Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-05-212024-03-3102023-04-01falseNo description of principal activity0falsefalse 05437166 2023-04-01 2024-03-31 05437166 2024-03-31 05437166 2022-01-01 2023-03-31 05437166 2023-03-31 05437166 2022-01-01 05437166 1 2023-04-01 2024-03-31 05437166 1 2022-01-01 2023-03-31 05437166 3 2023-04-01 2024-03-31 05437166 3 2022-01-01 2023-03-31 05437166 d:Exceptional 2023-04-01 2024-03-31 05437166 d:Exceptional 2022-01-01 2023-03-31 05437166 e:Director2 2023-04-01 2024-03-31 05437166 e:Director2 2024-03-31 05437166 e:Director4 2023-04-01 2024-03-31 05437166 e:Director4 2024-03-31 05437166 e:Director5 2023-04-01 2024-03-31 05437166 e:Director5 2024-03-31 05437166 e:Director6 2023-04-01 2024-03-31 05437166 e:Director6 2024-03-31 05437166 e:Director7 2023-04-01 2024-03-31 05437166 e:Director7 2024-03-31 05437166 e:Director10 2023-04-01 2024-03-31 05437166 e:Director10 2024-03-31 05437166 e:Director11 2023-04-01 2024-03-31 05437166 e:Director11 2024-03-31 05437166 e:Director12 2023-04-01 2024-03-31 05437166 e:Director12 2024-03-31 05437166 e:RegisteredOffice 2023-04-01 2024-03-31 05437166 d:Buildings 2023-04-01 2024-03-31 05437166 d:Buildings 2024-03-31 05437166 d:Buildings 2023-03-31 05437166 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05437166 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 05437166 d:Buildings d:LongLeaseholdAssets 2024-03-31 05437166 d:Buildings d:LongLeaseholdAssets 2023-03-31 05437166 d:FurnitureFittings 2023-04-01 2024-03-31 05437166 d:FurnitureFittings 2024-03-31 05437166 d:FurnitureFittings 2023-03-31 05437166 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05437166 d:ComputerEquipment 2023-04-01 2024-03-31 05437166 d:ComputerEquipment 2024-03-31 05437166 d:ComputerEquipment 2023-03-31 05437166 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05437166 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05437166 d:OtherPropertyPlantEquipment 2024-03-31 05437166 d:OtherPropertyPlantEquipment 2023-03-31 05437166 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05437166 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05437166 d:ComputerSoftware 2024-03-31 05437166 d:ComputerSoftware 2023-03-31 05437166 d:LeaseholdInvestmentProperty 2023-04-01 2024-03-31 05437166 d:LeaseholdInvestmentProperty 2024-03-31 05437166 d:LeaseholdInvestmentProperty 2023-03-31 05437166 d:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 05437166 d:LeaseholdInvestmentProperty 3 2023-04-01 2024-03-31 05437166 d:CurrentFinancialInstruments 2024-03-31 05437166 d:CurrentFinancialInstruments 2023-03-31 05437166 d:Non-currentFinancialInstruments 2024-03-31 05437166 d:Non-currentFinancialInstruments 2023-03-31 05437166 d:Non-currentFinancialInstruments 1 2024-03-31 05437166 d:Non-currentFinancialInstruments 1 2023-03-31 05437166 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05437166 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05437166 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05437166 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05437166 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 05437166 d:ReportableOperatingSegment1 2022-01-01 2023-03-31 05437166 d:ShareCapital 2024-03-31 05437166 d:ShareCapital 2023-03-31 05437166 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05437166 d:RetainedEarningsAccumulatedLosses 2024-03-31 05437166 d:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 05437166 d:RetainedEarningsAccumulatedLosses 2023-03-31 05437166 d:RetainedEarningsAccumulatedLosses 2022-01-01 05437166 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 05437166 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05437166 e:OrdinaryShareClass1 2023-04-01 2024-03-31 05437166 e:OrdinaryShareClass1 2024-03-31 05437166 e:OrdinaryShareClass1 2023-03-31 05437166 e:FRS102 2023-04-01 2024-03-31 05437166 e:Audited 2023-04-01 2024-03-31 05437166 e:FullAccounts 2023-04-01 2024-03-31 05437166 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05437166 d:Subsidiary1 2023-04-01 2024-03-31 05437166 d:Subsidiary1 1 2023-04-01 2024-03-31 05437166 d:WithinOneYear 2024-03-31 05437166 d:WithinOneYear 2023-03-31 05437166 d:BetweenOneFiveYears 2024-03-31 05437166 d:BetweenOneFiveYears 2023-03-31 05437166 d:MoreThanFiveYears 2024-03-31 05437166 d:MoreThanFiveYears 2023-03-31 05437166 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 05437166 2 2023-04-01 2024-03-31 05437166 4 2023-04-01 2024-03-31 05437166 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 05437166 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 05437166







