W.T. Partnership Limited - Limited company accounts 18.1.1

REGISTERED NUMBER: 01130989 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 September 2017

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

14

DIRECTORS:

A Broomfield

A W Williams

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

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 2017.

REVIEW OF THE BUSINESS

The Directors are pleased to report that the Company has experienced continued strong growth in fee income for the

financial year ended 30 September 2017.

It is particularly pleasing to note that this strong growth in turnover has come from both the London commercial sector

and our regional office structure. The financial performance across the Group has manifested itself in an increase in

activity both in the private and public sectors and this has resulted in an increase in both turnover and levels of

profitability. Our regional offices have now started to perform very satisfactorily and this is expected to continue during

the forthcoming financial year.

The Company continues to invest heavily in recruiting talented professional staff in order to take the business forward

and ensure that growth in turnover and profitability continues.

The Company also continues to invest in the development of our staff and improved Quality and Business Management

Systems.

At the year-end date the company's net assets were £1.68m (2016 - £1.61m).

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 increased by £1,397,310 (11.6%) when compared to the year ended 30 September

2016.

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 £237,935. The profit before tax for the year was £95,269 an increase of 20.9% on the

previous year.

BY ORDER OF THE BOARD:

N J Day - Secretary

25 June 2018

The directors present their report with the financial statements of the company for the year ended 30 September 2017.

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 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2016 to the date of this

report.

A Broomfield

A W Williams

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

Other changes in directors holding office are as follows:

A Mannion - appointed 1 April 2017

P Moore ceased to be a director after 30 September 2017 but prior to the date of this report.

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:

N J Day - Secretary

25 June 2018

Opinion

We have audited the financial statements of W.T. Partnership Limited (the 'company') for the year ended

30 September 2017 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).

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.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2017 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 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, 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 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 pages five and 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.

Our 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.

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

28 June 2018

TURNOVER

13,452,837

12,055,527

Cost of sales

(6,961,454

)

(6,156,624

)

GROSS PROFIT

6,491,383

5,898,903

Administrative expenses

(6,414,948

)

(5,686,284

)

76,435

212,619

Other operating income

161,500

31,250

OPERATING PROFIT

4

237,935

243,869

Interest receivable and similar income

3

268

237,938

244,137

Interest payable and similar expenses

5

(142,669

)

(165,355

)

PROFIT BEFORE TAXATION

95,269

78,782

Tax on profit

6

(22,768

)

(17,422

)

PROFIT FOR THE FINANCIAL YEAR

72,501

61,360

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

72,501

61,360

FIXED ASSETS

Tangible assets

7

167,177

167,144

Investments

8

2,443

2,443

169,620

169,587

CURRENT ASSETS

Debtors

9

6,494,802

7,047,954

Cash at bank and in hand

3,668

126,697

6,498,470

7,174,651

CREDITORS

Amounts falling due within one year

10

(3,394,272

)

(3,737,779

)

NET CURRENT ASSETS

3,104,198

3,436,872

TOTAL ASSETS LESS CURRENT LIABILITIES

3,273,818

3,606,459

CREDITORS

Amounts falling due after more than one year

11

(1,588,362

)

(1,993,504

)

NET ASSETS

1,685,456

1,612,955

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Retained earnings

16

1,684,456

1,611,955

SHAREHOLDERS' FUNDS

20

1,685,456

1,612,955

The financial statements were approved by the Board of Directors on 25 June 2018 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 2015

1,000

1,550,595

1,551,595

Changes in equity

Total comprehensive income

-

61,360

61,360

Balance at 30 September 2016

1,000

1,611,955

1,612,955

Changes in equity

Total comprehensive income

-

72,501

72,501

Balance at 30 September 2017

1,000

1,684,456

1,685,456

Cash flows from operating activities

Cash generated from operations

1

1,115,002

28,734

Interest paid

(142,149

)

(164,575

)

Interest element of hire purchase payments paid

(520

)

(780

)

Tax paid

(17,422

)

(21,290

)

Net cash from operating activities

954,911

(157,911

)

Cash flows from investing activities

Purchase of tangible fixed assets

(55,758

)

(70,393

)

Interest received

3

268

Net cash from investing activities

(55,755

)

(70,125

)

Cash flows from financing activities

Loan repayments in year

(395,142

)

(427,564

)

Hire purchase capital repayments

(4,646

)

(6,966

)

Amount introduced by directors

11,042

14,802

Amount withdrawn by directors

(14,802

)

(7,379

)

Net cash from financing activities

(403,548

)

(427,107

)

Increase/(decrease) in cash and cash equivalents

495,608

(655,143

)

Cash and cash equivalents at beginning of year

2

(1,441,603

)

(786,460

)

Cash and cash equivalents at end of year

2

(945,995

)

(1,441,603

)

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

30.9.17

30.9.16

£

£

Profit before taxation

95,269

78,782

Depreciation charges

55,725

55,714

Finance costs

142,669

165,355

Finance income

(3

)

(268

)

293,660

299,583

Decrease/(increase) in trade and other debtors

553,152

(453,636

)

Increase in trade and other creditors

268,190

182,787

Cash generated from operations

1,115,002

28,734

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 2017

30.9.17

1.10.16

£

£

Cash and cash equivalents

3,668

126,697

Bank overdrafts

(949,663

)

(1,568,300

)

(945,995

)

(1,441,603

)

Year ended 30 September 2016

30.9.16

1.10.15

£

£

Cash and cash equivalents

126,697

951,766

Bank overdrafts

(1,568,300

)

(1,738,226

)

(1,441,603

)

(786,460

)

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

30.9.17

30.9.16

£

£

Wages and salaries

5,400,678

4,975,605

Social security costs

611,214

557,504

Other pension costs

431,300

490,588

6,443,192

6,023,697

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

30.9.17

30.9.16

Directors

16

16

Professional staff

90

81

Administrative staff

10

10

116

107

30.9.17

30.9.16

£

£

Directors' remuneration

1,297,858

1,338,769

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

30.9.17

30.9.16

£

£

Emoluments etc

163,392

168,659

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.17

30.9.16

£

£

Depreciation - owned assets

55,725

55,714

Auditors' remuneration

16,750

16,750

Auditors' remuneration for non audit work

12,250

12,250

Operating leases - hire of plant & machinery

55,695

53,678

Operating leases - rent of land & buildings

409,657

315,308

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.17

30.9.16

£

£

Bank interest

47,848

54,736

Bank loan interest

35,801

51,297

Loan interest

58,500

58,542

Hire purchase

520

780

142,669

165,355

6.

TAXATION

Analysis of the tax charge

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

30.9.17

30.9.16

£

£

Current tax:

UK corporation tax

22,768

17,422

Tax on profit

22,768

17,422