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Registered number: 11799247









CANAL WHARF HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
CANAL WHARF HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
W B Coyle 




Company secretary
S Coyle



Registered number
11799247



Registered office
Unit 1 Canal Wharf
Horsenden Lane North

Greenford

Middlesex

UB6 7PH




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutary Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
CANAL WHARF HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 40


 
CANAL WHARF HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The director presents his Strategic report together with the audited financial statements for the year ended 31 July 2024.
The Group specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.

Business review
 
Coyle Equipment Services Limited (the trading subsidiary) specialises in the sale, service and hire of all hydraulic attachments. It has become the main dealer for many products such as Epiroc, OKB Attachments, Dawson Sheet Piling Hammers, Auger and Innovex. The Group sees itself as a national supplier and has opened 2 additional depots in the UK in the last 3 years. The Group now has 3 depots: London, Birmingham and Bristol, enabling it to expand geographically and reach more customers in the UK. The Group also has a website which provides information on all its services.

The Group prides itself on its outstanding servicing and repair solutions and in-house workshops, which enable it to provide customers with a convenient and reliable source of supply for their requirements. The Group can complete repairs and resolve breakdowns in the quickest time to minimise disruption and downtime.

Coyle Equipment Services has one of the largest excavator attachments hire fleets in the UK. We have many attachments to suit every application. All attachments are available with a nationwide Deliver and Fit service. We are constantly adding to our hire fleet to enable us to meet more customer demand.

Trading activity has decreased in the year, with turnover decreasing from £14,353,557 in 2023 to £13,565,314 in 2024. Net profit for the year decreased from £4,455,947 in 2023 to £3,197,662 in 2024.

The Group’s firm commitment to provide customers with an exceptional, personal, unique and quick service has enabled us to enhance our brand image and achieve strong organic growth through word of mouth and existing client referrals.

Page 1

 
CANAL WHARF HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Principal risks and uncertainties
 
The growth of the business and the execution of the Group’s strategy are subject to a number of risks. Many of these risks are common in other businesses. Careful risk management is fundamental to the ability of the business to execute its strategic objectives. These risks are discussed below.
Credit risk
The Group has no significant concentration of credit risk, with the exposure spread over many customers. All customers who trade on credit terms go through a credit vetting process and have a certain credit limit applied. In addition, all receivable balances are monitored daily reducing the exposure to bad debts.

Liquidity Risk

Liquidity risk is managed by continuous monitoring of cashflow ensuring that income streams are maintained, and working capital is available to pay liabilities as they fall due.

Ukraine conflict

The Ukraine conflict has resulted in higher shipping costs of equipment and material from abroad and delays in goods arriving in the UK. The Group has mitigated this risk by buying more in bulk and taking advantage of economies of scale and reduced cost per unit. This has allowed us to reduce our overall shipping costs and has helped us ensure that we always have stock available. The Group has also been sourcing materials from various suppliers in the UK to spread any risk of relying on one supplier or location. 

Financial key performance indicators
 
The director monitors the progress of the Group with reference to the following financial key performance indicators -
The Group's gross profit margin was 59.46% 
(2023 - 59.66%)
The Group's net profit margin was 24% (2023 - 31%)
The Group had net assets of  £17,440,951 (2023 - £14,543,289)


This report was approved by the board on 21 February 2025 and signed on its behalf.



W B Coyle
Director

Page 2

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,197,662 (2023 - £4,455,947).

Dividends of £300,000 (2023 - £57,764) were paid during the year.

Director

The director who served during the year was:

W B Coyle 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 February 2025 and signed on its behalf.
 





W B Coyle
Director

Page 4

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Canal Wharf Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.




Page 5

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual reportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Page 6

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines is 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent 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 an Auditors' report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with the director and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows:
i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation.
iv) Employment legislation.
v) Health and Safety Act.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit; and
As auditors of all significant components, we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies. 
Page 7

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)


 

We assessed the susceptibility of the Group’s and the parent's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.
 