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


THAMESWEY HOUSING LIMITED






































img6b18.png                        

 


THAMESWEY HOUSING LIMITED
 


 
COMPANY INFORMATION


Directors
S J Dickinson (appointed 21 May 2024)
C A Brown (appointed 14 October 2024)
S M WIlls (appointed 15 July 2024)
C G Taylor 




Registered number
05437166



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 HOUSING LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11 - 12
Analysis of net debt
13
Notes to the financial statements
14 - 30


 


THAMESWEY HOUSING LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The report contains a comprehensive review performance during the period ending 31 March 2024, including principal business risks and opportunities. 
The core nature of the business is a residential landlord operating within a 30-minute commute from Woking Town Centre. Most of the stock is owned freehold although there are a small number of leasehold units and shared ownership units.
The Company’s letting strategy includes open market leases, intermediate rentals, and a group of social equivalent level rentals. The Company also supports the local authority’s housing strategy through nomination agreements and supporting affordable housing applicants with low incomes by accepting Council bonds. 
The Company operates and manages its portfolio in-house via its own staff and a dedicated data base and customer portal. There are a small number of properties for which the management is outsourced to agents.
Property is either acquired from street purchase programmes and direct developments.

Business review
 
At year end total stock was 1,218 properties, including properties held vacant for the Canalside re-development; this was an increase of 206 properties from the previous reporting period.
The Company has continued to operate its residential stock focussing on ensuring tenant retention, low void rates and low arrears from existing tenants. This has been done by ensuring stock is well maintained and, situated and price points are market competitive. The rental market has remained strong allowing growth within the portfolio.
 
ThamesWey Housing Limited has taken into management a further 212 units completed by ThamesWey Developments Limited within Sheerwater. Overall, there has been a high success of residential letting with generally low tenant turnover. The Canalside development is an isolated market with little competition in the area thus continues to set its own price point. This has equally been shown on the Copper phase residential units where handover started from ThamesWey Developments Limited in Q4 2023. The phase has set ThamesWey Housing Limited in a good standing to market 124 units in the Red Phase and the 187 units in the Yellow Phase.
Looking forward the business will look to review its rental policies and systems to ensure that it is making the best return for its shareholder and delivering against its business plan objectives. The Company undertakes regular review of its asset management strategy, with reflection on income levels, maintenance and management costs, location of properties and long-term potential.

Principal risks and uncertainties
 
The directors assess the business risks and opportunities on a regular basis, to ensure the business is balanced in its activity.
Current business plans and asset appraisals may result in the disposal of underperforming stock and non-core assets.
Operating risks that the business faces arise from tenant voids and the cost of maintaining the assets. The cost of living crisis has meant that tenants find the cost of owning their own properties more expensive than renting, which should result in lower voids. However, the rate of inflation regarding construction materials and labour presents a cost risk to the Company from maintaining its existing stock. This has been managed via strict specifying and adherence to commercially tendered schedule of rates. 
The Company’s debt is provided by Woking Borough Council at fixed rates and the only risk faced is refinancing risk, where maturing loans are refinanced at a higher rate. Post year end, Woking Borough Council issued the company with a debt standstill letter so that interest, whilst accrued, do not need to be paid until March 2026. Likewise, there is a standstill for loan principal re-payments. 

