Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 2024-04-01 false false 106 false No description of principal activity 106 false 10912148 2024-04-01 2025-03-31 10912148 2023-04-01 2024-03-31 10912148 2025-03-31 10912148 2024-03-31 10912148 2023-04-01 10912148 5 2024-04-01 2025-03-31 10912148 5 2023-04-01 2024-03-31 10912148 d:Exceptional 1 2024-04-01 2025-03-31 10912148 d:Exceptional 1 2023-04-01 2024-03-31 10912148 e:CompanySecretary1 2024-04-01 2025-03-31 10912148 e:Director1 2024-04-01 2025-03-31 10912148 e:Director3 2024-04-01 2025-03-31 10912148 e:Director4 2024-04-01 2025-03-31 10912148 e:Director5 2024-04-01 2025-03-31 10912148 e:Director6 2024-04-01 2025-03-31 10912148 e:Director6 2025-03-31 10912148 e:Director8 2024-04-01 2025-03-31 10912148 e:Director8 2025-03-31 10912148 e:Director9 2024-04-01 2025-03-31 10912148 e:Director9 2025-03-31 10912148 e:Director10 2024-04-01 2025-03-31 10912148 e:Director10 2025-03-31 10912148 e:RegisteredOffice 2024-04-01 2025-03-31 10912148 d:PlantMachinery 2024-04-01 2025-03-31 10912148 d:PlantMachinery 2025-03-31 10912148 d:PlantMachinery 2024-03-31 10912148 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10912148 d:MotorVehicles 2024-04-01 2025-03-31 10912148 d:MotorVehicles 2025-03-31 10912148 d:MotorVehicles 2024-03-31 10912148 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10912148 d:FurnitureFittings 2024-04-01 2025-03-31 10912148 d:FurnitureFittings 2025-03-31 10912148 d:FurnitureFittings 2024-03-31 10912148 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10912148 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10912148 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 10912148 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10912148 d:CurrentFinancialInstruments 2025-03-31 10912148 d:CurrentFinancialInstruments 2024-03-31 10912148 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 10912148 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10912148 f:UnitedKingdom 2024-04-01 2025-03-31 10912148 f:UnitedKingdom 2023-04-01 2024-03-31 10912148 d:UKTax 2024-04-01 2025-03-31 10912148 d:UKTax 2023-04-01 2024-03-31 10912148 d:ShareCapital 2025-03-31 10912148 d:ShareCapital 2024-03-31 10912148 d:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 10912148 d:RetainedEarningsAccumulatedLosses 2025-03-31 10912148 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10912148 d:RetainedEarningsAccumulatedLosses 2024-03-31 10912148 d:RetainedEarningsAccumulatedLosses 2023-04-01 10912148 d:AcceleratedTaxDepreciationDeferredTax 2025-03-31 10912148 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10912148 e:OrdinaryShareClass1 2024-04-01 2025-03-31 10912148 e:OrdinaryShareClass1 2025-03-31 10912148 e:OrdinaryShareClass1 2024-03-31 10912148 e:FRS102 2024-04-01 2025-03-31 10912148 e:Audited 2024-04-01 2025-03-31 10912148 e:FullAccounts 2024-04-01 2025-03-31 10912148 e:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10912148 d:WithinOneYear 2025-03-31 10912148 d:WithinOneYear 2024-03-31 10912148 d:BetweenOneFiveYears 2025-03-31 10912148 d:BetweenOneFiveYears 2024-03-31 10912148 2 2024-04-01 2025-03-31 10912148 4 2024-04-01 2025-03-31 10912148 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-04-01 2025-03-31 10912148 g:PoundSterling 2024-04-01 2025-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10912148 WALTHAM FOREST SERVICES LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
WALTHAM FOREST SERVICES LTD COMPANY INFORMATION
Directors | J W Hubbard
| D J Evans
| J Peters
| K J Campbell-Scott
| J C Walling
| J L Martin
| Y K Campbell
Company secretary | M Vaz
Registered number | 10912148
Registered office | Fellowship Square
| Forest Road
| London
| United Kingdom
| E17 4JF
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
WALTHAM FOREST SERVICES LTD CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Balance sheet | 10 - 11
Statement of cash flows | 12
Analysis of net debt | 13
Notes to the financial statements | 14 - 29
WALTHAM FOREST SERVICES LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The company's principal activity during the year was that of specialist maintenance and cleaning services to local residents.
