Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false0falsefalse0false 03772150 2023-04-01 2024-03-31 03772150 2024-03-31 03772150 2022-01-01 2023-03-31 03772150 2023-03-31 03772150 2022-01-01 03772150 1 2023-04-01 2024-03-31 03772150 1 2022-01-01 2023-03-31 03772150 3 2023-04-01 2024-03-31 03772150 3 2022-01-01 2023-03-31 03772150 d:Director2 2023-04-01 2024-03-31 03772150 d:Director3 2023-04-01 2024-03-31 03772150 d:Director3 2024-03-31 03772150 d:Director4 2023-04-01 2024-03-31 03772150 d:Director4 2024-03-31 03772150 d:Director6 2023-04-01 2024-03-31 03772150 d:Director6 2024-03-31 03772150 d:Director7 2023-04-01 2024-03-31 03772150 d:Director7 2024-03-31 03772150 d:Director8 2023-04-01 2024-03-31 03772150 d:Director8 2024-03-31 03772150 d:Director9 2023-04-01 2024-03-31 03772150 d:Director9 2024-03-31 03772150 d:Director10 2023-04-01 2024-03-31 03772150 d:Director10 2024-03-31 03772150 d:Director11 2023-04-01 2024-03-31 03772150 d:Director11 2024-03-31 03772150 d:Director13 2023-04-01 2024-03-31 03772150 d:Director13 2024-03-31 03772150 d:Director14 2023-04-01 2024-03-31 03772150 d:Director14 2024-03-31 03772150 d:RegisteredOffice 2023-04-01 2024-03-31 03772150 e:Buildings 2023-04-01 2024-03-31 03772150 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 03772150 e:Buildings e:LongLeaseholdAssets 2024-03-31 03772150 e:Buildings e:LongLeaseholdAssets 2023-03-31 03772150 e:PlantMachinery 2023-04-01 2024-03-31 03772150 e:PlantMachinery 2024-03-31 03772150 e:PlantMachinery 2023-03-31 03772150 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03772150 e:MotorVehicles 2023-04-01 2024-03-31 03772150 e:MotorVehicles 2024-03-31 03772150 e:MotorVehicles 2023-03-31 03772150 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03772150 e:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 03772150 e:OtherPropertyPlantEquipment 2024-03-31 03772150 e:OtherPropertyPlantEquipment 2023-03-31 03772150 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03772150 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03772150 e:CurrentFinancialInstruments 2024-03-31 03772150 e:CurrentFinancialInstruments 2023-03-31 03772150 e:Non-currentFinancialInstruments 2024-03-31 03772150 e:Non-currentFinancialInstruments 2023-03-31 03772150 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 03772150 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 03772150 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 03772150 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 03772150 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 03772150 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 03772150 e:ReportableOperatingSegment1 2023-04-01 2024-03-31 03772150 e:ReportableOperatingSegment1 2022-01-01 2023-03-31 03772150 e:ShareCapital 2024-03-31 03772150 e:ShareCapital 2023-03-31 03772150 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03772150 e:RetainedEarningsAccumulatedLosses 2024-03-31 03772150 e:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 03772150 e:RetainedEarningsAccumulatedLosses 2023-03-31 03772150 e:RetainedEarningsAccumulatedLosses 2022-01-01 03772150 d:OrdinaryShareClass1 2023-04-01 2024-03-31 03772150 d:OrdinaryShareClass1 2024-03-31 03772150 d:OrdinaryShareClass1 2023-03-31 03772150 d:FRS102 2023-04-01 2024-03-31 03772150 d:Audited 2023-04-01 2024-03-31 03772150 d:FullAccounts 2023-04-01 2024-03-31 03772150 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03772150 2 2023-04-01 2024-03-31 03772150 6 2023-04-01 2024-03-31 03772150 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 03772150







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


THAMESWEY ENERGY LIMITED






































img70a3.png                        

 


THAMESWEY ENERGY LIMITED
 


 
COMPANY INFORMATION


Directors
P J Grimshare 
S J Dickinson (appointed 2 July 2024)
S M Wills (appointed 15 July 2024)
C A Brown (appointed 14 October 2024)
C G Taylor (appointed 5 July 2023)




Registered number
03772150



Registered office
27 Old Gloucester Street

London

WC1N 3AX




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

2nd Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


THAMESWEY ENERGY 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 - 20

 


THAMESWEY ENERGY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

P J Grimshare 
G C Framalicco (resigned 1 April 2023)
W K Prescott (resigned 30 April 2023)
J A Fisher (resigned 4 July 2023)
K J Foster (resigned 24 August 2023)
T Price (appointed 30 April 2023, resigned 22 December 2023)
A K Walther (appointed 1 April 2023, resigned 31 July 2024)
C G Taylor (appointed 5 July 2023)

Principal activity

The Company's principal activity during the period under review continued to be the generation and distribution of electricity, heating, and cooling.