Page 1

 


THAMESWEY HOUSING LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
Turnover is down by 11% but this decrease is not comparable as the prior period relates to fifteen months due to the change in the year end reporting date. On a comparable annualised basis, turnover has increased by 11%. Gross profit margin has increased to 78% in the current year from 69%.
The change in the basis used to revalue investment properties has resulted in a large fair value write down adjustment of £91.5m. Other exceptional charges of £23.0m were also incurred and these related to impairments to assets under construction (£10.4m) and a doubtful debt provision for loans receivable from group undertakings (£12.6m). These have been the main drivers for the large operating loss of £106.3m. Excluding them shows a loss of £8.2m when compared to the £12.3m reported in the prior period. 
Overall, the Company was cash generative with a net cash inflow of £4.8m. However, this has been aided by the debt standstill agreement that was in force between the company and Woking Borough Council. Total net debt stands at £505.9m, being an increase of £50.2m.
Amounts owed and due by the business at year end includes intercompany and group transactions. Woking Borough Council provides the business with funding to deliver the agreed development project at Sheerwater and continues with this commitment.
There are no non-financial KPIs which the directors consider relevant for disclosure.


This report was approved by the board and signed on its behalf.



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

Date: 27 March 2025

Page 2

 


THAMESWEY HOUSING 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:

T Price (resigned 22 December 2023)
L K H Strongitharm (resigned 8 September 2023)
J A Fisher (resigned 4 July 2023)
K J Foster (resigned 24 August 2023)
C G Taylor (appointed 5 July 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, 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.

Results and dividends

The loss for the year, after taxation, amounted to £121,257,925 (2023 - loss £30,028,580).

Matters covered in the Strategic report

Where a company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the Directors' Report that it has done so. This includes information that would have been included in the business review, the principal risks and uncertainties and future developments.

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 3

 


THAMESWEY HOUSING 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.

This report was approved by the board and signed on its behalf.
 





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

Date: 27 March 2025

Page 4

 


THAMESWEY HOUSING LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY HOUSING LIMITED

Opinion


We have audited the financial statements of ThamesWey Housing 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 5

 


THAMESWEY HOUSING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY HOUSING 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have 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 Strategic report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 6

 


THAMESWEY HOUSING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY HOUSING 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; 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. We corroborated our inquiries through our review of board minutes.

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 
The use of management override of controls to manipulate results.
Adjustment of property valuations to manipulate asset values.


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 7

 


THAMESWEY HOUSING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMESWEY HOUSING 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.





Tom Woods FCA (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 8

 


THAMESWEY HOUSING 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 
13,908,407
15,639,336

Cost of sales
  
(3,048,306)
(4,799,760)

Gross profit
  
10,860,101
10,839,576

Administrative expenses
  
(3,962,591)
(4,227,966)

Exceptional administrative expenses
 5 
(22,975,370)
-

Fair value movements
 6 
(90,325,105)
(19,339,925)

Other operating income
 7 
107,094
427,393

Operating loss
 9 
(106,295,871)
(12,300,922)

Income from fixed assets investments
 10 
-
40,000

Interest receivable and similar income
 11 
342,867
192,701

Interest payable and similar expenses
 12 
(15,304,921)
(17,960,359)

Loss before tax
  
(121,257,925)
(30,028,580)

Tax on loss
 13 
-
-

Loss after tax
  
(121,257,925)
(30,028,580)

  

  

Retained earnings at the beginning of the year
  
(36,633,214)
(6,604,634)

  
(36,633,214)
(6,604,634)

Loss for the year
  
(121,257,925)
(30,028,580)

Retained earnings at the end of the year
  
(157,891,139)
(36,633,214)
The notes on pages 14 to 30 form part of these financial statements.