Business review
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business. During the year, turnover has decreased by 9.3% and gross profit margin has increased to 33.8% from 29.2% in the prior year. Net profits before tax have also increased to £85,276 (2024 - £198,029). The directors are satisfied with the results for the year. The financial position of the company continues to be strong at the year end with a healthy cash balance, while net assets remain in excess of £916k (2024 - £923k). The company has made use of its internal resources to maintain its staff levels throughout the year, which has helped set the company in a strong position to fulfil new and existing contracts. The Board are confident in its assessment of going concern, and have put measures in place to protect their staff and continue to operate as normal in the period ahead.
Principal risks and uncertainties
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the current economic climate and competition from other contractors. The global economy continues to be uncertain. As a result of market changes the company has been actively seeking to expand its customer base which the directors believe will only stand to strengthen the business going forward.
Credit risk
The company regularly reviews its exposure to credit risk. Management closely monitor outstanding debts and make provisions in the accounts for customers considered to be at risk of non-payment.
Financial key performance indicators
We consider our key financial performance indicators to be turnover, gross margin, net profits, net funds and net assets. Turnover, gross margin and net profits provide a good measure of the performance of the company, whilst net funds and net assets demonstrate the financial strength of the company.
Liquidity risk
The cash balance at the year end was £2,203,760 which provides the company with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth. Interest rate cash flow risk The company has interest bearing assets. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Page 1
WALTHAM FOREST SERVICES LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board on 25 September 2025 and signed on its behalf.
J W Hubbard Director
Page 2
WALTHAM FOREST SERVICES LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
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 Statement of income and retained earnings of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £6,644 (2024 - profit £184,385). No dividends were declared in the current or prior year.
Directors
The directors who served during the year were:
J W Hubbard
D J Evans
J Peters
K J Campbell-Scott
M A Brickell (resigned 1 January 2025)
J C Walling (appointed 8 July 2024)
J L Martin (appointed 28 January 2025)
Y K Campbell (appointed 28 January 2025)
Future developments
The directors consider that the company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities. Page 3
WALTHAM FOREST SERVICES LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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.
Auditor
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 25 September 2025 and signed on its behalf.
J W Hubbard Director
Page 4
WALTHAM FOREST SERVICES LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST SERVICES LTD
Opinion
We have audited the financial statements of Waltham Forest Services Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Conclusions relating to going concern
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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
WALTHAM FOREST SERVICES LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST SERVICES LTD (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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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
WALTHAM FOREST SERVICES LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST SERVICES LTD (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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; ∙We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards; ∙We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Page 7
WALTHAM FOREST SERVICES LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTHAM FOREST SERVICES LTD (CONTINUED) We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and ∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙Performed analytical procedures to identify and unusual or unexpected relationships; ∙Tested journal entries to identify unusual transactions; ∙Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙Investigated the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Adam Dodds (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 25 September 2025 Page 8
WALTHAM FOREST SERVICES LTD STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 5,159,412 | 5,690,046
Cost of sales |  | (3,414,054) | (4,027,043)
Gross profit |  | 1,745,358 | 1,663,003
Administrative expenses |  | (1,810,251) | (1,483,813)
Operating (loss)/profit | 4 | (64,893) | 179,190
Exceptional items | 11 | 137,000 | 20,000
Profit on ordinary activities before interest |  | 72,107 | 199,190
Interest receivable and similar income | 8 | 13,271 | 3
Interest payable and similar expenses | 9 | (102) | (1,164)
Profit before tax |  | 85,276 | 198,029
Tax on profit | 10 | (91,920) | (13,644)
(Loss)/profit after tax |  | (6,644) | 184,385
Retained earnings at the beginning of the year |  | 923,149 | 738,764
(Loss)/profit for the year |  | (6,644) | 184,385
Retained earnings at the end of the year |  | 916,505 | 923,149
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 14 to 29 form part of these financial statements.