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 2006They 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 ENERGY LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 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.
 





................................................
C G Taylor
Director

Date: 27 March 2025
Page 2

 


THAMESWEY ENERGY LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY ENERGY LIMITED

Opinion


We have audited the financial statements of ThamesWey Energy Limited (the 'Company') for the year ended 31 March 2024, 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 policiesThe 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 March 2024 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.


Material uncertainty related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that the directors have concluded that there is a material uncertainty in relation to the Company's ability to continue in operational existence for the foreseeable future. This material uncertainty primarily arises from the ongoing reliance on the revolving loan facilities from a single funder, Woking Borough Council, who are currently under a section 114 notice. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included the Company's recovery plan to strengthen their trading, liquidity and balance sheet position.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 


THAMESWEY ENERGY LIMITED


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

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 ReportOur 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.


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 ENERGY LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY ENERGY 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 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 including:

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;
Timing of revenue recognition; and
Overstatement of asset valuation.

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.


Page 5

 


THAMESWEY ENERGY LIMITED


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

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 2006Our 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.





Miriam Hanley ACA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
2nd Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

28 March 2025
Page 6

 


THAMESWEY ENERGY LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

31 March
15 months ended
31 March
2024
2023
Note
£
£

  

Turnover
 4 
7,642,279
12,014,096

Cost of sales
  
(5,911,392)
(8,883,860)

Gross profit
  
1,730,887
3,130,236

Administrative expenses
  
(3,677,776)
(3,781,492)

Other operating income
  
330,403
697,748

Operating (loss)/profit
 5 
(1,616,486)
46,492

Interest receivable and similar income
 7 
129,806
23,003

Interest payable and similar expenses
 8 
(1,763,168)
(2,587,817)

Loss before and after tax
  
(3,249,848)
(2,518,322)

  

  

Retained earnings at the beginning of the year
  
(10,143,677)
(7,625,355)

  
(10,143,677)
(7,625,355)

Loss for the year
  
(3,249,848)
(2,518,322)

Retained earnings at the end of the year
  
(13,393,525)
(10,143,677)
The notes on pages 11 to 20 form part of these financial statements.

Page 7

 


THAMESWEY ENERGY LIMITED
REGISTERED NUMBER:03772150



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
52,128,204
53,078,107

  
52,128,204
53,078,107

Current assets
  

Stocks
 11 
5,955
7,304

Debtors: amounts falling due within one year
 12 
4,529,517
3,883,352

Bank and cash balances
 13 
16,306,682
11,901,373

  
20,842,154
15,792,029

Creditors: amounts falling due within one year
 14 
(8,807,817)
(5,702,688)

Net current assets
  
 
 
12,034,337
 
 
10,089,341

Total assets less current liabilities
  
64,162,541
63,167,448

Creditors: amounts falling due after more than one year
 15 
(72,505,616)
(68,260,675)

  

Net liabilities
  
(8,343,075)
(5,093,227)


Capital and reserves
  

Called up share capital 
 17 
5,050,450
5,050,450

Profit and loss account
 18 
(13,393,525)
(10,143,677)

  
(8,343,075)
(5,093,227)


The Company's financial statements have been prepared in accordance with the 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 by: 




................................................
C G Taylor
Director

Date: 27 March 2025

The notes on pages 11 to 20 form part of these financial statements.

Page 8

 


THAMESWEY ENERGY LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(3,249,848)
(2,518,322)

Adjustments for:

Depreciation of tangible assets
1,783,924
2,311,483

Loss on disposal of tangible assets
7,219
22,043

Interest paid
1,763,168
2,587,817

Interest received
(129,806)
(23,003)

Decrease in stock
1,349
15,630

(Increase)/decrease in debtors
(275,884)
3,520,365

(Increase)/decrease in amounts owed by groups
(371,351)
26,339,608

Increase in creditors
6,745,866
5,094,175

(Decrease) in amounts owed to groups
(946,739)
(28,575,803)

Net cash generated from operating activities

5,327,898
8,773,993


Cash flows from investing activities

Purchase of tangible fixed assets
(1,052,395)
(7,074,178)

Interest received
129,806
23,003

Net cash from investing activities

(922,589)
(7,051,175)

Cash flows from financing activities

New secured loans
-
9,424,000

Repayment of loans
-
(1,025,807)

Other new loans
-
2,861,034

Interest paid
-
(1,531,728)

Net cash used in financing activities
-
9,727,499

Net increase in cash and cash equivalents
4,405,309
11,450,317

Cash and cash equivalents at beginning of year
11,901,373
451,056

Cash and cash equivalents at the end of year
16,306,682
11,901,373


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
16,306,682
11,901,373

16,306,682
11,901,373


The notes on pages 11 to 20 form part of these financial statements.