Page 9

 


THAMESWEY HOUSING LIMITED
REGISTERED NUMBER:05437166



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
275,199
322,542

Tangible assets
 15 
91,055,209
108,820,381

Investments
 16 
360,464
360,464

Investment property
 17 
292,301,700
303,239,637

  
383,992,572
412,743,024

Current assets
  

Debtors: amounts falling due after more than one year
 18 
10,598,666
11,000,598

Debtors: amounts falling due within one year
 18 
41,457,228
50,750,789

Bank and cash balances
  
8,202,837
3,451,244

  
60,258,731
65,202,631

Creditors: amounts falling due within one year
 19 
(88,835,776)
(20,063,114)

Net current (liabilities)/assets
  
 
 
(28,577,045)
 
 
45,139,517

Total assets less current liabilities
  
355,415,527
457,882,541

Creditors: amounts falling due after more than one year
 20 
(488,816,666)
(470,025,755)

  

Net liabilities
  
(133,401,139)
(12,143,214)


Capital and reserves
  

Called up share capital 
 22 
24,490,000
24,490,000

Profit and loss account
 23 
(157,891,139)
(36,633,214)

  
(133,401,139)
(12,143,214)


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 14 to 30 form part of these financial statements.

Page 10

 


THAMESWEY HOUSING LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
15 months ended
31 March
2023
£
£

Cash flows from operating activities

Loss for the financial year
(121,257,925)
(30,028,580)

Adjustments for:

Amortisation of intangible assets
50,407
77,249

Depreciation of tangible assets
1,062,782
1,179,757

Impairment of assets under construction
10,360,505
-

Doubtful debt provision - amounts owed by group undertakings
12,614,865
-

Interest paid
15,304,921
17,960,359

Interest received
(342,867)
(192,701)

(Increase)/decrease in debtors
(202,597)
15,762

(Increase)/decrease in amounts owed by groups
(2,715,846)
18,478,214

Increase/(decrease) in creditors
17,245,796
(20,620,930)

Increase/(decrease)) in amounts owed to groups
1,386,079
(22,338,004)

Increase/(decrease) in provisions
-
(67,925)

Net fair value losses recognised in P&L
90,325,105
19,339,925

Net cash generated from operating activities

23,831,225
(16,196,874)


Cash flows from investing activities

Purchase of intangible fixed assets
(3,064)
(78,492)

Purchase of tangible fixed assets
(72,700,814)
(45,136,874)

Sale of tangible fixed assets
-
9,907,476

Purchase of investment properties
(344,469)
(4,483,769)

Sale of investment properties
-
573,278

Interest received
342,867
192,701

Net cash from investing activities

(72,705,480)
(39,025,680)
Page 11

 


THAMESWEY HOUSING LIMITED
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
53,625,848
72,312,146

Repayment of loans
-
(793,944)

Interest paid
-
(14,997,020)

Net cash used in financing activities
53,625,848
56,521,182

Net increase in cash and cash equivalents
4,751,593
1,298,628

Cash and cash equivalents at beginning of year
3,451,244
2,152,616

Cash and cash equivalents at the end of year
8,202,837
3,451,244


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,202,837
3,451,244

8,202,837
3,451,244


The notes on pages 14 to 30 form part of these financial statements.

Page 12

 


THAMESWEY HOUSING 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

3,451,244

4,751,593

-

8,202,837

Loan amounts owed to group undertakings due after 1 year

(452,386,552)

-

(19,784,587)

(472,171,139)

Loan amounts owed to group undertakings due within 1 year

(6,701,760)

-

(35,227,340)

(41,929,100)


(455,637,068)
4,751,593
(55,011,927)
(505,897,402)

The notes on pages 14 to 30 form part of these financial statements.

Page 13

 


THAMESWEY HOUSING LIMITED
 


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

1.


General information

ThamesWey Housing Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business can be found on the Company Information page.

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 comparative amounts report on a period of 15 months ended 31 March 2023, therefore are not entirely comparable.

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

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

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 issued 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, being 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.
 
Page 14

 


THAMESWEY HOUSING LIMITED
 


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

2.Accounting policies (continued)


2.3
Going concern (continued)

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.
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.

 
2.4

Revenue

Turnover represents rent received in respect of residential letting of investment properties, excluding value added tax.
Rental income is recognised on a straight line basis over the lease term on an accruals basis.

 
2.5

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 profit or loss 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.

 
2.6

Interest income

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

 
2.7

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. Finance costs are capitalised where they are incurred in relation to assets under construction or work in progress.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

 


THAMESWEY HOUSING LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Intangible assets

Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Software is amortised over its estimated useful life, of 8 years, on a straight line basis.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

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.