Page 9
WALTHAM FOREST SERVICES LTD REGISTERED NUMBER: 10912148 BALANCE SHEET AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | - |  | 8,038
Tangible assets | 13 |  | 68,986 |  | 68,665
|  |  | 68,986 |  | 76,703
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 3,018,614 |  | 3,953,810 |
Cash at bank and in hand | 15 | 2,203,760 |  | 1,495,630 |
|  | 5,222,374 |  | 5,449,440 |
Creditors: amounts falling due within one year | 16 | (4,290,352) |  | (4,381,491) |
Net current assets |  |  | 932,022 |  | 1,067,949
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 |  | (1,403) |  | (1,403)
Pension liability | 21 |  | (83,000) |  | (220,000)
Net assets |  |  | 916,605 |  | 923,249
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 100 |  | 100
Profit and loss account | 19 |  | 916,505 |  | 923,149
|  |  | 916,605 |  | 923,249
Page 10
WALTHAM FOREST SERVICES LTD REGISTERED NUMBER: 10912148 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.
J W Hubbard | D J Evans
Director | Director
The notes on pages 14 to 29 form part of these financial statements. Page 11
WALTHAM FOREST SERVICES LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  |  | As restated
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | (6,644) | 184,385
Adjustments for: |  |
Amortisation of intangible assets | 8,038 | 11,622
Depreciation of tangible assets | 25,818 | 5,078
Loss on disposal of tangible assets | - | 18,000
Interest paid | 102 | 1,164
Interest received | (13,271) | (3)
Taxation charge | 91,920 | 13,644
Decrease/(increase) in debtors | 935,196 | (1,222,511)
(Decrease)/increase in creditors | (166,231) | 1,254,481
Corporation tax paid | (16,828) | (50,541)
Fair value movements on defined benefit scheme | (137,000) | (20,000)
Net cash generated from operating activities | 721,100 | 195,319
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (26,139) | (69,690)
Interest received | 13,271 | 3
Net cash from investing activities | (12,868) | (69,687)
Cash flows from financing activities |  |
Interest paid | (102) | (1,164)
Net increase in cash and cash equivalents | 708,130 | 124,468
Cash and cash equivalents at beginning of year | 1,495,630 | 1,371,162
Cash and cash equivalents at the end of year | 2,203,760 | 1,495,630
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,203,760 | 1,495,630
The notes on pages 14 to 29 form part of these financial statements.
Page 12
WALTHAM FOREST SERVICES LTD ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 1,495,630 | 708,130 | 2,203,760
| 1,495,630 | 708,130 | 2,203,760
The notes on pages 14 to 29 form part of these financial statements.
Page 13
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Waltham Forest Services Ltd (“the Company”) is a private company limited by shares, incorporated in England and Wales. Its registered office is Fellowship Square, Forest Road, London, United Kingdom, E17 4JF. The principal activity during the year was the provision of specialist maintenance and cleaning services to local residents. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company has net current assets as at 31 March 2025. The company has the continued support of its parent undertaking whilst improving results from the previous financial year. On this basis, the directors are of the opinion that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors therefore considers it appropriate to continue to prepare the financial statements on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'. Page 14
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term. Page 15
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Defined benefit pension plan The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled. The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in the Statement of income and retained earnings as employee costs, except where included in the cost of an asset, comprises: a) the increase in net pension benefit liability arising from employee service during the period; and b) the cost of plan introductions, benefit changes, curtailments and settlements. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Statement of income and retained earnings as a 'finance expense'.
| 2.7 | Interest income
Interest income is recognised in the Statement of income and retained earnings using the effective interest method. Page 16
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | 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.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 17
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | Straight line
|  |  |  | Motor vehicles | - | 33% | Straight line
|  |  |  | Fixtures and fittings | - | 20% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 19
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Turnover
The whole of the turnover is attributable to the principal activities of the business.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,159,412 | 5,690,046
| All turnover arose within the United Kingdom.
