ACCOUNTS - Final Accounts preparation

Operating (loss)/profit

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

THAMESWEY MAINTENANCE SERVICES LIMITED - Company Information

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Company registration number: 05637552

	AUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2021

	THAMESWEY MAINTENANCE SERVICES LIMITED


THAMESWEY MAINTENANCE SERVICES LIMITED

COMPANY INFORMATION

Directors	T Price (appointed 10 February 2022)
	J A Fisher (appointed 15 September 2022)
	K J Foster (appointed 15 September 2022)


Company secretary	Clyde Secretaries Limited


Registered number	05637552


Registered office	The St Botolph Building 138,
	Houndsditch,
	London
	EC3A 7AR


Independent auditors	Menzies LLP
	Chartered Accountants & Statutory Auditor
	1st Floor
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


THAMESWEY MAINTENANCE SERVICES LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of income and retained earnings	7
Statement of financial position	8
Statement of cash flows	9
Analysis of net debt	10
Notes to the financial statements	11 - 17


THAMESWEY MAINTENANCE SERVICES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors

The directors who served during the year were:

A Azad (resigned 14 July 2022)

G C Framalicco (appointed 29 July 2021, resigned 14 July 2022)

D Harlow (appointed 29 July 2021, resigned 14 July 2022)

G D McManus (appointed 29 July 2021, resigned 20 May 2022)

P N Bryant (resigned 30 June 2021)

B M Maunders (resigned 31 December 2021)

R N Morgan (resigned 31 March 2021)

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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.

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.

Page 1


THAMESWEY MAINTENANCE SERVICES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Auditors

The auditor, Menzies LLP was appointed as auditor for ThamesWey Maintenance Services Limited on 7 January 2022 in
accordance with section 485 of the Companies Act 2006.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28
days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the
accounts with the registrar, whichever is earlier.

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.

................................................

T Price

Director

Date: 18 October 2022

Page 2


THAMESWEY MAINTENANCE SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY MAINTENANCE SERVICES LIMITED

Opinion

We have audited the financial statements of ThamesWey Maintenance Services Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows 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 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 2021 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 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.

Emphasis of matter- financial statements prepared on a basis other than going concern

We draw attention to Note 2.2 in the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 3


THAMESWEY MAINTENANCE SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY MAINTENANCE SERVICES LIMITED (CONTINUED)

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 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 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.

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.

Page 4


THAMESWEY MAINTENANCE SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY MAINTENANCE SERVICES LIMITED (CONTINUED)

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:

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

∙The Companies Act 2006;

∙Financial Reporting Standard 102;

∙UK employment legislation;

∙UK health and safety legislation; and

∙General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

∙We understood how the company are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.

∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

∙We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;

°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

°Challenging assumptions and judgments made by management in its significant accounting estimates; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount.; and

°Timing of revenue recognition.

Page 5


THAMESWEY MAINTENANCE SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY MAINTENANCE SERVICES LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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.

Tom Woods ACA (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ

19 October 2022

Page 6


THAMESWEY MAINTENANCE SERVICES LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2021


	2021	2020
Note	£	£


Turnover		49,159	637,442
Cost of sales		(44,801)	(444,091)
Gross profit		4,358	193,351
Administrative expenses		(12,507)	(144,021)
Other operating income		-	1,833
Operating (loss)/profit	4	(8,149)	51,163
Interest receivable and similar income		80	507
(Loss)/profit before tax		(8,069)	51,670
(Loss)/profit after tax		(8,069)	51,670



Retained earnings at the beginning of the year	108,988	57,318
	108,988	57,318
(Loss)/profit for the year	(8,069)	51,670
Retained earnings at the end of the year	100,919	108,988

The notes on pages 11 to 17 form part of these financial statements.

Page 7


THAMESWEY MAINTENANCE SERVICES LIMITED REGISTERED NUMBER:05637552

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	7		-		24,770
			-		24,770
Current assets
Stocks	8	-		8,598
Debtors: amounts falling due within one year	9	40,109		165,364
Cash at bank and in hand		828,300		744,281
		868,409		918,243
Creditors: amounts falling due within one year	10	(107,490)		(174,025)
Net current assets			760,919		744,218
Total assets less current liabilities			760,919		768,988

Net assets			760,919		768,988

Capital and reserves
Called up share capital	11	660,000	660,000
Profit and loss account	12	100,919	108,988
		760,919	768,988

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

................................................

T Price

Director

Date: 18 October 2022

The notes on pages 11 to 17 form part of these financial statements.