 
2.10

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:

Freehold property
-
52 years
Long-term leasehold property
-
Over term of lease
Fixtures and fittings
-
25% or over 20 years
Computer equipment
-
25%

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.

Assets under construction are carried at historical cost and are not depreciated until they come into use.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting 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 reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 16

 


THAMESWEY HOUSING LIMITED
 


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

2.Accounting policies (continued)

 
2.12

Investment property

Investment property is carried at fair value determined annually by valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

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.

Page 17

 


THAMESWEY HOUSING LIMITED
 


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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the accounts, the company is required to make estimates and assumptions that impact on the reported amounts of revenues, expenses, assets and liabilities of the company. Estimates and associated assumptions affecting the financial statements are based on historical experience and various other factors that are believed to be reasonable under the circumstances.  However, the nature of estimation means that actual outcomes could differ from those estimates. Management considers the key sources of estimation uncertainty pertinent to the company are included below:
Investment properties
The directors assess the fair value of investment properties annually, using their knowledge of the local property market, taking into account the nature and location of specific properties.  If the directors believe there has been a significant change in the fair value of investment properties they will utilise the services of an independent chartered surveyor. The surveyor values the properties on an open market value basis by reference to market evidence of transaction prices for similar properties, and the directors base the valuation of the properties on this work. Whilst established methods of valuation have been used, there is an element of estimation involved in determining the fair value of the investment properties.
As at 31 March 2024, the directors have used the investment value basis methodology provided by an external independent surveyor, Savills (UK) Limited. This is a change in accounting estimate as the vacant possession basis was used as the fair value valuation as at 31 March 2023. The change in estimation is due to the directors believing that the investment value basis provides a better estimation of the amount realisable by the company, as it takes into account the terms of the tenancies in place at the year end and is a more acceptable basis to use and understand.
The effect of the change in accounting estimate as at 31 March 2024 is a decrease in investment properties and increase in fair value loss of £91,528,000, compared to the vacant possession basis of valuation.  Of this amount, £24,728,046 relates to prior periods. Had the investment valuation been used in previous years, the loss on revaluation would have been £65,597,059 in the year ended 31 March 2024.
Shared equity mortgages
The directors assess the fair value of shared equity mortgages annually, using their knowledge of the local property market taking into account the nature and location of specific properties. The directors perform desktop valuation using available data from appropriate sources. There is an element of estimation involved in determining the fair value of the shared equity mortgages.
Shared ownership properties
The directors estimate the likelihood of shared owners defaulting on mortgage payments by reviewing historic default rates. The directors believe that no provision is required as a result of this review. 
Residential properties recognised in property, plant and equipment
Where residential properties are subject to orders restricting the maximum rental, thus not held for asset appreciation, they are recognised as property, plant and equipment (PPE) and held at cost less depreciation. Directors have assessed whether there are indicators of impairment as at the year end and determined that, whilst there is a significant loss on the fair value of investment properties, the properties in PPE are fully tenanted and continue to generate income for the company, thus there are no indicators of impairment.

Page 18

 


THAMESWEY HOUSING 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
£
£

Rent receivable
13,908,407
15,639,336

13,908,407
15,639,336


All turnover arose within the United Kingdom.


5.


Exceptional items

31 March
15 months ended
31 March
2024
2023
£
£


Impairment of assets under construction
10,360,505
-

Doubtful debt provision - amounts owed by group undertakings
12,614,865
-

22,975,370
-

During the year, the directors reviewed assets under construction for indicators of impairment and a provision of £10,360,505 was recognised.
A doubtful debt provision of £12,614,865 was recognised in relation to amounts due from group undertakings which were assessed for impairment indicators. Due to material uncertainties relating to the ability of the entity in question to settle the amount due, it was considered prudent to recognise a provision.
These transactions are deemed to be exceptional due to their size and non-recurring nature.

Page 19

 


THAMESWEY HOUSING LIMITED
 


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

6.