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation on tangible fixed assets | 25,818 | 5,078
| Amortisation of intangible fixed assets | 8,038 | 11,622
| Exchange differences | - | 7
| Defined contribution pension costs | 152,822 | 140,629
| Operating lease rentals | 80,275 | 86,693
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 11,500 | 9,500
| Fees payable to the Company's auditors in respect of: |  |
| Non-audit services | 19,836 | 6,796
Page 20
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,221,803 | 3,028,148
| Social security costs | 329,749 | 322,613
| Cost of defined contribution scheme | 152,822 | 140,629
|  | 3,704,374 | 3,491,390
| The average monthly number of employees, including directors, during the year was 106 (2024 - 106).
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 46,912 | 39,854
| Company contributions to defined contribution pension schemes | 21,732 | 19,457
| Amounts paid to third parties in respect of directors' services | 130,131 | 116,595
|  | 198,775 | 175,906
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
8. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 13,271 | 3
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 102 | -
| Other interest payable | - | 1,164
|  | 102 | 1,164
Page 21
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 88,736 | 13,644
| Adjustments in respect of previous periods | 3,184 | -
|  | 91,920 | 13,644
| Total current tax | 91,920 | 13,644
| Deferred tax |  |
| Total deferred tax | - | -
|  | 91,920 | 13,644
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 85,276 | 198,029
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 21,319 | 49,507
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,793 | 4,218
| Capital allowances for year in excess of depreciation | (80) | (11,653)
| Utilisation of tax losses | - | (19,132)
| Adjustments to tax charge in respect of prior periods | 3,184 | -
| Non-taxable income | (34,250) | (5,000)
| Other differences leading to an increase (decrease) in the tax charge | 98,954 | (4,296)
| Total tax charge for the year | 91,920 | 13,644
Page 22
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value movement on pension scheme | (137,000) | (20,000)
12. | Intangible assets
|  | Website development
|  | £
| Cost |
| At 1 April 2024 | 74,137
| At 31 March 2025 | 74,137
| Amortisation |
| At 1 April 2024 | 66,099
| Charge for the year on owned assets | 8,038
| At 31 March 2025 | 74,137
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | 8,038
Page 23
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 37,390 | 37,535 | 4,660 | 79,585
| Additions | 11,016 | 15,123 | - | 26,139
| At 31 March 2025 | 48,406 | 52,658 | 4,660 | 105,724
| Depreciation |  |  |  |
| At 1 April 2024 | 8,486 | 1,735 | 699 | 10,920
| Charge for the year on owned assets | 9,589 | 15,297 | 932 | 25,818
| At 31 March 2025 | 18,075 | 17,032 | 1,631 | 36,738
| Net book value |  |  |  |
| At 31 March 2025 | 30,331 | 35,626 | 3,029 | 68,986
| At 31 March 2024 | 28,904 | 35,800 | 3,961 | 68,665
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,495,886 | 3,452,657
| Amounts owed by group undertakings | 270,745 | 270,745
| Other debtors | 131,831 | 36,029
| Prepayments and accrued income | 120,152 | 194,379
|  | 3,018,614 | 3,953,810
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,203,760 | 1,495,630
Page 24
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,475,333 | 2,218,543
| Corporation tax | 88,736 | 13,644
| Other taxation and social security | 425,021 | 383,357
| Accruals and deferred income | 301,262 | 1,765,947
|  | 4,290,352 | 4,381,491
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 1,403
| At end of year | 1,403
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax | 1,403 | 1,403
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
19. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends. Page 25
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Prior year adjustment
The comparative figures for the year ended 31 March 2024 and 31 March 2023 have been restated to correct duplicate expenditure recorded in the Profit and Loss in the year ended 31 March 2022 and prior. The effect of the adjustment is an increase in retained earnings and decrease in trade creditors by £395,816.
