W.T. Partnership Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01130989 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 September 2020

for

W.T. Partnership Limited

Page

Company Information

1

Strategic Report

3

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

N J Day

A R Chapman

C Peyman

G Payne

S P Beard

J Hinchliffe

P Goldstraw

A J Richardson

D A Smith

M Fantl

A Cunningham

T Hill

A Perry

S Lester

P Henson

J Pickles

G K Driver

I M Rhodes

N Tyler

A Mannion

G Elkes

P Maguire

SECRETARY:

N J Day

REGISTERED OFFICE:

AMP House

Dingwall Road

Croydon

Surrey

CR0 2LX

REGISTERED NUMBER:

01130989 (England and Wales)

AUDITORS:

Thornton Springer LLP

Chartered Accountants

Statutory Auditor

67 Westow Street

London

United Kingdom

SE19 3RW

The directors present their strategic report for the year ended 30 September 2020.

REVIEW OF THE BUSINESS

Prior to the Covid-19 lockdown, the Company was well on course to improve on it's financial performance for the previous year. The macro-economic impact of the Covid -19 restrictions and in particular the impact on the construction market led to a number of projects being delayed and, in some cases, cancelled altogether, resulting in a reduction in overall turnover for the year. As a result of the swift implementation of cost reduction measures and the utilisation of available Government support we are pleased to report that the Company remains in a fundamentally sound financial position.

It is fair to say that some offices and sectors have weathered the pandemic better than others, however our strategy of diversification, both in terms of geographical location, sector and service offering have stood the Company in good stead over the last 12 months as we continue to generate new opportunities and win new projects.

We have adapted well to the challenges presented by remote working and, with all of our offices now Covid-19 compliant, we have been able to deliver an almost seamless service to our Clients over this period. We have successfully implemented changes to our working practices, including widespread adoption of MS Teams and the migration of our data to cloud storage, along with a comprehensive review of our office stock should leave the Company on a strong footing for the years ahead.

At the year-end date the company's net assets were £1.85m (2019 - £1.79m).

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities expose it to a number of financial risks including price risk, credit risk and liquidity risk.

Price risk

The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations.

Credit risk

The company's principal financial assets are bank balances and cash, trade and other debtors and investments.

The company's credit risk is primarily attributable to its trade debtors. The directors mitigate this by only entering into contracts with government agencies or long established listed or private companies with a trading history and substantial working capital base. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.

Interest rate risk

The main risk arising from the company's cash deposits is changes in interest rates. The directors ensure risk is mitigated by placing cash deposits in interest bearing deposit accounts.

KEY PERFORMANCE INDICATORS (KPIs)

The principal KPIs used by the directors to assess the performance and position of the business of the company are as follows:

Growth in revenue

The directors monitor the development of the business by assessing the growth in turnover, relating it to project performance. The company's turnover decreased by £1,507,938 (9.95%) when compared to the year ended 30 September 2019.

Operating profit

Operating profit and profit before tax are key measures of the company's performance. The company generated an operating profit in the year of £205,388 (2019 - £225,493). The profit before tax for the year was £80,008 (2019 - £56,091).

BY ORDER OF THE BOARD:

G Elkes - Director

25 June 2021

The directors present their report with the financial statements of the company for the year ended 30 September 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing professional services related to financial planning, programming and management in connection with building and civil engineering contracts.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report.

N J Day

A R Chapman

C Peyman

G Payne

S P Beard

J Hinchliffe

P Goldstraw

A J Richardson

D A Smith

M Fantl

A Cunningham

T Hill

A Perry

S Lester

P Henson

J Pickles

G K Driver

I M Rhodes

N Tyler

A Mannion

G Elkes

Other changes in directors holding office are as follows:

P Maguire - appointed 1 February 2020

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:

G Elkes - Director

25 June 2021

Opinion

We have audited the financial statements of W.T. Partnership Limited (the 'company') for the year ended 30 September 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 30 September 2020 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 UK, including the FRC'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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.

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 a Report of the Auditors 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Stephen Kaye FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Thornton Springer LLP

Chartered Accountants

Statutory Auditor

67 Westow Street

London

United Kingdom

SE19 3RW

29 June 2021

TURNOVER

13,642,520

15,150,458

Cost of sales

(8,281,546

)

(9,107,299

)

GROSS PROFIT

5,360,974

6,043,159

Administrative expenses

(5,343,500

)

(5,886,985

)

17,474

156,174

Other operating income

187,914

69,319

OPERATING PROFIT

4

205,388

225,493

Interest receivable and similar income

18

41

205,406

225,534

Interest payable and similar expenses

5

(125,398

)

(169,443

)

PROFIT BEFORE TAXATION

80,008

56,091

Tax on profit

6

(20,243

)

(18,174

)

PROFIT FOR THE FINANCIAL YEAR

59,765

37,917

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

59,765

37,917

FIXED ASSETS

Tangible assets

7

254,060

256,291

Investments

8

2,443

2,443

256,503

258,734

CURRENT ASSETS

Debtors

9

7,902,059

8,419,797

Cash at bank and in hand

1,132,588

33,021

9,034,647

8,452,818

CREDITORS

Amounts falling due within one year

10

(3,569,954

)