Page 9

 


THAMESWEY ENERGY LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Movements in loan amounts due to group
At 31 March 2024
£

£

£

£

Cash at bank and in hand

11,901,373

4,405,309

-

16,306,682

Loan amounts owed to group undertakings due after 1 year

(45,360,998)

-

(1,401,344)

(46,762,342)

Loan amounts owed to group undertakings due within 1 year

(1,401,344)

-

1,401,344

-

Other loans due after 1 year

(9,424,000)

-

-

(9,424,000)


(44,284,969)
4,405,309
-
(39,879,660)

The notes on pages 11 to 20 form part of these financial statements.
Page 10

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

ThamesWey Energy Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and registered in England and Wales. The Company's registered address can be found on the Company Information page.
The Company's principal place of business is The Energy Centre, Poole Road, Woking, Surrey, GU21 6DY.

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).
In the prior period, the Company extended the year end from 31 December 2022 to 31 March 2023. The period was extended to be coterminous with the year end of the ultimate shareholder, Woking Borough Council. Therefore, comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. In determining that the going concern basis of accounting remains appropriate, the Directors have considered the latest guidance on going concern and financial reporting by the Financial Reporting Council.
The going concern basis adopted in preparing the financial statements is contingent upon the continued financial support of the Company’s ultimate parent undertaking, Woking Borough Council and by extension the UK Government.
The company is financed by way of share capital and long-term loans from the ultimate parent undertaking, Woking Borough Council. The company incurs interest on the loans at a rate that reflects the cost of Woking Borough Council's own borrowings plus an agreed margin. Subject to current plans and reviews to restructure the debt exposure, the interest charges and loan balance are due to be repaid from operating cash flows generated from the Company's trading activities to the extent possible.
As part of the Directors' review of the going concern status of the Company, they have carried out a comprehensive review of the financial position of the Company and Group to identify funding required for the coming financial years and the ability of the Group to finance this debt.
The Directors and the ultimate parent undertaking are aware that the Company will require support from the ultimate parent entity with additional cash flow funding to settle current liabilities and interest costs in excess of profits generated by the Company or in the alternative to restructure the debt and associated terms or write off non-performing debt.  Furthermore, the Company is reliant on the ultimate parent entity to not demand the repayment of loans and interest to the detriment of the Company and its other creditors. As part of the Directors' review they have assessed the ultimate parent entity's ability to provide the required funding and have ensured that the UK Government appointed Commissioners have endorsed this course of action.
Woking Borough Council have provided a letter granting all companies in the Group a debt and interest payment suspension until 31 March 2026, contingent upon various solvency and EBITDA tests and as part of the overall UK Government support package.

Page 11

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.2
Going concern (continued)

The Company's ability to generate sufficient cash flows over the longer term to repay the funding support received is dependent on a number of uncertain future factors. These factors include inter alia the timing and scale of new customer connections, profit margins achievable on energy supplied to customers, the cost of operations, the impact of future carbon reduction legislation and the availability and cost of future funding support.
The Directors continue to monitor the Company's profitability, cash flows, risks and operations, and in turn reports back to the ultimate parent undertaking and the UK Government Commissioners. The Directors have concluded that at the date of approving the financial statements that it is appropriate to prepare the financial statements on a going concern basis. However, they acknowledge that the challenges facing the Company as regards future funding requirements, the ability to service the debt payable coupled with the significant net liability position, mean that there is material uncertainty with regard to its ability to continue as a going concern. 

 
2.3

Revenue

Turnover includes the sales value of units of energy supplied to domestic and commercial customers. Energy supplied includes sustainable electricity, gas, heating, cooling as well as surplus energy units supplied to the grid.
Turnover relating to the sales value of units of energy is recognised at the time at which energy is supplied, this is based on periodic meter readings and includes estimates of the value of units supplied to customers between the date of the last meter reading and the year end.
Turnover also includes the sales value of service charges relating to the maintenance and supply of energy meters. Turnover relating to the sales value of service charges is recognised at the point at which the service is performed.
All turnover is stated net of VAT and discounts.

 
2.4

Interest income

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

 
2.5

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.

  
2.6

Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Page 12

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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:

Buildings
-
Straight line over 60 years
Plant and machinery
-
Straight line over 15 to 60 years
Motor vehicles
-
Straight line over 3 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is defined as the average cost of stock items, and includes all purchase, transport and handling costs in bringing stock to its present location and condition.

 
2.10

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 13

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


31 March
15 months ended
31 March
2024
2023
£
£

Provision of energy
7,642,279
12,014,096

7,642,279
12,014,096


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

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

31 March
15 months ended
31 March
2024
2023
£
£

Auditors remuneration
30,000
23,500

Depreciation
1,752,949
2,174,418

Loss on sale of tangible assets
7,219
22,043


6.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL). The independent directors are remunerated by the parent undertaking in both the current and preceding years. The cost of which is reimbursed.


