Thameswey Maintenance Services Limited - Limited company accounts 16.3

REGISTERED NUMBER: 05637552 (England and Wales)

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

THAMESWEY MAINTENANCE SERVICES LIMITED

Page

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

R N Morgan

Cllr R J Kingsbury

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 2016.

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.

REVIEW OF BUSINESS

Trading in 2016 saw the business turn a corner and each month returned a profit. Revenue was fairly stable during the

year , and exceeded 2015's revenue levels. Both direct and indirect costs were well controlled and the business is moving

forwards with broadening of its customer base.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this

report.

R N Morgan

Cllr R J Kingsbury

Dr B M Maunders

P N Bryant

The board of directors must comprise of at least one elected member of Woking Borough Council and at least one

executive officer of Woking Borough Council. In addition there must be one non-executive director who is neither an

elected member of Woking Borough Council or employee of the council who is referred to as an independent

non-executive director.

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

25 June 2017

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.

We have audited the financial statements of Thameswey Maintenance Services Limited for the year ended

31 December 2016 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of

Changes in Equity, Cash Flow Statement and the related notes. The financial reporting framework that has been applied

in their preparation is 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'.

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.

Respective responsibilities of directors and auditors

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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Directors' Report to identify material inconsistencies with the audited financial

statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2016 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.

Opinion on other matter prescribed by the Companies Act 2006

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

been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the

company and its environment, we have not identified any material misstatements in the Directors' Report.

Matters on which we are required to report by exception

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.

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

25 June 2017

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

1,750,966

1,545,680

Cost of sales

1,196,641

1,117,378

GROSS PROFIT

554,325

428,302

Administrative expenses

355,010

481,130

OPERATING PROFIT/(LOSS)

5

199,315

(52,828

)

Interest receivable and similar income

659

432

PROFIT/(LOSS) BEFORE TAXATION

199,974

(52,396

)

Tax on profit/(loss)

6

41,424

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

158,550

(52,396

)

PROFIT/(LOSS) FOR THE YEAR

158,550

(52,396

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

158,550

(52,396

)

FIXED ASSETS

Tangible assets

7

80,551

96,145

CURRENT ASSETS

Stocks

8

41,750

64,654

Debtors

9

497,001

309,575

Cash at bank and in hand

182,440

161,114

721,191

535,343

CREDITORS

Amounts falling due within one year

10

256,835

245,131

NET CURRENT ASSETS

464,356

290,212

TOTAL ASSETS LESS CURRENT LIABILITIES

544,907

386,357

CAPITAL AND RESERVES

Called up share capital

11

660,000

660,000

Retained earnings

12

(115,093

)

(273,643

)

SHAREHOLDERS' FUNDS

544,907

386,357

The financial statements were approved by the Board of Directors on 25 June 2017 and were signed on its behalf by:

R N Morgan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2015

560,000

(221,247

)

338,753

Changes in equity

Issue of share capital

100,000

-

100,000

Total comprehensive income

-

(52,396

)

(52,396

)

Balance at 31 December 2015

660,000

(273,643

)

386,357

Changes in equity

Total comprehensive income

-

158,550

158,550

Balance at 31 December 2016

660,000

(115,093

)

544,907

Cash flows from operating activities

Cash generated from operations

15

73,889

(26,760

)

Tax paid

(41,424

)

20,131

Net cash from operating activities

32,465

(6,629

)

Cash flows from investing activities

Purchase of tangible fixed assets

(11,798

)

(32,844

)

Interest received

659

432

Net cash from investing activities

(11,139

)

(32,412

)

Cash flows from financing activities

Share issue

-

100,000

Net cash from financing activities

-

100,000

Increase in cash and cash equivalents

21,326

60,959

Cash and cash equivalents at beginning of year

16

161,114

100,155

Cash and cash equivalents at end of year

16

182,440

161,114

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.

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.

Turnover

Turnover represents net invoiced sales excluding value-added-tax.

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.

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.

