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Registered number: 10912148









WALTHAM FOREST SERVICES LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
WALTHAM FOREST SERVICES LTD
REGISTERED NUMBER: 10912148

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                         Note
£
£

Fixed assets
  

Intangible assets
 4 
8,038
19,660

Tangible assets
 5 
68,665
22,053

  
76,703
41,713

Current assets
  

Debtors: amounts falling due within one year
 6 
3,953,810
2,731,299

Cash at bank and in hand
 7 
1,495,630
1,371,162

  
5,449,440
4,102,461

Creditors: amounts falling due within one year
 8 
(4,777,307)
(3,559,723)

Net current assets
  
 
 
672,133
 
 
542,738

Provisions for liabilities
  

Deferred tax
 9 
(1,403)
(1,403)

Pension liability
  
(220,000)
(240,000)

Net assets
  
527,433
343,048


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
 11 
527,333
342,948

  
527,433
343,048

Page 1

 
WALTHAM FOREST SERVICES LTD
REGISTERED NUMBER: 10912148
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




J W Hubbard
D J Evans
Director
Director

The notes on pages 3 to 16 form part of these financial statements.
Page 2

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Waltham Forest Services Ltd (“the Company”) is a private company limited by shares, incorporated in England and Wales. Its registered office is Fellowship Square, Forest Road, London, United Kingdom, E17 4JF.
The principal activity during the year was the provision of specialist maintenance and cleaning services to local residents.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of The London Borough of Waltham Forest as at 31 March 2024 and these financial statements may be obtained from Waltham Forest Town Hall, Forest Road, Walthamstow, United Kingdom, E17 4JF.

 
2.3

Going concern

The company has net current assets as at 31 March 2024. The company has the continued support of its parent undertaking whilst improving results from the previous financial year. On this basis, the directors are of the opinion that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors therefore considers it appropriate to continue to prepare the financial statements on a going concern basis.

Page 3

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 4

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 5

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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 the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in the Statement of income and retained earnings as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Statement of income and retained earnings as a 'finance expense'.

 
2.9

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 6

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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.

Page 7

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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:

Plant and machinery
-
20%
Straight line
Motor vehicles
-
33%
Straight line
Fixtures and fittings
-
20%
Straight line

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 the Statement of income and retained earnings.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 8

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

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.


Employees

The average monthly number of employees, including directors, during the year was 106 (2023 - 140).


4.


Intangible assets




Website development

£



Cost


At 1 April 2023
74,137



At 31 March 2024

74,137



Amortisation


At 1 April 2023
54,477


Charge for the year on owned assets
11,622



At 31 March 2024

66,099



Net book value



At 31 March 2024
8,038



At 31 March 2023
19,660



Page 9

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
9,895
18,000
-
27,895


Additions
27,495
37,535
4,660
69,690


Disposals
-
(18,000)
-
(18,000)



At 31 March 2024

37,390
37,535
4,660
79,585



Depreciation


At 1 April 2023
5,842
-
-
5,842


Charge for the year on owned assets
2,644
1,735
699
5,078



At 31 March 2024

8,486
1,735
699
10,920



Net book value



At 31 March 2024
28,904
35,800
3,961
68,665



At 31 March 2023
4,053
18,000
-
22,053


6.


Debtors

2024
2023
£
£


Trade debtors
3,452,657
2,274,337

Amounts owed by group undertakings
270,745
270,745

Other debtors
36,029
41,263

Prepayments and accrued income
194,379
144,954

3,953,810
2,731,299


Page 10

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,495,630
1,371,162



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,614,359
1,477,610

Corporation tax
13,644
50,541

Other taxation and social security
383,357
184,448

Accruals and deferred income
1,765,947
1,847,124

4,777,307
3,559,723



9.


Deferred taxation




2024


£






At beginning of year
(1,403)



At end of year
(1,403)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,403
1,403


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 11

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends.

Page 12

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Pension commitments

The Company operates a Defined benefit pension scheme.

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. 
The Company also operates a Defined benefit pension scheme for certain employees which is a multiemployer scheme managed by it's parent entity, The London Borough of Waltham Forest. The scheme operated by Waltham Forest Services Ltd (“the Employer”) is called the London Borough of Waltham Forest Pension Fund ("the Scheme"). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death.
The pension cost charge represents contributions payable by the Company to the above funds and amounted to £121,172 
(2023 - £100,137). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Employers must agree with the Trustee Directors of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective. The Statutory Funding Objective does not currently impact on the recognition of the Scheme in these accounts.
At the time of preparing these financial statements, the most recent available, comprehensive actuarial valuation of the company pension scheme, using the projected unit credit method, was as at 31 March 2024. In preparing this note, this valuation has been used as the source document.
Under the Scheme Funding regime, all pension schemes are subject to the Statutory Funding Objective of having sufficient assets to cover the expected cost of providing the pensions and benefits accrued at the valuation date, (the “Technical Provisions”). The financial reporting assumptions required to be used in valuing the assets and liabilities of the pension fund differ from these actuarial assumptions.
On the 1 April 2018, employees were transferred via TUPE to the company. These employees were already part of the London Borough of Waltham Forest Pension Fund and as such the value of the scheme relating to these employees were redesignated accordingly as at that date to Waltham Forest Services Ltd.
 
Page 13

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Pension commitments (continued)




Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
1,493,000
2,091,000

Current service cost
69,000
82,000

Interest cost
71,000
59,000

Actuarial gains
(10,000)
(728,000)

Contributions
20,000
14,000

Gain/loss on settlement or curtailment
1,000
-

Benefits transferred/paid
(92,000)
(25,000)

At the end of the year
1,552,000
1,493,000



Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
1,253,000
1,370,000

Administrative cost
(3,000)
(2,000)

Interest income
61,000
39,000

Actuarial losses
32,000
(193,000)

Contributions
81,000
64,000

Benefits/transfers paid
(92,000)
(25,000)

At the end of the year
1,332,000
1,253,000

2024
2023
£
£


Fair value of plan assets
1,332,000
1,253,000

Present value of plan liabilities
(1,552,000)
(1,493,000)

Net pension scheme liability
(220,000)
(240,000)






Page 14

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Pension commitments (continued)



Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


4.9

2.7
 
Future salary increases


4.2

4.2
 
Future pension increases


2.8

2.8
 
Inflation assumption


2.6

2.7
 
Mortality rates



 
- for a male aged 65 now


21.4

21.8
 
- at 65 for a male aged 45 now


22.6

23.1
 
- for a female aged 65 now


23.8

24.1
 
- at 65 for a female member aged 45 now


25.5

25.7
 

Tax free cash:
Members are assumed to take 50% of their pension as tax free cash.
Further details regarding the Defined benefit pension scheme can be found in the consolidated financial statements of London Borough of Waltham Forest as at 31 March 2024, which may be obtained from the registered office, Waltham Forest Town Hall, Forest Road, Walthamstow, United Kingdom, E17 4JF






13.


Related party transactions

During the year there were sales to the parent company of £5,454,916 (2023 - £5,485,329), and purchases of £3,847,329 (2023 - £3,178,214) from the parent company. 
At the year end net amounts of £889,979 
(2023 - £1,024,824) were owed from the parent company.

Page 15

 
WALTHAM FOREST SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Controlling party

The Company’s ultimate parent undertaking and controlling party is The London Borough of Waltham Forest. 
The consolidated financial statements of London Borough of Waltham Forest as at 31 March 2024 may be obtained from the registered office, Waltham Forest Town Hall, Forest Road, Walthamstow, United Kingdom, E17 4JF.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 22 August 2024 by Adam Dodds (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 16