THAMESWEY ENERGY LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2.3 in the financial statements, which indicates that the directors have concluded that there is a material uncertainty in relation to the Company's ability to continue in operational existence for the foreseeable future. This material uncertainty primarily arises from the ongoing reliance on the revolving loan facilities from a single funder, Woking Borough Council, who are currently under a section 114 notice. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The Company's ability to generate sufficient cash flows over the longer term to repay the funding support received is dependent on a number of uncertain future factors. These factors include inter alia the timing and scale of new customer connections, profit margins achievable on energy supplied to customers, the cost of operations, the impact of future carbon reduction legislation and the availability and cost of future funding support. The challenges facing the Company as regards future funding requirements, the ability to service the debt payable coupled with the significant net liability position, mean that there is uncertainty with regard to its ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. THAMESWEY ENERGY LIMITED 1999-07-12 → present
2. MINMAR (472) LIMITED 1999-05-18 → 1999-07-12

Latest accounts filed cover 2025-03-31; financial figures currently reflect up to 2024-03-31.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Menzies LLP

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“We draw attention to note 2.3 in the financial statements, which indicates that the directors have concluded that there is a material uncertainty in relation to the Company's ability to continue in operational existence for the foreseeable future. This material uncertainty primarily arises from the ongoing reliance on the revolving loan facilities from a single funder, Woking Borough Council, who are currently under a section 114 notice. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The Company's ability to generate sufficient cash flows over the longer term to repay the funding support received is dependent on a number of uncertain future factors. These factors include inter alia the timing and scale of new customer connections, profit margins achievable on energy supplied to customers, the cost of operations, the impact of future carbon reduction legislation and the availability and cost of future funding support. The challenges facing the Company as regards future funding requirements, the ability to service the debt payable coupled with the significant net liability position, mean that there is uncertainty with regard to its ability to continue as a going concern.”

Group structure

1. THAMESWEY ENERGY LIMITED · parent
   1. ThamesWey Central Milton Keynes Limited 100%

Significant events

• “In Woking Town Centre, the CHP brought back into operation in January 2024 ran successfully until January 2025, when a further failure occurred taking the CHP out of action to date. Consequential losses are subject to an insurance claim.”
• “A leak in the Victoria Way buried network was detected beneath the carriageway in November 2024, affecting a single relatively small load, which was managed until excavation and repairs could be coordinated. Arrangements for a temporary supply to support the customer were executed in accordance with contractual agreements while repairs were carried out. Normal supplies were restored in June 2025 following completion of the repair.”
• “In addition, electricity supplies to critical town centre infrastructure were interrupted in January 2025 by rodent damage to high-voltage conductors within the Victoria Way Car Park distribution transformer. Pending the repair, a temporary generator was required. Normal supplies were restored the following month.”
• “The efficiency of the Victoria Square Woking Limited ("VSWL") District Cooling Centre is below industry norms due to poorly performing connected loads.”
• “The new purpose-built energy centre for the ThamesWey Housing Sheerwater development was completed and handed over in December 2024.”
• “Included in the cash balance is £9,424,000 (2024 - £9,424,000) from Heat Networks Investment Project. This amount is ring-fenced for use on a future scheme.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -36.4%

  £12,014,096 → £7,642,279

• Cash

  +37%

  £11,901,373 → £16,306,682

  highest in 8 filed years

• Net assets

  -63.8%

  -£5,093,227 → -£8,343,075

  lowest in 5 filed years

• Employees

  —

  Not reported

• Operating profit

  -3,576.9%

  £46,492 → -£1,616,486

  lowest in 5 filed years

• Profit before tax

  -29%

  -£2,518,322 → -£3,249,848

  lowest in 5 filed years

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers