IRIS Accounts Production v24.3.2.46 04564422 Board of Directors Board of Directors 1.6.23 31.5.24 31.5.24 true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045644222023-05-31045644222024-05-31045644222023-06-012024-05-31045644222021-11-30045644222021-12-012023-05-31045644222023-05-3104564422ns15:EnglandWales2023-06-012024-05-3104564422ns14:PoundSterling2023-06-012024-05-3104564422ns10:Director12023-06-012024-05-3104564422ns10:Director22023-06-012024-05-3104564422ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3104564422ns10:FRS1022023-06-012024-05-3104564422ns10:Audited2023-06-012024-05-3104564422ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3104564422ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-06-012024-05-3104564422ns10:FullAccounts2023-06-012024-05-310456442212023-06-012024-05-3104564422ns10:OrdinaryShareClass12023-06-012024-05-3104564422ns10:RegisteredOffice2023-06-012024-05-3104564422ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2021-12-012023-05-3104564422ns5:CurrentFinancialInstruments2024-05-3104564422ns5:CurrentFinancialInstruments2023-05-3104564422ns5:Non-currentFinancialInstruments2024-05-3104564422ns5:Non-currentFinancialInstruments2023-05-3104564422ns5:ShareCapital2024-05-3104564422ns5:ShareCapital2023-05-3104564422ns5:SharePremium2024-05-3104564422ns5:SharePremium2023-05-3104564422ns5:RetainedEarningsAccumulatedLosses2024-05-3104564422ns5:RetainedEarningsAccumulatedLosses2023-05-3104564422ns5:ShareCapital2021-11-3004564422ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2021-11-3004564422ns5:SharePremium2021-11-3004564422ns5:PreviouslyStatedAmount2021-11-3004564422ns5:PriorPeriodIncreaseDecrease2021-12-012023-05-3104564422ns5:RetainedEarningsAccumulatedLosses2021-11-3004564422ns5:RetainedEarningsAccumulatedLosses2021-12-012023-05-3104564422ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-3104564422ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-012024-05-3104564422ns5:ComputerSoftware2023-06-012024-05-3104564422ns5:LeaseholdImprovements2023-06-012024-05-3104564422ns5:PlantMachinery2023-06-012024-05-3104564422ns5:FurnitureFittings2023-06-012024-05-3104564422ns5:MotorVehicles2023-06-012024-05-3104564422ns5:ComputerEquipment2023-06-012024-05-3104564422ns10:HighestPaidDirector2023-06-012024-05-3104564422ns10:HighestPaidDirector2021-12-012023-05-310456442212023-06-012024-05-310456442212021-12-012023-05-310456442222023-06-012024-05-310456442222021-12-012023-05-3104564422ns5:HirePurchaseContracts2023-06-012024-05-3104564422ns5:HirePurchaseContracts2021-12-012023-05-3104564422ns5:OwnedAssets2023-06-012024-05-3104564422ns5:OwnedAssets2021-12-012023-05-3104564422ns5:LeasedAssets2023-06-012024-05-3104564422ns5:LeasedAssets2021-12-012023-05-3104564422ns10:OrdinaryShareClass12021-12-012023-05-3104564422ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-3104564422ns5:ComputerSoftware2023-05-3104564422ns5:PatentsTrademarksLicencesConcessionsSimilar2024-05-3104564422ns5:ComputerSoftware2024-05-3104564422ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-3104564422ns5:ComputerSoftware2023-05-3104564422ns5:LeaseholdImprovements2023-05-3104564422ns5:PlantMachinery2023-05-3104564422ns5:FurnitureFittings2023-05-3104564422ns5:LeaseholdImprovements2024-05-3104564422ns5:PlantMachinery2024-05-3104564422ns5:FurnitureFittings2024-05-3104564422ns5:LeaseholdImprovements2023-05-3104564422ns5:PlantMachinery2023-05-3104564422ns5:FurnitureFittings2023-05-3104564422ns5:MotorVehicles2023-05-3104564422ns5:ComputerEquipment2023-05-3104564422ns5:MotorVehicles2024-05-3104564422ns5:ComputerEquipment2024-05-3104564422ns5:MotorVehicles2023-05-3104564422ns5:ComputerEquipment2023-05-3104564422ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3104564422ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-06-012024-05-3104564422ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-05-3104564422ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3104564422ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3104564422ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104564422ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-05-3104564422ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-05-3104564422ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-05-3104564422ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3104564422ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3104564422ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104564422ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-05-3104564422ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-3104564422ns5:HirePurchaseContracts2024-05-3104564422ns5:HirePurchaseContracts2023-05-3104564422ns5:WithinOneYear2024-05-3104564422ns5:WithinOneYear2023-05-3104564422ns5:BetweenOneFiveYears2024-05-3104564422ns5:BetweenOneFiveYears2023-05-3104564422ns5:AllPeriods2024-05-3104564422ns5:AllPeriods2023-05-3104564422ns5:DeferredTaxation2023-05-3104564422ns5:DeferredTaxation2024-05-3104564422ns10:OrdinaryShareClass12024-05-3104564422ns5:RetainedEarningsAccumulatedLosses2023-05-3104564422ns5:SharePremium2023-05-31045644221ns10:Director12023-05-31045644221ns10:Director12021-11-30045644221ns10:Director12023-06-012024-05-31045644221ns10:Director12021-12-012023-05-31045644221ns10:Director12024-05-31045644221ns10:Director12023-05-3104564422ns10:Director222023-05-3104564422ns10:Director222021-11-3004564422ns10:Director222023-06-012024-05-3104564422ns10:Director222021-12-012023-05-3104564422ns10:Director222024-05-3104564422ns10:Director222023-05-310456442212023-06-012024-05-31
REGISTERED NUMBER: 04564422 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