3.	EMPLOYEES AND DIRECTORS

2016

2015

£

£

Wages and salaries

472,684

438,966

Social security costs

48,697

41,426

521,381

480,392

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

2016

2015

Cost of sales

11

16

Administration

3

-

14

16

4.	DIRECTORS' EMOLUMENTS

2016

2015

£

£

Directors' remuneration

4,295

4,417

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

composition of the board of directors can be found in the directors' report.

5.	OPERATING PROFIT/(LOSS)

The operating profit (2015 - operating loss) is stated after charging:

2016

2015

£

£

Hire of plant and machinery

11,502

13,108

Depreciation - owned assets

27,392

32,150

Auditors' remuneration

7,250

6,750

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:

2016

2015

£

£

Current tax:

UK corporation tax

41,424

-

Tax on profit/(loss)

41,424

-

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:

2016

2015

£

£

Profit/(loss) before tax

199,974

(52,396

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 20% (2015 - 20.250%)

39,995

(10,610

)

Effects of:

Depreciation in excess of capital allowances

5,478

1,962

Utilisation of tax losses

(4,049

)

-

Losses carried forward

-

8,648

Total tax charge

41,424

-

7.	TANGIBLE FIXED ASSETS

Fixtures

Short

Motor

and

leasehold

vehicles

fittings

Totals

£

£

£

£

COST

At 1 January 2016

80,363

63,963

123,085

267,411

Additions

-

7,500

4,298

11,798

At 31 December 2016

80,363

71,463

127,383

279,209

DEPRECIATION

At 1 January 2016

23,264

49,168

98,834

171,266

Charge for year

7,976

6,883

12,533

27,392

At 31 December 2016

31,240

56,051

111,367

198,658

NET BOOK VALUE

At 31 December 2016

49,123

15,412

16,016

80,551

At 31 December 2015

57,099

14,795

24,251

96,145

8.

STOCKS

2016

2015

£

£

Stocks

41,750

64,654

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

373,673

223,344

Amounts recoverable on contract

54,281

24,665

Other debtors

19,052

32,092

Prepayments

49,995

29,474

497,001

309,575

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

105,125

145,802

Amounts owed to group undertakings

41,424

-

Social security and other taxes

12,096

13,559

VAT

57,321

26,182

Accruals

40,869

59,588

256,835

245,131

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

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 2016

(273,643

)

Profit for the year

158,550

At 31 December 2016

(115,093

)

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% (2015 - 100%) owned by Woking

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

2016

2015

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%

75%

Thameswey Maintenance Services Limited

100%

100%

Woking Necropolis and Mausoleum Limited

100%

100%

Thameswey Energy Limited owns 100% (2015 - 100%) of Thameswey Central Milton Keynes Limited.

Thameswey Housing Limited owns 98% (2015 - 98%) of Brunswick Road (Pirbright) Residents Company

Limited, 100% (2015 - 100%) of Thameswey Guest Houses Limited and 50% (2015 - 50%) of Rutland Woking

(Residential) Limited. Thameswey Developments Limited owns 50% (2015 - 50%) of Rutland (Woking) Limited

and 50% (2015 - 50%) of Rutland Woking (Carthouse Lane) Limited. Rutland (Woking) Limited owns 50%

(2015 - 50%) of Rutland Woking (Residential) Limited. Woking Necropolis and Mausoleum Limited owns

99.98% (2015 - 99.98%) of Brookwood Park Limited. Brookwood Park Limited owns 100% (2015 - 100%) of

Brookwood Cemetery 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/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2016

2015

£

£

Profit/(loss) before taxation

199,974

(52,396

)

Depreciation charges

27,392

32,150

Finance income

(659

)

(432

)

226,707

(20,678

)

Decrease in stocks

22,904

26,305

(Increase)/decrease in trade and other debtors

(146,002

)

17,371

Decrease in trade and other creditors

(29,720

)

(49,758

)

Cash generated from operations

73,889

(26,760

)

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 2016

31.12.16

1.1.16

£

£

Cash and cash equivalents

182,440

161,114

Year ended 31 December 2015

31.12.15

1.1.15

£

£

Cash and cash equivalents

161,114

100,155