The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 8

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Simon Carr (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

24 February 2025
Page 9

 
CANAL WHARF HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
     4
13,565,314
14,353,557

Cost of sales
  
(5,499,421)
(5,790,540)

Gross profit
  
8,065,893
8,563,017

Administrative expenses
  
(4,298,604)
(3,023,804)

Fair value movements
 15 
338,111
-

Operating profit
 5 
4,105,400
5,539,213

Interest receivable and similar income
 9 
89,966
21,777

Interest payable and similar expenses
 10 
(70,088)
(27,881)

Profit before tax
  
4,125,278
5,533,109

Tax on profit
 11 
(927,616)
(1,077,162)

Profit for the financial year
  
3,197,662
4,455,947

Total comprehensive income for the year
  
3,197,662
4,455,947


  



The notes on pages 19 to 40 form part of these financial statements.

Page 10

 
CANAL WHARF HOLDINGS LIMITED
REGISTERED NUMBER: 11799247

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
6,075,571
5,848,589

Investment property
 15 
4,676,615
2,805,548

  
10,752,186
8,654,137

Current assets
  

Stocks
 16 
1,955,319
1,933,331

Debtors: amounts falling due within one year
 17 
4,222,608
3,982,762

Cash at bank and in hand
 18 
5,631,356
3,414,453

  
11,809,283
9,330,546

Creditors: amounts falling due within one year
 19 
(4,252,255)
(2,556,581)

Net current assets
  
 
 
7,557,028
 
 
6,773,965

Total assets less current liabilities
  
18,309,214
15,428,102

Creditors: amounts falling due after more than one year
 20 
(360,385)
(406,703)

Provisions for liabilities
  

Deferred tax
 24 
(507,878)
(478,110)

Net assets
  
17,440,951
14,543,289


Capital and reserves
  

Called up share capital 
 25 
100
100

Investment property reserve
 26 
253,583
-

Profit and loss account
 26 
17,187,268
14,543,189

  
17,440,951
14,543,289


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.




W B Coyle
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
CANAL WHARF HOLDINGS LIMITED
REGISTERED NUMBER: 11799247

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Investments
 14 
104
104

Investment property
 15 
4,676,615
2,805,548

  
4,676,719
2,805,652

Current assets
  

Debtors: amounts falling due within one year
 17 
2,186,782
1,391,348

Cash at bank and in hand
 18 
2,023,622
357,554

  
4,210,404
1,748,902

Creditors: amounts falling due within one year
 19 
(1,352,404)
(67,525)

Net current assets
  
 
 
2,858,000
 
 
1,681,377

Deferred taxation
 24 
(84,528)
-

Net assets
  
7,450,191
4,487,029


Capital and reserves
  

Called up share capital 
 25 
100
100

Investment property revaluation reserve
 26 
253,583
-

Profit and loss account brought forward
  
4,486,929
4,492,988

Profit for the year
  
3,263,162
51,705

Other changes in the Profit and loss account

  

(553,583)
(57,764)

Profit and loss account carried forward
 26 
7,196,508
4,486,929

  
7,450,191
4,487,029


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.


W B Coyle
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 12

 
CANAL WHARF HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2023
100
-
14,543,189
14,543,289


Comprehensive income for the year

Profit for the year
-
-
3,197,662
3,197,662

Transfer of fair value adjustments net of deferred tax
-
253,583
(253,583)
-


Other comprehensive income for the year
-
253,583
(253,583)
-


Total comprehensive income for the year
-
253,583
2,944,079
3,197,662


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(300,000)
(300,000)


Total transactions with owners
-
-
(300,000)
(300,000)


At 31 July 2024
100
253,583
17,187,268
17,440,951


Page 13

 
CANAL WHARF HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
5
10,145,006
10,145,011


Comprehensive income for the year

Profit for the year
-
4,455,947
4,455,947
Total comprehensive income for the year
-
4,455,947
4,455,947


Contributions by and distributions to owners

Dividends: Equity capital
-
(57,764)
(57,764)

Shares issued during the year
95
-
95


Total transactions with owners
95
(57,764)
(57,669)


At 31 July 2023
100
14,543,189
14,543,289


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
CANAL WHARF HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2023
100
-
4,486,929
4,487,029