(3,094,117

)

NET CURRENT ASSETS

5,464,693

5,358,701

TOTAL ASSETS LESS CURRENT LIABILITIES

5,721,196

5,617,435

CREDITORS

Amounts falling due after more than one year

11

(3,869,630

)

(3,825,634

)

NET ASSETS

1,851,566

1,791,801

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Retained earnings

16

1,850,566

1,790,801

SHAREHOLDERS' FUNDS

21

1,851,566

1,791,801

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2021 and were signed on its behalf by:

P Goldstraw - Director

M Fantl - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2018

1,000

1,752,884

1,753,884

Changes in equity

Total comprehensive income

-

37,917

37,917

Balance at 30 September 2019

1,000

1,790,801

1,791,801

Changes in equity

Total comprehensive income

-

59,765

59,765

Balance at 30 September 2020

1,000

1,850,566

1,851,566

Cash flows from operating activities

Cash generated from operations

1

1,805,359

(1,123,650

)

Interest paid

(122,720

)

(166,765

)

Interest element of hire purchase payments paid

(2,678

)

(2,678

)

Tax paid

1

(4,500

)

Net cash from operating activities

1,679,962

(1,297,593

)

Cash flows from investing activities

Purchase of tangible fixed assets

(82,456

)

(101,546

)

Interest received

18

41

Net cash from investing activities

(82,438

)

(101,505

)

Cash flows from financing activities

New loans in year

-

4,400,000

Loan repayments in year

(190,520

)

(1,805,874

)

Hire purchase capital repayments

(28,128

)

(28,279

)

Amount withdrawn by directors

-

(10,891

)

Net cash from financing activities

(218,648

)

2,554,956

Increase in cash and cash equivalents

1,378,876

1,155,858

Cash and cash equivalents at beginning of year

2

(246,288

)

(1,402,146

)

Cash and cash equivalents at end of year

2

1,132,588

(246,288

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.20

30.9.19

£

£

Profit before taxation

80,008

56,091

Depreciation charges

84,687

85,430

Finance costs

125,398

169,443

Finance income

(18

)

(41

)

290,075

310,923

Decrease/(increase) in trade and other debtors

517,738

(1,846,286

)

Increase in trade and other creditors

997,546

411,713

Cash generated from operations

1,805,359

(1,123,650

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2020

30.9.20

1.10.19

£

£

Cash and cash equivalents

1,132,588

33,021

Bank overdrafts

-

(279,309

)

1,132,588

(246,288

)

Year ended 30 September 2019

30.9.19

1.10.18

£

£

Cash and cash equivalents

33,021

6,321

Bank overdrafts

(279,309

)

(1,408,467

)

(246,288

)

(1,402,146

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.10.19

Cash flow

At 30.9.20

£

£

£

Net cash

Cash at bank and in hand

33,021

1,099,567

1,132,588

Bank overdrafts

(279,309

)

279,309

-

(246,288

)

1,378,876

1,132,588

Debt

Finance leases

(53,444

)

28,128

(25,316

)

Debts falling due within 1 year

(380,000

)

260,000

(120,000

)

Debts falling due after 1 year

(3,800,150

)

(69,480

)

(3,869,630

)

(4,233,594

)

218,648

(4,014,946

)

Total

(4,479,882

)

1,597,524

(2,882,358

)

1.	STATUTORY INFORMATION

W.T. Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

There are no significant judgements (apart from those involving estimates) which have had an effect on the accounts recognised in the financial statements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

In respect of on-going engagements, turnover includes the value of services provided but not invoiced up to the Balance Sheet date, after making due allowances for unrecoverable amounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank overdraft, intra-group balances and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

30.9.20

30.9.19

£

£

Wages and salaries

5,980,828

6,232,340

Social security costs

665,865

726,518

Other pension costs

406,849

472,636

7,053,542

7,431,494

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

30.9.20

30.9.19

Directors

22

21

Professional staff

90

92

Administrative staff

10

11

122

124

30.9.20

30.9.19

£

£

Directors' remuneration

935,142

1,048,444

Information regarding the highest paid director is as follows:

30.9.20

30.9.19

£

£

Emoluments etc

143,489

182,499

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.20

30.9.19

£

£

Depreciation - owned assets

71,397

67,709

Depreciation - assets on hire purchase contracts

13,290

17,721

Auditors' remuneration

16,750

16,750

Auditors' remuneration for non audit work

12,250

12,250

Operating leases - hire of plant & machinery

30,811

44,846

Operating leases - rent of land & buildings

408,208

457,922

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.20

30.9.19

£

£

Bank interest

11,582

24,869

Bank loan interest

111,138

83,396

Loan interest

-

58,500

Hire purchase

2,678

2,678

125,398

169,443

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.20

30.9.19

£

£

Current tax:

UK corporation tax

20,243

18,174

Tax on profit

20,243

18,174

UK corporation tax has been charged at 19% .