Fair value movements

2024
2023
£
£



Loss on revaluation of investment properties
90,325,105
19,530,198

(Gain) on revaluation of financial instruments
-
(190,273)

90,325,105
19,339,925

As at 31 March 2024, the directors have used the investment valuation provided by independent surveyors, Savills (UK) Limited. This is a change in accounting estimate as the vacant possession was used as the fair value valuation as at 31 March 2023.
The effect of the change in accounting estimate as at 31 March 2024 is a decrease in investment properties and increase in fair value loss of £91,528,000, compared to if the vacant possession had been used.  Of this amount, £24,728,046 relates to prior periods. Had the investment valuation been used in previous years, the loss on revaluation would have been £65,597,059 in the year ended 31 March 2024.


7.


Other operating income

31 March
15 months ended
31 March
2024
2023
£
£

Grants amortised
107,094
421,069

Insurance claims receivable
-
6,324

107,094
427,393


8.


Employees

No employees are directly employed by the Company. The independent directors are remunerated by the parent undertaking in both the current and preceding years. The cost of this is charged to the Company. 


9.


Operating (loss)/profit

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

31 March
15 months ended
31 March
2024
2023
£
£



Depreciation
1,062,782
1,388,777

Computer software amortisation
50,407
60,958

Auditors' remuneration
40,300
38,350

Rental cost
40,000
40,000

Page 20

 


THAMESWEY HOUSING LIMITED
 


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

10.


Income from investments

31 March
15 months ended
31 March
2024
2023
£
£





Dividends received from unlisted investments
-
40,000

-
40,000



11.


Interest receivable

31 March
15 months ended
31 March
2024
2023
£
£


Other interest receivable
342,867
192,701

342,867
192,701


12.


Interest payable and similar expenses

31 March
15 months ended
31 March
2024
2023
£
£


Group loan interest payable
15,304,921
17,960,359

15,304,921
17,960,359

Page 21

 


THAMESWEY HOUSING LIMITED
 


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

13.


Taxation


31 March
15 months ended
31 March
2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower 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
(121,257,925)
(30,028,580)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(30,314,481)
(5,705,430)

Effects of:


Fixed asset differences
2,855,812
2,026,289

Income not deductible for tax purposes
-
(36,152)

Expenses not deductible
27,532,312
1,962,691

Exempt ABGH distributions
-
(7,600)

Chargeable gains/lossess
-
475

Movement in deferred tax not recognised
(73,643)
1,759,727

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 22

 


THAMESWEY HOUSING LIMITED
 


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

14.


Intangible assets




Computer software

£



Cost


At 1 April 2023
521,306


Additions
3,064



At 31 March 2024

524,370



Amortisation


At 1 April 2023
198,764


Charge for the year on owned assets
50,407



At 31 March 2024

249,171



Net book value



At 31 March 2024
275,199



At 31 March 2023
322,542



Page 23

THAMESWEY HOUSING LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024



15.


Tangible fixed assets






Freehold property
Long-term leasehold property
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
21,087,550
5,050,000
4,561,073
46,279
80,406,940
111,151,842


Additions
-
-
265,814
-
72,435,000
72,700,814


Transfers to investment property
-
-
-
-
(79,042,699)
(79,042,699)


Transfers between classes
3,653,924
-
-
-
(3,653,924)
-



At 31 March 2024

24,741,474
5,050,000
4,826,887
46,279
70,145,317
104,809,957



Depreciation


At 1 April 2023
542,867
171,366
1,607,226
10,002
-
2,331,461


Charge for the year on owned assets
414,157
25,388
622,967
270
-
1,062,782


Impairment charge
-
-
-
-
10,360,505
10,360,505



At 31 March 2024

957,024
196,754
2,230,193
10,272
10,360,505
13,754,748



Net book value



At 31 March 2024
23,784,450
4,853,246
2,596,694
36,007
59,784,812
91,055,209



At 31 March 2023
20,544,683
4,878,634
2,953,847
36,277
80,406,940
108,820,381

During the year interest of £4,659,695 (2023 - £1,541,392) was capitalised within assets under construction. The capitalisation rates were between 1.8% and 7%.

Page 24
 


THAMESWEY HOUSING LIMITED
 


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

16.