Comprehensive income for the year

Profit for the year
-
-
3,263,162
3,263,162

Transfer of fair value adjustments net of deferred tax
-
253,583
(253,583)
-
Total comprehensive income for the year
-
253,583
3,009,579
3,263,162


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(300,000)
(300,000)


Total transactions with owners
-
-
(300,000)
(300,000)


At 31 July 2024
100
253,583
7,196,508
7,450,191



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
5
4,492,988
4,492,993


Comprehensive income for the year

Profit for the year
-
51,705
51,705
Total comprehensive income for the year
-
51,705
51,705


Contributions by and distributions to owners

Dividends: Equity capital
-
(57,764)
(57,764)

Shares issued during the year
95
-
95


Total transactions with owners
95
(57,764)
(57,669)


At 31 July 2023
100
4,486,929
4,487,029


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
CANAL WHARF HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,197,662
4,455,947

Adjustments for:

Depreciation of tangible assets
1,802,555
2,100,460

Profit on disposal of tangible assets
(237,294)
(406,529)

Interest payable
70,088
27,881

Interest receivable
(89,966)
(21,777)

Taxation charge
927,616
1,077,162

(Increase) in stocks
(21,988)
(872,774)

(Increase) in debtors
(246,979)
(214,234)

Increase/(decrease) in creditors
1,409,017
(391,487)

Fair value movement
(338,111)
-

Corporation tax (paid)
(542,669)
(334,999)

Net cash generated from operating activities

5,929,931
5,419,650


Cash flows from investing activities

Purchase of tangible fixed assets
(2,372,119)
(3,968,875)

Sale of tangible fixed assets
579,876
918,316

Purchase of investment properties
(1,532,956)
(1,303,651)

Interest received
89,966
21,777

HP interest paid
(5,765)
(2,351)

Net cash from investing activities

(3,240,998)
(4,334,784)
Page 16

 
CANAL WHARF HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
95

Repayment of loans
(64,278)
(54,419)

(Repayment)/new finance leases
(43,429)
73,548

Dividends paid
(300,000)
(57,764)

Interest paid
(64,323)
(25,530)

Net cash used in financing activities
(472,030)
(64,070)

Net increase in cash and cash equivalents
2,216,903
1,020,796

Cash and cash equivalents at beginning of year
3,414,453
2,393,657

Cash and cash equivalents at the end of year
5,631,356
3,414,453


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,631,356
3,414,453

5,631,356
3,414,453


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
CANAL WHARF HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

3,414,453

2,216,903

5,631,356

Debt due after 1 year

(406,703)

65,964

(340,739)

Debt due within 1 year

(55,988)

(1,686)

(57,674)

Finance leases

(90,348)

43,429

(46,919)


2,861,414
2,324,610
5,186,024

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Canal Wharf Holdings Ltd is a Company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH.
The Group specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The director notes that the Company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant  uncertainties in his assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

Page 19

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 20

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.5
Revenue (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Hire of goods

Revenue from the hire of equipment is recognised in the period to which it relates.
Rents receivable
Rents receivable from investment properties, service charges and management charges. Revenue is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Interest income

Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.

Page 21

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to the Consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in the Consolidated statement of comprehensive income in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Current and deferred taxation

Tax is recognised in the Consolidated statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
25% on cost
Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% on cost
Office equipment
-
25% on cost

Depreciation is not charged on freehold property as the director believes the long economic useful life and high residual value would render any depreciation immaterial.
The treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. However it is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the Group.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income.

 
2.14

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Comprehensive statement of comprehensive income.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 23

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
Page 24

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the
Page 25

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the  contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the director has had to make judgments in applying the above accounting policies. Those with the most significant effect on the amounts recognised in the financial statements are as follows:
 
Determine whether trade debtors are recoverable. Factors taken into consideration include credit insurance and expected recovery.
Determine whether there are indicators of impairment of the Group's stock. Factors taken into consideration in reaching such a decision include the ageing of unsold stock and expected future realisability of the stock.