Page 8


THAMESWEY MAINTENANCE SERVICES LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

			2021	2020
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(8,069)	51,670
Adjustments for:
Depreciation of tangible assets	-	15,814
Interest received	(80)	(507)
Decrease/(increase) in stocks	8,598	(121)
Decrease in debtors	125,604	181,608
(Decrease) in creditors	(66,884)	(52,357)
Net cash generated from operating activities	59,169	196,107

Cash flows from investing activities
Sale of tangible fixed assets	24,770	11,662
Interest received	80	507
Net cash from investing activities	24,850	12,169

Net increase in cash and cash equivalents	84,019	208,276
Cash and cash equivalents at beginning of year	744,281	536,005
Cash and cash equivalents at the end of year	828,300	744,281

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	828,300	744,281
	828,300	744,281

The notes on pages 11 to 17 form part of these financial statements.

Page 9


THAMESWEY MAINTENANCE SERVICES LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2021


At 1 January 2021	Cash flows	At 31 December 2021
£	£	£

Cash at bank and in hand	744,281	84,019	828,300
	744,281	84,019	828,300

The notes on pages 11 to 17 form part of these financial statements.

Page 10


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

ThamesWey Maintenance Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered address can be found on the Company Information page. There is no principal place of business.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

In 2019 the directors took the decision to cease trading in this entity and transfer all trade to another group entity, ThamesWey Sustainable Communities Limited. This was completed in the 2021 financial year, and the directors now intend for the company to become dormant and eventually dissolved.
Accordingly, the directors prepare the financial statements on alternative basis. As a result of this change of basis, all assets and liabilities have been reviewed and stated at their net realisable value. This has not resulted in any changes.

2.3

Revenue

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.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Short leasehold	-	over the remaining term of the lease
Motor vehicles	-	straight line over 4 years
Fixtures and fittings	-	straight line over 2, 3 or 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The directors do not consider there to be any judgments or estimation uncertainty which materially impact these
financial statements.

Page 12


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

	Other operating lease rentals	-	(100)
	Auditors' remuneration	11,731	9,065

The amount charged by the current auditors is £1,500. The prior year auditor fees were underaccrued by £10,231
but this we not deemed material for a prior year adjustment.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL). The independent directors are remunerated by the parent undertaking in both the current and preceding years. The cost of which is reimbursed



Total current tax	-	-

	Deferred tax
	Total deferred tax	-	-


	Taxation on profit on ordinary activities	-	-

Page 13


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(8,069)

51,670

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	(1,533)	9,817
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	2,768
Other differences leading to an increase (decrease) in the tax charge	1,533	(12,585)
Total tax charge for the year	-	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7.	Tangible fixed assets

	Short leasehold	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£

At 1 January 2021	2,043	63,276	32,356	97,675
Disposals	(2,043)	(63,276)	(32,356)	(97,675)
At 31 December 2021	-	-	-	-

At 1 January 2021	1,589	43,582	27,734	72,905
Disposals	(1,589)	(43,582)	(27,734)	(72,905)
At 31 December 2021	-	-	-	-
Net book value
At 31 December 2021	-	-	-	-
At 31 December 2020	454	19,694	4,622	24,770

8.	Stocks
		2021	2020
		£	£

Raw materials and consumables	-	8,598
	-	8,598

Debtors

					2021	2020
					£	£


Trade debtors	-	112,035
Amounts owed by group undertakings	632	-
Other debtors	39,477	40,350
Prepayments and accrued income	-	12,979
	40,109	165,364

Page 15


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

10.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	139	21,868
Amounts owed to group undertakings	101,752	101,752
Other taxation and social security	-	5,669
Other creditors	349	31,925
Accruals and deferred income	5,250	12,811
	107,490	174,025

11.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

660,000 (2020 - 660,000) Ordinary B shares of £1.00 each	660,000	660,000

12.

Reserves

Profit and loss account

Includes all current and prior periods profit and losses.

13.	Related party transactions
	The company's immediate parent company Thameswey Limited is 100% (2020 - 100%) owned by Woking Borough Council. ThamesWey Limited owns the share capital of the following companies

		2021	2020
		%	%

ThamesWey Energy Limited	100	100
ThamesWey Housing Limited	100	100
ThamesWey Sustainable Communities Limited	100	100
ThamesWey Developments Limited	100	100
ThameWey Solar Limited	100	100
ThamesWey Maintenance Services Limited	100	100

No transactions with these related parties are to be disclosed for either year under the provisions of section 33 of Financial Reporting Standard 102.

Page 16


THAMESWEY MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

14.	Controlling party

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 VAR.

Page 17