CHW Limited
Unaudited Financial Statements
For the year ended 31 May 2023
Pages for Filing with Registrar
Company Registration No. 11351838 (England and Wales)
CHW Limited
Company Information
Director
C Wilce
Company number
11351838
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
CHW Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CHW Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,800,000
1,000,000
Current assets
Debtors
5
1
1
Cash at bank and in hand
5,723
4,753
Net current assets
5,724
4,754
Total assets less current liabilities
1,805,724
1,004,754
Creditors: amounts falling due after more than one year
6
-
0
(240,000)
Net assets
1,805,724
764,754
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,805,723
764,753
Total equity
1,805,724
764,754

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 8 October 2023
C Wilce
Director
Company Registration No. 11351838
CHW Limited
Statement of Changes in Equity
For the year ended 31 May 2023
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
1
303,821
303,822
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
460,932
460,932
Balance at 31 May 2022
1
764,753
764,754
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
1,210,970
1,210,970
Dividends
-
(170,000)
(170,000)
Balance at 31 May 2023
1
1,805,723
1,805,724
CHW Limited
Notes to the Financial Statements
For the year ended 31 May 2023
Page 3
1
Accounting policies
Company information

CHW Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

CHW Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 4
1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,800,000
-
0
Other investments other than loans
-
0
1,000,000
1,800,000
1,000,000

CHW Limited currently holds an investment in a company, the investment is held at cost.

 

CHW Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
3
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2022
-
1,000,000
1,000,000
Valuation changes
-
800,000
800,000
Transfer between classes
1,800,000
(1,800,000)
-
At 31 May 2023
1,800,000
-
1,800,000
Carrying amount
At 31 May 2023
1,800,000
-
1,800,000
At 31 May 2022
-
1,000,000
1,000,000
4
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
PW Underwriting Limited
145 Leadenhall Street, London, EC3V 4QT, United Kingdom
Providing non-life insurance services
Ordinary
90.00
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1
1
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
240,000

Within creditors due over a year is a loan of £nil (2022: £240,000), this is due for repayment by 31 December 2026. No interest is charged on this loan.

CHW Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 6
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1
1
1
1
1
CHW Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 7
8
Related party transactions

Dividends totalling £1,217,000 (2022: £465,000) were received from a company in which CHW Limited owns 90% of the share capital.

 

During the year dividends of £170,000 (2022: £nil) were paid to the director of the company.

 

Included within other debtors at the year end is an amount of £1 (2022: £1) in respect of unpaid share capital issued in the year to the director.

9
Controlling party

C. Wilce is the ultimate controlling party by way of his majority shareholding.

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