Companies House Accounts Analysis
A forensic review of the latest Companies House filings for every company Woking Borough Council invested in — extracted directly from statutory accounts filed with the Registrar.
Executive Summary
Combined net liabilities across every council-linked company exceed £900 million, with material uncertainty going concern warnings on virtually every entity. Combined WBC debt across Victoria Square and Thameswey stands at £1.28 billion.
VSWL Net Liabilities
£557.7m
Against £714m WBC loan
Thameswey Group Loss
£115.7m
Single year (2024)
GolDev Total Assets
£100
Dormant shell — every year
Combined WBC Debt
£1.28bn
VSWL £714m + Thameswey £562m
1. Victoria Square Woking Limited
Net Liabilities £557.7mBalance Sheet (31 March 2024)
| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Investment property (fair value) | 151,150,809 | 142,469,282 |
| Tangible assets | 356,875 | 373,107 |
| Investments | 2 | 2 |
| Total fixed assets | 151,507,686 | 142,842,391 |
| Debtors | 29,660,978 | 27,595,007 |
| Cash at bank | 6,127,430 | 2,341,311 |
| Total current assets | 35,788,408 | 29,936,318 |
| Creditors (within 1 year) | (40,369,328) | (22,127,546) |
| Net current (liabilities)/assets | (4,580,920) | 7,808,772 |
| Creditors (after 1 year) | (704,630,992) | (690,952,918) |
| NET LIABILITIES | (557,704,226) | (540,301,755) |
| Share capital | 30,000 | 30,000 |
| Retained earnings | (557,734,226) | (540,331,755) |
Investment Property Detail
| Item | £ |
|---|---|
| Investment property at cost (31 March 2024) | 679,625,896 |
| Additions during year | 16,163,134 |
| Accumulated impairments | (528,475,087) |
| Impairments charged in year | 7,481,607 |
| Net book value | 151,150,809 |
The Gap: £563 Million
The WBC loan stands at £714,416,562 (revolving facility limit: £745m). The property backing it is valued at just £151m — a shortfall of £563 million that Woking taxpayers are exposed to. The £528m of accumulated impairments on cost of £680m represents a 78% loss of value.
Going Concern Warning
“The company has reported a loss of £17,402,471 for the year ended 31 March 2024 and at that date, the company's liabilities exceeded its total assets by £557,704,226… There is a material uncertainty related to events or conditions, which may cast significant doubt on the company's ability to continue as a going concern.”
Red Flags
- Audited by WHR Accountants Ltd, Armagh, Northern Ireland — a small firm for a £700m+ development in Surrey
- Only 1 employee for the entire year
- Paid Moyallen Developments Limited £1,080,000 in development management fees
- Claims exemption from related party transaction disclosure for wholly-owned entities
- Debt standstill agreement to March 2026 — interest accruing but unpaid
- Storm damage in December 2024 identified cladding panel issues on the hotel building
2. GolDev Woking Limited
Dissolved — Dormant ShellMost Significant Finding of the Entire Review
This company was described as “dormant throughout the current year and previous year” in every set of accounts filed with Companies House. In every year — 2020, 2021, 2022, 2023 — it reported:
- Total assets: £100 (cash in hand only)
- No turnover, no operations, no loans on its balance sheet
- No fixed assets, no employees
- Unaudited accounts (exempt from audit)
Yet this company is reported to have been associated with approximately £250 million of Woking Borough Council lending for property development. The Companies House accounts show zero evidence of any such transactions.
Accounts — All Years Identical
| Item | 2023 (£) | 2022 (£) | 2021 (£) | 2020 |
|---|---|---|---|---|
| Cash in hand | 100 | 100 | 100 | Dormant |
| Total assets | 100 | 100 | 100 | Dormant |
| Share capital | 100 | 100 | 100 | — |
| Shareholders’ funds | 100 | 100 | 100 | — |
Directors
- Wayne Ian Gold — Director from 1 May 2018 (Radlett, Hertfordshire)
- Gerald Brian Taylor — Director from 8 March 2021 (869 High Road, London N12)
- Richard Craig Leslie — Appointed and resigned same day (11 January 2021)
- Spencer Adam Leslie — Same pattern as Richard Leslie — appointed and resigned same day
This warrants further investigation — either the accounts filed with Companies House were false, or the money went somewhere other than this company.
Persons with Significant Control — Corporate Chain Investigation
Companies House PSC records reveal a chain of shell companies ultimately controlled by a single individual:
Chain of Control
All companies registered at 869 High Road, London N12 8QA. Ultimate controlling party confirmed in accounts notes as “Mr W Gold”.