21. | Pension commitments
The Company operates a Defined benefit pension scheme. The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Company also operates a Defined benefit pension scheme for certain employees which is a multiemployer scheme managed by it's parent entity, The London Borough of Waltham Forest. The scheme operated by Waltham Forest Services Ltd (“the Employer”) is called the London Borough of Waltham Forest Pension Fund ("the Scheme"). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The pension cost charge represents contributions payable by the Company to the above funds and amounted to £152,822 (2024 - £140,629). Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors. The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Employers must agree with the Trustee Directors of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective. The Statutory Funding Objective does not currently impact on the recognition of the Scheme in these accounts. At the time of preparing these financial statements, the most recent available, comprehensive actuarial valuation of the company pension scheme, using the projected unit credit method, was as at 31 March 2025. In preparing this note, this valuation has been used as the source document. Under the Scheme Funding regime, all pension schemes are subject to the Statutory Funding Objective of having sufficient assets to cover the expected cost of providing the pensions and benefits accrued at the valuation date, (the “Technical Provisions”). The financial reporting assumptions required to be used in valuing the assets and liabilities of the pension fund differ from these actuarial assumptions. On the 1 April 2018, employees were transferred via TUPE to the company. These employees were already part of the London Borough of Waltham Forest Pension Fund and as such the value of the scheme relating to these employees were redesignated accordingly as at that date to Waltham Forest Services Ltd. Page 26
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21.Pension commitments (continued)
| Reconciliation of present value of plan liabilities:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Reconciliation of present value of plan liabilities |  |
| At the beginning of the year | 1,552,000 | 1,493,000
| Current service cost | 36,000 | 69,000
| Interest cost | 73,000 | 71,000
| Actuarial gains | (169,000) | (10,000)
| Contributions | 10,000 | 20,000
| Previously unrecognised surplus deducted | (45,000) | -
| Gain/loss on settlement or curtailment | - | 1,000
| Benefits transferred/paid | (30,000) | (92,000)
| At the end of the year | 1,427,000 | 1,552,000
| Reconciliation of present value of plan assets:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| At the beginning of the year | 1,332,000 | 1,253,000
| Administrative cost | (2,000) | (3,000)
| Interest income | 64,000 | 61,000
| Actuarial losses/gains | (41,000) | 32,000
| Contributions | 52,000 | 81,000
| Benefits/transfers paid | (30,000) | (92,000)
| Previously unrecognised surplus deducted | (31,000) | -
| At the end of the year | 1,344,000 | 1,332,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value of plan assets | 1,344,000 | 1,332,000
| Present value of plan liabilities | (1,427,000) | (1,552,000)
| Net pension scheme liability | (83,000) | (220,000)
Page 27
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21.Pension commitments (continued)
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
|  | 2025 | 2024
|  | % | %
| Discount rate | 5.8 | 4.9
| Future salary increases | 4.2 | 4.2
| Future pension increases | 2.8 | 2.8
| Inflation assumption | 2.6 | 2.6
| Mortality rates |  |
| - for a male aged 65 now | 21.4 | 21.4
| - at 65 for a male aged 45 now | 22.6 | 22.6
| - for a female aged 65 now | 23.8 | 23.8
| - at 65 for a female member aged 45 now | 25.4 | 25.5
| Tax free cash: Members are assumed to take 50% of their pension as tax free cash. Further details regarding the Defined benefit pension scheme can be found in the consolidated financial statements of London Borough of Waltham Forest as at 31 March 2025, which may be obtained from the registered office, Waltham Forest Town Hall, Forest Road, Walthamstow, United Kingdom, E17 4JF.
Page 28
WALTHAM FOREST SERVICES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 24,706 | 22,015
| Later than 1 year and not later than 5 years | 17,310 | 16,985
|  | 42,016 | 39,000
23. | Related party transactions
| During the year there were sales to the parent company of £5,563,884 (2024 - £5,4 54,916), and purchases of £5,339,880 (2024 - £3,847,329) from the parent company. At the year end net amounts of £713,227 were owed to the parent company (2024 - £889,979) owed from).
24. | Controlling party
The Company’s ultimate parent undertaking and controlling party is The London Borough of Waltham Forest. The registered office address of the London Borough of Waltham Forest is Waltham Forest Town Hall, Forest Road, Walthamstow, United Kingdom, E17 4JF.
Page 29