There are no other key sources of estimation uncertainty.

Page 26

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

2024
2023
£
£



Sales
13,437,704
14,283,339

Rent receivable
127,610
70,218

13,565,314
14,353,557

Sales relate to repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.
All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Profit on sale of tangible assets
(237,294)
(406,529)

Exchange differences
3,711
(26,905)

Other operating lease rentals
195,550
121,128

Depreciation
1,802,555
2,100,460


6.


Auditors' remuneration

Fees payable to the Group's auditor for the audit of the annual financial statements in respect of:



2024
2023
£
£

The audit of the Group's financial statements
8,410
10,000

The audit of subsidiaries' financial statements
20,125
20,000

Page 27

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,358,850
1,335,194
750,000
-

Social security costs
271,158
151,460
103,500
-

Cost of defined contribution scheme
33,982
25,496
-
-

2,663,990
1,512,150
853,500
-


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
44
34
1
1







8.


Director's remuneration

2024
2023
£
£

Director's emoluments
778,000
97,992


The highest paid director received remuneration of £778,000 (2023 - £97,992) including £750,000 (2023 -£Nil) of remuneration from the company.
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL
 (2023 - £NIL).


Page 28

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
200
-

Bank interest receivable
89,766
21,777

89,966
21,777


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
12,741
14,330

Hire purchase interest payable
5,765
2,351

Other interest
51,582
11,200

70,088
27,881


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
988,125
1,143,695

Adjustments in respect of previous periods
(90,277)
(84,058)


897,848
1,059,637


Total current tax
897,848
1,059,637

Deferred tax


Origination and reversal of timing differences
29,768
17,525

Total deferred tax
29,768
17,525


Tax on profit
927,616
1,077,162
Page 29

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,125,278
5,533,109


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
1,031,320
1,161,953

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,724
5,464

Capital allowances for year in excess of depreciation
26,410
(24,098)

Adjustments to tax charge in respect of prior periods
(90,277)
(84,058)

Other timing differences leading to an increase (decrease) in taxation
198
376

Non-taxable income
(84,527)
-

Deferred tax
29,768
17,525

Total tax charge for the year
927,616
1,077,162


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividend paid on equity share capital
300,000
57,764

300,000
57,764

During the year, the director and his close family had an interest in dividends of £300,000 (2023 - £57,764).

Page 30

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost 


At 1 August 2023
1,604,110
10,093,077
1,454,605
89,872
17,734
13,259,398


Additions
368,207
1,449,330
512,043
23,935
18,604
2,372,119


Disposals
-
(728,490)
(233,464)
-
-
(961,954)



At 31 July 2024

1,972,317
10,813,917
1,733,184
113,807
36,338
14,669,563



Depreciation


At 1 August 2023
-
6,447,409
900,552
46,452
16,396
7,410,809


Charge for the year 
on owned assets
-
1,508,446
197,222
18,670
2,782
1,727,120


Charge for the year on financed assets
-
-
75,435
-
-
75,435


Disposals
-
(467,690)
(151,682)
-
-
(619,372)



At 31 July 2024

-
7,488,165
1,021,527
65,122
19,178
8,593,992



Net book value



At 31 July 2024
1,972,317
3,325,752
711,657
48,685
17,160
6,075,571



At 31 July 2023
1,604,110
3,645,668
554,053
43,420
1,338
5,848,589



Page 31

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
157,072
122,901

157,072
122,901

Page 32

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 August 2023
104



At 31 July 2024
104





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Coyle Equipment Services Limited
Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH.
Repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.
Ordinary
100%
OKB Attachments Limited
Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex,England, UB6 7PH.
Dormant
Ordinary
100%

Page 33

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 August 2023
2,805,548


Additions at cost
1,532,956


Fair value movements
338,111



At 31 July 2024
4,676,615

The 2024 valuations were made by the director, who is not a property expert, on an open market value for existing use basis.




16.