Goldev Holdings Limited (12573141) — Immediate Parent
| Item | 2024 (£) | 2023 (£) | 2022 (£) | 2021 (£) |
|---|---|---|---|---|
| Investments | 100 | 100 | 100 | 100 |
| Cash at bank | 287 | 350 | 119 | 1 |
| Total assets | 387 | 450 | 219 | 101 |
| Creditors due < 1 year | (18,568) | (14,518) | (10,469) | (6,419) |
| Net liabilities | (18,181) | (14,068) | (10,250) | (6,318) |
Net liabilities growing every year. The company has no turnover, no employees, and its only asset is the £100 share in GolDev Woking. Creditors (owed to directors / group companies) increase by approximately £4,000 per year.
Goldev Limited (07936425) — Ultimate Parent
| Item | 2024 (£) | 2023 (£) | 2022 (£) | 2021 (£) | 2020 (£) |
|---|---|---|---|---|---|
| Cash at bank | 2,206 | 3,879 | 7,547 | 119 | 3,285 |
| Debtors | 2,510 | 2,510 | 2,510 | 2,510 | 2,510 |
| Total assets | 4,716 | 6,389 | 10,057 | 2,629 | 5,795 |
| Creditors due < 1 year | (317,628) | (313,097) | (308,568) | (304,037) | (150,000) |
| Net liabilities | (312,912) | (306,708) | (298,511) | (301,408) | (144,205) |
Deepening net liabilities every year. Creditors more than doubled from £150k to £318k between 2020 and 2024. The company had one employee in 2024, zero in all prior years. This is the entity that controls the entire GolDev chain — yet it is itself insolvent on paper.
Former PSCs — Charter House Property & Kingley Developments
- Charter House Property Limited (09912788) — Ceased as PSC of GolDev Woking. Directors were Richard Craig Leslie and Spencer Adam Leslie — the same individuals who were appointed and resigned as GolDev Woking directors on the same day (11 January 2021). Charter House is now in Compulsory Liquidation — winding-up petition filed May 2021, wound up January 2022. Accounts overdue.
- Kingley Developments Limited (06557527) — Ceased as PSC of GolDev Woking. Company dissolved April 2018. Director was James Lester of 303 Ballards Lane, London N12.
The entire GolDev corporate structure consists of shell companies with minimal or zero assets, controlled by a single individual through a chain of insolvent intermediaries. One former PSC company has been compulsorily wound up.
3. Thameswey Limited — Consolidated Group
Net Liabilities £172.3mConsolidated Profit & Loss (Year to 31 March 2024)
| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Turnover | 33,133,145 | 46,452,598 |
| Cost of sales | (18,359,333) | (29,461,004) |
| Gross profit | 14,773,812 | 16,991,594 |
| Administrative expenses | (9,251,740) | (12,757,895) |
| Exceptional admin expenses (impairments) | (11,812,499) | — |
| Fair value movements (write-downs) | (90,747,531) | (21,341,169) |
| Other operating income | 730,149 | 3,969,889 |
| Operating loss | (96,307,809) | (13,137,581) |
| Interest receivable | 687,282 | 245,924 |
| Interest payable | (20,051,111) | (24,293,367) |
| Loss before taxation | (115,671,638) | (37,185,024) |
| Tax | — | — |
| Loss for the year | (115,671,638) | (37,185,024) |
Consolidated Balance Sheet (31 March 2024)
| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Intangible assets | 214,908 | 269,592 |
| Tangible assets | 164,523,809 | 179,048,020 |
| Investment property | 300,086,702 | 310,388,686 |
| Total fixed assets | 464,825,419 | 489,706,298 |
| Stocks and work in progress | 4,611,785 | 29,452,904 |
| Debtors (after 1 year) | 4,621,558 | 4,621,558 |
| Debtors (within 1 year) | 9,071,275 | 12,048,469 |
| Cash at bank | 40,237,658 | 25,779,755 |
| Total current assets | 58,542,276 | 71,902,686 |
| Creditors (within 1 year) | (93,681,465) | (38,806,423) |
| Net current (liabilities)/assets | (35,139,189) | 33,096,263 |
| Creditors (after 1 year) | (601,224,470) | (579,400,707) |
| Provisions | (731,544) | — |
| NET LIABILITIES | (172,269,784) | (56,598,146) |
| Share capital | 31,193,231 | 31,193,231 |
| P&L account | (203,457,421) | (87,787,074) |
Key Findings
- Net liabilities tripled in one year: from £56.6m to £172.3m
- Total net debt: £561.8m (increase of £45.2m)
- Additional WBC borrowings in year: £53.6m
- Fair value write-downs of £90.7m on investment properties after changing valuation basis from vacant possession to investment valuation (Savills)
- Additional impairments of £11.8m on assets under construction
- Group interest charged by WBC: £24.8m/year at rates of 1.2% to 7%
- Staff costs just £4.1m for a group with £523m in assets and £562m in debt
Going Concern Warning
“Material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. 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.”