7.


Interest receivable

31 March
15 months ended
31 March
2024
2023
£
£


Other interest receivable
129,806
23,003

129,806
23,003

Page 14

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Interest payable

31 March
15 months ended
31 March
2024
2023
£
£


Interest payable to group undertaking
1,763,168
2,587,817

1,763,168
2,587,817


9.


Taxation


31 March
15 months ended
31 March
2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-
Page 15

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

31 March
15 months ended
31 March
2024
2023
£
£


Loss on ordinary activities before tax
(3,249,848)
(2,518,322)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(812,462)
(478,481)

Effects of:


Expenses not deductible for tax purposes
5,263
11

Fixed asset differences
411,054
1,709,365

Non-taxable income
-
(114,139)

Movements in deferred tax not recognised
396,145
(1,116,756)

Total tax charge for the year/period
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Buildings
Plant and machinery
Motor vehicles
Assets under construction
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
17,906,796
42,659,065
11,662
6,453,761
67,031,284


Additions
-
36,679
-
1,015,716
1,052,395


Disposals
-
-
-
(218,374)
(218,374)


Transfers between classes
-
3,658,503
-
(3,658,503)
-



At 31 March 2024

17,906,796
46,354,247
11,662
3,592,600
67,865,305



Depreciation


At 1 April 2023
599,710
13,341,805
11,662
-
13,953,177


Charge for the year on owned assets
316,835
1,467,089
-
-
1,783,924



At 31 March 2024

916,545
14,808,894
11,662
-
15,737,101



Net book value



At 31 March 2024
16,990,251
31,545,353
-
3,592,600
52,128,204



At 31 March 2023
17,307,086
29,317,260
-
6,453,761
53,078,107


11.


Stock

2024
2023
£
£

Raw materials and consumables
5,955
7,304

5,955
7,304


Page 17

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Debtors

2024
2023
£
£


Trade debtors
400,193
422,519

Amounts owed by group undertakings
1,352,044
980,693

Other debtors
150,499
486,965

Prepayments and accrued income
2,292,360
1,657,684

Tax recoverable
334,421
335,491

4,529,517
3,883,352


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,306,682
11,901,373

16,306,682
11,901,373


Included in the cash balance is £9,424,000 (2023 - £9,424,000) from Heat Networks Investment Project. This amount is ring-fenced for use on a future scheme.


14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,924,004
1,248,098

Loan amounts owed to group undertakings
1,179,865
1,908,143

Other taxation and social security
114,058
-

Other creditors
95,256
68,729

Accruals and deferred income
3,494,634
2,477,718

8,807,817
5,702,688



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
9,424,000
9,424,000

Loan amounts owed to group undertakings
46,762,342
45,360,998

Accruals and deferred income
16,319,274
13,475,677

72,505,616
68,260,675


Page 18

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Other loans
9,424,000
9,424,000



9,424,000
9,424,000



17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,050,450 (2023 - 5,050,450) Ordinary B shares of £1.00 each
5,050,450
5,050,450

Each ordinary share carries voting rights and there are no restrictions on distributions of dividends.


18.


Reserves

Profit and loss account

Includes all current and prior periods profit and losses.

Page 19

 


THAMESWEY ENERGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Related party transactions

The Company's immediate parent company ThamesWey Limited is 100% (2023 - 100%) owned by Woking Borough Council. ThamesWey Limited owns the share capital of the following companies:


2024
2023
%
%

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

ThamesWey Energy Limited owns 100% (2023 - 100%) of ThamesWey Central Milton Keynes Limited. ThamesWey Housing Limited owns 100% (2023 - 100%) of ThamesWey Guest Houses Limited and 50% (2023 - 50%) of Rutland Woking (Residential) Limited. ThamesWey Developments Limited owns 50% (2023 - 50%) of Rutland (Woking) Limited and 50% (2023 - 50%) of Rutland Woking (Carthouse Lane) Limited. Rutland (Woking) Limited owns 50% (2023 - 50%) of Rutland Woking (Residential) Limited.
No transactions with these related parties are to be disclosed for either year under the provisions of section 33 of Financial Reporting Standard 102. 


20.


Controlling party

The Company's immediate parent company is ThamesWey Limited, a company incorporated in England and Wales. Their registered office address is 27 Old Gloucester Street, London, WC1N 3AX.
The Company's ultimate parent undertaking is considered to be Woking Borough Council, office address: Civic Offices, Gloucester Square, Woking, Surrey, GU21 6YL.
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. The ThamesWey Limited consolidated accounts can be obtained from Companies House.
 
Page 20