INTEX PROJECTS LIMITED

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


INTEX PROJECTS LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Mr S Swinson
Mr C Wolverson



REGISTERED OFFICE: Hawkstone House
Portland Mews
Leamington Spa
Warwickshire
CV32 5HD



REGISTERED NUMBER: 04564422 (England and Wales)



SENIOR STATUTORY AUDITOR: Tarandeep Singh Birdi



AUDITORS: Pentlands Accountants and advisors Ltd
Chartered Certified Accountants
and Statutory Auditors
3 & 4 Pegasus House
Pegasus Court
Olympus Avenue
Warwick
Warwickshire
CV34 6LW

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

STRATEGIC REPORT
for the year ended 31 May 2024


The directors present their strategic report for the year ended 31 May 2024.

Intex Projects operates within the commercial property market, specialising in office fit-outs. This report outlines a strategic growth plan leveraging market trends, competitive positioning, and emerging client demands. The primary objective is to strengthen market share across the UK while enhancing service offerings to meet the evolving needs of hybrid and sustainable workplaces.


INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

STRATEGIC REPORT
for the year ended 31 May 2024

REVIEW OF BUSINESS
Industry Overview

The post-pandemic market is driving an increased demand for office redesigns, as companies embrace hybrid work models and prioritize employee well-being. Sustainability has become a key focus, with clients seeking eco-friendly materials and energy-efficient solutions. Additionally, smart office technologies, including IoT and collaborative tools, are becoming significant market differentiators.

The UK commercial property market presents a strong opportunity for growth. Major infrastructure projects, urban regeneration schemes, and the refurbishment of aging office stock are fueling demand for modern, high-specification workspaces. These trends align with Intex Projects strengths and provide an avenue for nationwide expansion.

Market Position Analysis

Intex Projects has an established reputation within the UK, with expertise in office fit-outs, as well as work in the education and industrial sectors. Strong relationships with building surveyors, architects, asset managers, and end-user clients provide a solid foundation for growth.

However, challenges include limited brand visibility outside current operating regions and a need for investment in digital marketing and technology-based solutions. Expanding into direct end-user work through collaboration with our new Design Manager presents a significant opportunity. Additionally, partnerships with eco-friendly material suppliers can attract sustainability-conscious clients. Recruiting skilled staff remains a key priority due to competition from larger national fit-out companies and rising material costs impacting profit margins.

Strategic Recommendations:

Expanding Market Reach

To support national growth, Intex Projects can expand services into key commercial hubs across the UK, including London, Manchester, Leeds, and Birmingham. By developing a niche in end-user, design-led projects, the company can differentiate itself and attract high-value clients across multiple regions.