Subsidiaries (all 100% unless noted)
- ThamesWey Energy Limited
- ThamesWey Housing Limited
- ThamesWey Developments Limited
- ThamesWey Sustainable Communities Limited
- ThamesWey Solar Limited
- ThamesWey Central Milton Keynes Limited (indirect)
- ThamesWey Guest Houses Limited (indirect)
- Rutland Woking (Residential) Limited — 75% owned (indirect)
4. Thameswey Energy Limited
Net Liabilities £8.3m| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Turnover | 7,642,279 | 12,014,096 |
| Gross profit | 1,730,887 | 3,130,236 |
| Operating loss/(profit) | (1,616,486) | 46,492 |
| Interest payable | (1,763,168) | (2,587,817) |
| Loss for year | (3,249,848) | (2,518,322) |
| Fixed assets (tangible) | 52,128,204 | 53,078,107 |
| Cash | 16,306,682 | 11,901,373 |
| Creditors (within 1 year) | (8,807,817) | (5,702,688) |
| Creditors (after 1 year) | (72,505,616) | (68,260,675) |
| Net liabilities | (8,343,075) | (5,093,227) |
| Share capital | 5,050,450 | 5,050,450 |
| Retained losses | (13,393,525) | (10,143,677) |
| Employees | 0 | 0 |
Key Issues
- Zero employees — all work done through parent
- Turnover fell 36% year-on-year
- Victoria Way gas engine requires repair — insurance claim pending
- Ageing infrastructure (25 years) expected to see increased breakdowns
- £72.5m long-term creditors against £52m of fixed assets
- Material uncertainty going concern warning
5. Thameswey Housing Limited
Net Liabilities £133.4m| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Turnover | 13,908,407 | 15,639,336 |
| Cost of sales | (3,048,306) | (4,799,760) |
| Gross profit | 10,860,101 | 10,839,576 |
| Fair value write-downs | (90,325,105) | (19,339,925) |
| Exceptional charges | (22,975,370) | — |
| Interest payable | (15,304,921) | (17,960,359) |
| Loss before tax | (121,257,925) | (30,028,580) |
| Fixed assets | 383,992,572 | 412,743,024 |
| Cash | 8,202,837 | 3,451,244 |
| Creditors (within 1 year) | (88,835,776) | (20,063,114) |
| Creditors (after 1 year) | (488,816,666) | (470,025,755) |
| Net liabilities | (133,401,139) | (12,143,214) |
| Share capital | 24,490,000 | 24,490,000 |
| Retained losses | (157,891,139) | (36,633,214) |
| Employees | 0 | 0 |
| Properties managed | 1,258 | 1,012 |
Key Issues
- Largest subsidiary loss: £121.3 million in a single year
- Net liabilities grew from £12.1m to £133.4m — an eleven-fold increase in one year
- £90.3m fair value write-downs on investment properties
- Exceptional charges of £23.0m including £10.4m impairment on assets under construction and £12.6m doubtful debt provision for loans to other group companies
- Creditors within 1 year quadrupled from £20m to £89m
- Long-term creditors of £489m — the vast bulk of WBC debt
- Zero employees despite managing 1,258 properties
6. Thameswey Developments Limited
Net Liabilities £14.9m| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Profit/(loss) for year | 1,180,935 | (6,303,383) |
| Fixed assets | 15,663,265 | 7,293,627 |
| Creditors (within 1 year) | (58,729,159) | (55,228,365) |
| Creditors (after 1 year) | (9,978,472) | (7,586,200) |
| Provisions | (731,544) | — |
| Net liabilities | (14,947,991) | (16,128,926) |
| Employees | 0 | 0 |
Made a small profit in 2024 after £6.3m loss in 2023. No employees despite being the development arm.
