Thameswey Maintenance Services Limited - Limited company accounts 20.1

REGISTERED NUMBER: 05637552 (England and Wales)

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

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

Cllr A Azad

SECRETARY:

Clyde Secretaries Limited

REGISTERED OFFICE:

The St Botolph Building

138 Houndsditch

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 2019.

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 2019 to the date of this report.

R N Morgan

Dr B M Maunders

P N Bryant

Cllr A Azad

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 or she ought to have taken as a

director in order to make himself or herself 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

11 August 2020

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 2019 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 2019 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

11 August 2020

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

1,569,395

2,177,735

Cost of sales

1,168,407

1,668,866

GROSS PROFIT

400,988

508,869

Administrative expenses

319,147

444,325

81,841

64,544

Other operating income

1,184

-

OPERATING PROFIT

5

83,025

64,544

Interest receivable and similar income

905

285

PROFIT BEFORE TAXATION

83,930

64,829

Tax on profit

6

16,654

23,174

PROFIT FOR THE FINANCIAL YEAR

67,276

41,655

PROFIT FOR THE YEAR

67,276

41,655

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

67,276

41,655

FIXED ASSETS

Tangible assets

7

52,246

26,646

CURRENT ASSETS

Stocks

8

8,477

16,925

Debtors

9

346,487

577,722

Cash at bank and in hand

536,005

318,624

890,969

913,271

CREDITORS

Amounts falling due within one year

10

223,085

289,875

NET CURRENT ASSETS

667,884

623,396

TOTAL ASSETS LESS CURRENT LIABILITIES

720,130

650,042

ACCRUALS AND DEFERRED INCOME

11

2,812

-

NET ASSETS

717,318

650,042

CAPITAL AND RESERVES

Called up share capital

12

660,000

660,000

Retained earnings

13

57,318

(9,958

)

SHAREHOLDERS' FUNDS

717,318

650,042

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2020 and were signed on its behalf by:

R N Morgan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2018

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

Changes in equity

Total comprehensive income

-

67,276

67,276

Balance at 31 December 2019

660,000

57,318

717,318

Cash flows from operating activities

Cash generated from operations

16

260,577

(380,331

)

Net cash from operating activities

260,577

(380,331

)

Cash flows from investing activities

Purchase of tangible fixed assets

(70,058

)

(7,270

)

Sale of tangible fixed assets

21,961

-

Interest received

905

285

Net cash from investing activities

(47,192

)

(6,985

)

Cash flows from financing activities

Contribution from other bodies

3,996

-

Net cash from financing activities

3,996

-

Increase/(decrease) in cash and cash equivalents

217,381

(387,316

)

Cash and cash equivalents at beginning of year

17

318,624

705,940

Cash and cash equivalents at end of year

17

536,005

318,624

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.

The directors have taken the decision to transfer the trade of the company to Thameswey Sustainable Communities

Limited during the next financial year, expected to be completed by the end of 2020. The directors consider the going

concern basis for the preparation of the financial statements to be appropriate as the company has adequate resources to

meet the liabilities as they fall due. Thereafter the company will become dormant.

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

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.

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

2019

2018

£

£

Wages and salaries

402,931

432,392

Social security costs

47,070

45,534

Other pension costs

24,529

27,755

474,530

505,681

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

2019

2018

Cost of sales

9

10

Administration

2

2

11

12

4.	DIRECTORS' EMOLUMENTS

2019

2018

£

£

Directors' remuneration

4,273

4,282

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

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2019

2018

£

£

Hire of plant and machinery

12,059

7,793

Depreciation - owned assets

24,721

23,470

(Profit)/loss on disposal of fixed assets

(2,224

)

33,170

Auditors' remuneration

8,235

8,000

Operating leases

-

20,780

6.

TAXATION

Analysis of the tax charge

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

2019

2018

£

£

Current tax:

UK corporation tax

16,654

23,174

Tax on profit

16,654

23,174

UK corporation tax has been charged at 19% (2018 - 19%).

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:

2019

2018

£

£

Profit before tax

83,930

64,829

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

15,947

12,318

Effects of:

Expenses not deductible for tax purposes

-

6,302

Depreciation in excess of capital allowances

707

4,554

Total tax charge

16,654

23,174

7.	TANGIBLE FIXED ASSETS

Assets

Fixtures

Short

Motor

under

and

leasehold

vehicles

construction

fittings

Totals

£

£

£

£

£

COST

At 1 January 2019

2,043

33,805

3,800

25,729

65,377

Additions

-

65,804

-

4,254

70,058

Disposals

-

(20,784

)

-

(1,427

)

(22,211

)

Transfer to ownership

-

-

(3,800

)

3,800

-

At 31 December 2019

2,043

78,825

-

32,356

113,224

DEPRECIATION

At 1 January 2019

227

18,495

-

20,009

38,731

Charge for year

681

17,960

-

6,080

24,721

Eliminated on disposal

-

(2,078

)

-

(396

)

(2,474

)

At 31 December 2019

908

34,377

-

25,693

60,978

NET BOOK VALUE

At 31 December 2019

1,135

44,448

-

6,663

52,246

At 31 December 2018

1,816

15,310

3,800

5,720

26,646

8.

STOCKS

2019

2018

£

£

Stocks

8,477

16,925

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

280,884

535,988

Amounts recoverable on contract

41,750

16,555

Other debtors

14,219

5,698

Prepayments

9,634

19,481

346,487

577,722

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

66,178

86,590

Amounts owed to group undertakings

85,098

85,098

Tax

16,654

-

Social security and other taxes

9,745

13,752

VAT

28,377

70,178

Accruals

17,033

34,257

223,085

289,875

11.	ACCRUALS AND DEFERRED INCOME

2019

2018

£

£

Grants from other bodies

2,812

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

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.

13.

RESERVES

Retained

earnings

£

At 1 January 2019

(9,958

)

Profit for the year

67,276

At 31 December 2019

57,318

14.	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.