATION |
At 1 January 2018 |
Charge for year |
At 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: The St Botolph Building, 138 Houndsditch, London EC3A 7AR |
Nature of business: |
% |
Class of shares: | holding |
2018 | 2017 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
11. | FIXED ASSET INVESTMENTS - continued |
Joint venture |
Registered office: Dunsfold Park, Stovolds Hill, Cranleigh, Surrey GU6 8TB |
Nature of business: |
% |
Class of shares: | holding |
2018 | 2017 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year | ( |
) |
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2018 |
Additions |
Disposals | ( |
) |
At 31 December 2018 |
DEPRECIATION |
At 1 January 2018 | 38,081 |
Charge for year | 25,388 |
At 31 December 2018 | 63,469 |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
Fair value at 31 December 2018 is represented by: |
£ |
Valuation in 2014 | 6,847,412 |
Valuation in 2015 | 20,076,775 |
Cost | 135,130,915 |
162,055,102 |
The directors assess the fair value of investment properties annually, using their knowledge of the local property |
market, taking into account the nature and location of specific properties. If the directors believe there has been a |
significant change in the fair value of investment properties they will utilise the services of an independent chartered |
surveyor. The last valuation by an independent chartered surveyor, which holds a recognised and professional |
qualification and has recent experience in the location and category of the investment property valued, was performed |
as at 31 December 2015. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
13. | STOCKS |
2018 | 2017 |
£ | £ |
Land bank |
Work-in-progress |
During the year interest of £107,824 (2017: Nil) was capitalised and included in work-in-progress |
14. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Other debtors |
Aggregate amounts |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Amounts owed to group undertaking |
2018 | 2017 |
£ | £ |
Repayable within one year | 28,925 | 27,121 |
Amounts falling due between one and five years | 28,413,724 | 2,834,639 |
Amounts falling due after more than five years | 131,148,588 | 103,324,918 |
159,591,237 | 106,186,678 |
Amounts owed to group undertakings comprises loans from the ultimate parent undertaking Woking Borough Council. |
Interest is charged on the above loans at an annual interest rate of between 3% and 7%. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Woking Borough Council | 3,263,060 | 3,282,719 |
A loan of £3,440,000 from Woking Borough Council in 2005 was secured by a debenture dated 18 April 2008 giving |
charge on all assets of the company. |
18. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 4,163,085 | 4,163,085 |
Other provisions | 83,425 | 83,425 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2018 |
Balance at 31 December 2018 |
Other provisions relate to the mortgage protection fund for shared ownership properties where there could be damage to |
shared ownership properties or defaults of rental income. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
19. | ACCRUALS AND DEFERRED INCOME |
2018 | 2017 |
£ | £ |
Deferred government grants | 6,358,258 | 6,499,438 |
Deferred grants - other | 28,902 | 43,353 |
A Planning Benefit Grant of £5,565,250 was received from Woking Borough Council in 2005. Further capital grants of |
£1,600,000 were received during 2007 and £275,000 in 2010 from Woking Borough Council. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 24,490,000 | 24,490,000 |
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. |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2018 |
Deficit for the year | ( |
) |
At 31 December 2018 |
22. | 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. |
THAMESWEY HOUSING LIMITED (REGISTERED NUMBER: 05437166) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
23. | 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. |
24. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 6,301,168 | 5,738,743 |
Finance income | (159,448 | ) | (238,110 | ) |
3,214,297 | 3,259,562 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
25. | 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 | 3,636,365 | 6,371,085 |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 6,371,085 | 453,767 |