7. Thameswey Central Milton Keynes Limited
Net Liabilities £27.5m| Item | 2024 (£) | 2023 (£) |
|---|---|---|
| Turnover | 4,822,442 | 10,823,066 |
| Operating loss/profit | (423,950) | 782,542 |
| Interest payable | (1,986,467) | (2,482,772) |
| Loss for year | (2,410,688) | (1,693,633) |
| Fixed assets | 13,799,510 | 14,581,614 |
| Creditors (after 1 year) | (39,052,843) | (39,594,311) |
| Net liabilities | (27,484,666) | (25,073,978) |
| Employees | 0 | 0 |
This is Woking ratepayers' money being used to fund energy projects in Milton Keynes.
Turnover halved (55% decline). Consistent annual losses. Net liabilities of £27.5m. Long-term creditors of £39m (WBC-funded loans via Thameswey Energy). No employees — no one directly accountable.
8. Other Subsidiaries
Thameswey Sustainable Communities Limited (03835131)
- One of only two companies with positive net assets: £385,868
- Turnover: £7,982,437 (15 months to March 2023)
- Operating profit: £154,279
- Material uncertainty going concern warning still applies
Woking Necropolis and Mausoleum Limited (09337764)
- Second company with positive net assets: £4,099,643 (declining from £4,685,061)
- Loss for 15-month period to March 2024: £585,418
- Fixed assets: £7.6m (Brookwood Cemetery land)
- Creditors after 1 year grew from £388k to £3.4m
Other entities
Thameswey Solar Limited (07679222), Thameswey Maintenance Services Limited (05637552), and Thameswey Homes Limited (00926028) did not have iXBRL accounts available for detailed analysis — they likely file micro-entity or dormant accounts.
Summary: Total Financial Exposure
| Company | Net Liabilities (£m) | WBC Debt (£m) |
|---|---|---|
| Victoria Square Woking Ltd | (557.7) | 714.4 |
| Thameswey Group (consolidated) | (172.3) | 561.8 |
| Total identified | **~730.0** | **~1,276.2** |
The Thameswey Group figure includes Thameswey Housing (£133.4m), Energy (£8.3m), Central Milton Keynes (£27.5m), Developments (£14.9m), and parent/others. Victoria Square is separate from the Thameswey Group.
Critical Red Flags
1. GolDev Woking — The Dormant Shell Mystery
A company reportedly associated with £250m of council money filed dormant accounts showing just £100 in assets every year. This is the single most concerning finding and warrants investigation if money was indeed channelled to or through this entity.
2. Victoria Square — £563m Shortfall
Property worth £151m backing a loan of £714m. The £528m of accumulated impairments on cost of £680m represents a 78% loss of value.
3. Phantom Workforce
Almost none of the companies have any employees. Victoria Square has 1. The subsidiaries individually report zero employees. Who is actually running these companies?
4. Auditor Selection
Victoria Square is audited by WHR Accountants Ltd in Armagh, Northern Ireland — a small firm for a £700m development in Surrey.
5. Valuation Manipulation
The Thameswey Group changed its investment property valuation basis from vacant possession to investment valuation (Savills). The £91m impact raises questions about whether previous valuations were deliberately inflated.
6. Debt Standstill = Unpaid Interest
Both Victoria Square and Thameswey benefit from debt standstill agreements to March 2026. Interest is accruing but not being paid. When the standstill expires, the debt pile will be even larger.
7. Section 114 Feedback Loop
The S114 notice is damaging property values and sales prospects, which worsens the financial position, which makes the S114 situation worse. This is a destructive cycle.
8. Related Party Disclosure Exemption
Victoria Square claims exemption from related party transaction disclosure for wholly-owned entities. Given the scale of the disaster, full transparency should be required.
9. Interest Rate Margins
WBC charges interest at rates from 1.2% to 7%, while paying PWLB rates to borrow. The margin needs scrutiny.
10. No Tax
Despite cumulative losses of hundreds of millions, none of these companies pay any tax. The losses are locked inside special purpose vehicles.
Data Sources
All data extracted from Companies House filings accessed via Companies House. Analysis conducted March 2026 from latest available filings.
- Victoria Square Woking Limited (08005542)
- GolDev Woking Limited (11339840)
- Thameswey Limited (03702545)
- Thameswey Energy Limited (03772150)
- Thameswey Housing Limited (05437166)
- Thameswey Developments Limited (06646380)
- Thameswey Central Milton Keynes Limited (05277300)
- Thameswey Sustainable Communities Limited (03835131)
- Woking Necropolis and Mausoleum Limited (09337764)
- Thameswey Solar Limited (07679222)
- Thameswey Maintenance Services Limited (05637552)
- Thameswey Homes Limited (00926028)