Stocks

Group

Group
2024
2023
£
£

Finished goods and goods for resale
1,955,319
1,933,331

1,955,319
1,933,331


Page 34

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Debtors

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,005,952
3,056,078
1,473
1,299

Amounts owed by group undertakings
-
-
2,071,631
1,387,407

Amounts owed by related undertakings
699,694
697,865
-
-

Other debtors
3,950
11,083
1,150
-

Prepayments and accrued income
513,012
217,736
112,528
2,642

4,222,608
3,982,762
2,186,782
1,391,348



18.


Cash and cash equivalents

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,631,356
3,414,453
2,023,622
357,554

5,631,356
3,414,453
2,023,622
357,554



19.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Bank loans
57,674
55,988
-
-

Trade creditors
1,074,222
839,088
16,647
1,011

Corporation tax
1,241,391
893,345
341,444
14,400

Other taxation and social security
403,115
579,370
2,190
1,780

Obligations under finance lease and hire purchase contracts
27,273
90,348
-
-

Other creditors
223,238
55,057
138,549
48,565

Accruals and deferred income
1,225,342
43,385
853,574
1,769

4,252,255
2,556,581
1,352,404
67,525


Bank loans are secured by a legal charge over the Group's property.

Page 35

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Creditors: Amounts falling due after more than one year

Group

Group
2024
2023
£
£

Bank loans
340,739
406,703

Net obligations under finance leases and hire purchase contracts
19,646
-

360,385
406,703


Bank loans are secured by a legal charge over the Group's property.




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
57,674
55,988


57,674
55,988

Amounts falling due 1-2 years

Bank loans
340,739
57,674


340,739
57,674

Amounts falling due 2-5 years

Bank loans
-
349,029


-
349,029


398,413
462,691


Bank loans are secured by a legal charge over the Group's property.

Page 36

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group

Group
2024
2023
£
£

Within one year
27,273
90,348

Between 1-5 years
19,646
-

46,919
90,348

The agreements are secured against the assets to which they relate.


23.


Financial instruments

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
3,708,377
3,765,026
2,074,254
1,388,706


Financial liabilities

Financial liabilities measured at amortised cost
1,742,792
1,495,699
155,196
49,576


Financial assets measured at amortised cost comprise amounts owed by related undertakings, amounts owed by group undertakings, trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, other creditors and trade creditors.

Page 37

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
478,110
460,585


Charged to the Consolidated statement of comprehensive income
29,768
17,525



At end of year
507,878
478,110
          
         Company


2024
2023


£

£






Charged to the Statement of comprehensive income
84,528
-



At end of year
84,528
-

The provision for deferred taxation is made up as follows:

Group

Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
423,350
478,110
-
-

Potential capital gains tax
84,528
-
84,528
-

507,878
478,110
84,528
-

Page 38

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 Ordinary A shares of £1 each
10
10
90 Ordinary shares of £1 each
90
90

100

100

The Ordinary A shares and Ordinary shares are separate classes of shares for the purpose of declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. The shares rank pari passu in all other respects.



26.


Reserves

Investment property revaluation reserve

The investment property reserve reflects unrealised gains and losses on investment properties carried at fair value.

Profit and loss account

Profit and loss account includes all current and prior year profit and losses.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £33,982 (2023 - £25,496). Contributions totalling £7,287 (2023 - £5,374) were payable to the fund at the reporting date and are included in creditors.

Page 39

 
CANAL WHARF HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

28.


Commitments under operating leases

At 31 July 2024 the Group and the Company had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:


Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
55,850
63,416
55,850
63,416

Later than 1 year and not later than 5 years
127,500
125,700
127,500
125,700

Later than 5 years
-
91,250
-
91,250

183,350
280,366
183,350
280,366


29.


Related party transactions

The Company has taken advantage of the exemption permitted by FRS102 not to disclose transactions with wholly owned members of the Group.
 
At the year end an amount of £699,694 (2023 - £697,865) was due from a company related by virtue of common directorship.
 
Included within other creditors is an amount £201,598 (2023 - £37,214) owed to the director and his close family.


30.


Post balance sheet events

There have been no significant events affecting the Group since the year end.


31.


Controlling party

The ultimate controlling party is the director by virtue of his majority shareholding in the Company.

 
Page 40