Fixed asset investments





Shares in group undertaking

£



Cost or valuation


At 1 April 2023
360,464



At 31 March 2024
360,464






Net book value



At 31 March 2024
360,464



At 31 March 2023
360,464


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

ThamesWey Guest Houses Limited
27 Old Gloucester Street, London, WC1N 3AX
Provision of bed and breakfast accomodation
Ordinary
100%

ThamesWey Housing Limited also owns 50% (2023 - 50%) of Rutland Woking (Residential) Limited. The registered office is Dunsfold Park, Stovolds Hill, Cranleigh, Surrey, GU6 8TB.

Page 25

 


THAMESWEY HOUSING LIMITED
 


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

17.


Investment Property


Long term leasehold investment property

£



Valuation


At 1 April 2023
303,239,637


Additions at cost
344,469


Fair value movement
(90,325,105)


Transfers from assets under construction
79,042,699



At 31 March 2024
292,301,700




The 2024 valuations were conducted by Savills (UK) Limited, on an open market value for existing use basis. Savills (UK) Limited hold recognised professional qualifications and have necessary experience of valuing investment properties in the locations. See note 3 for details on the accounting estimates used to determine the fair value.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
382,940,443
303,553,275

382,940,443
303,553,275

Page 26

 


THAMESWEY HOUSING LIMITED
 


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

18.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,234,327
5,538,737

Prepayments and accrued income
5,286,418
2,383,940

Financial instruments
3,077,921
3,077,921

10,598,666
11,000,598


2024
2023
£
£

Due within one year

Trade debtors
199,296
140,134

Amounts owed by group undertakings
39,818,825
46,413,434

Other debtors
774,819
700,879

Prepayments and accrued income
558,634
3,360,014

Amounts recoverable on long-term contracts
105,654
136,328

41,457,228
50,750,789


The amounts owed by group undertakings is stated after accounting for a bad debt provision of £12,614,865 (2023 - £nil).


19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
397,794
434,886

Amounts owed to group undertakings
41,929,100
6,701,760

Other taxation and social security
2,372
6,717

Other creditors
923,225
743,557

Accruals and deferred income
45,583,285
12,176,194

88,835,776
20,063,114


Page 27

 


THAMESWEY HOUSING LIMITED
 


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

20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
472,171,139
452,386,552

Other creditors
2,694,610
2,694,610

Accruals and deferred income
13,950,917
14,944,593

488,816,666
470,025,755


Amounts owed to group undertakings comprise loans due to the ultimate parent undertaking, Woking Borough Council. Interest is charged on the above loans at an annual interest rate of between 1.8% and 7%.
A loan included in amounts owed to group undertakings is secured by a debenture giving charge on all the assets of the company.


21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,077,921
3,077,921




Financial assets measured at fair value through profit or loss comprise shared equity mortgages with home owners.

Page 28

 


THAMESWEY HOUSING LIMITED
 


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

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24,490,000 (2023 - 24,490,000) Ordinary shares of £1.00 each
24,490,000
24,490,000

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



23.


Reserves

Profit and loss account

The profit and loss account reserve records retained earnings and accumulated losses.


24.


Contingent liabilities

The Company established an "Earn Your Deposit Scheme" in 2018, whereby tenants have the right to earn a contribution towards the deposit on the purchase of a home.
 
There are various qualifying criteria to become eligible for the "Earn Your Deposit Scheme", and not all tenants who are eligible are considered likely to take up the scheme. As such, at the period end date, the company was unable to accurately quantify the deposit scheme in the accounts, and therefore no provision has been made.
The Company undertook a review of the maximum potential "Earn Your Deposit Scheme" liability at the period end, and found that if all tenants qualifying for the scheme at the period end took up the offer, a potential maximum liability of £1,760,800 would be required.
 
There is not expected to be any reimbursement for the scheme.
During the year ended 31 March 2024, the scheme was suspended to new entrants and no new entrants are now accepted.


25.


Future payments under operating leases

At 31 March 2024 the Company had future lease payments due under operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
40,000
40,000

Later than 1 year and not later than 5 years
160,000
160,000

Later than 5 years
3,280,000
3,320,000

3,480,000
3,520,000

The lease payments relate to ground rent payable under a leasehold contract.

Page 29

 


THAMESWEY HOUSING LIMITED
 


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

26.


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 Energy 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 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.
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.


27.


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.
 
 
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