Innovating Service Offerings

To meet the needs of modern workplaces, Intex should focus on hybrid office solutions, offering modular and flexible layouts that cater to both remote and in-office teams. Integrating smart office technology, such as adjustable lighting, climate control systems, and collaborative digital displays, will enhance client appeal and service differentiation.

Emphasising Sustainability

Sustainability is a growing priority in the commercial property market. Pursuing green certifications, such as BREEAM and the WELL Building Standard, will enhance credibility. Strengthening partnerships with suppliers specialising in recycled and low-impact materials will also position Intex as a leader in eco-friendly office fit-outs.

Strengthening Marketing and Branding

Investing in digital presence and branding is crucial. Updating the company's website to feature case studies, testimonials, and a comprehensive project portfolio optimised for SEO will improve visibility. Social media engagement, including LinkedIn and Instagram content showcasing project transformations and expert insights, will enhance brand awareness. Establishing national partnerships with commercial estate agents and business consultants can create additional referral opportunities.

Enhancing Client Experience


INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

STRATEGIC REPORT
for the year ended 31 May 2024

Client satisfaction and engagement should remain a top priority. Implementing a structured client feedback loop will help refine services. Offering virtual reality previews of office designs can enhance the client decision-making process, while providing end-to-end project management will ensure seamless execution and client retention.

Financial Projections and Resources

Current growth projections indicate that turnover after six months stands at £11M, with a full-year forecast of £20M. Future revenue growth is projected as follows:

2024-25: £20M
2025-26: £24M
2026-27: £26M

To achieve these targets, key investment areas have been identified. A marketing budget has been allocated for sponsorship of commercial agent events and speculative design work. Technology upgrades, including internal software enhancements, require a substantial investment. Additionally, a budget will be allocated for staff training, with a focus on sustainable practices and smart technology integration.

Conclusion

By focusing on innovation, sustainability, and nationwide expansion, Intex Projects is well-positioned to capitalise on emerging market opportunities. Implementing these strategic recommendations will enable the company to strengthen its market presence, attract higher-value clients, and establish itself as a leading office fit-out provider across the UK.

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces several risks and uncertainties that could impact future growth. Competition from larger national fit-out companies remains a significant challenge, requiring strategic differentiation. Rising material costs may affect profitability, necessitating cost-control measures and supplier negotiations. The recruitment of suitably qualified site and office staff is also a pressing concern, highlighting the need for targeted hiring strategies and employee retention initiatives.

ON BEHALF OF THE BOARD:





Mr C Wolverson - Director


24 February 2025

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

REPORT OF THE DIRECTORS
for the year ended 31 May 2024


The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of office interior refurbishment.

DIVIDENDS
An interim dividend of £24.39 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 4,000 .

EVENTS SINCE THE END OF THE YEAR
On 29th October 2023 the Company was acquired by CCSW Holding Limited through the purchase of 100% of its issued share capital.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Mr S Swinson
Mr C Wolverson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

REPORT OF THE DIRECTORS
for the year ended 31 May 2024


AUDITORS
The auditors, Pentlands Accountants and advisors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Swinson - Director


24 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEX PROJECTS LIMITED


Opinion
We have audited the financial statements of Intex Projects Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEX PROJECTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our procedures were designed to identify the key areas where irregularities, including fraud, could occur. We have designed the procedures in accordance with our knowledge of the entity and its current environment.

Before the audit commenced, we determined the areas that are more likely to be at risk of material misstatement. This included looking at areas where non-compliance with laws and regulations could occur. Our initial assessment determined that the risk to material misstatement and fraud was low due to the good segregation of duties . The business always takes good advice surrounding its activities in order to confirm they are complying with laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEX PROJECTS LIMITED


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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Tarandeep Singh Birdi (Senior Statutory Auditor)
for and on behalf of Pentlands Accountants and advisors Ltd
Chartered Certified Accountants
and Statutory Auditors
3 & 4 Pegasus House
Pegasus Court
Olympus Avenue
Warwick
Warwickshire
CV34 6LW

24 February 2025

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

INCOME STATEMENT
for the year ended 31 May 2024

Period
1.12.21
Year Ended to
31.5.24 31.5.23
Notes £    £   

TURNOVER 23,666,106 23,434,355

Cost of sales 20,063,971 20,088,969
GROSS PROFIT 3,602,135 3,345,386

Administrative expenses 2,791,819 3,248,371
810,316 97,015

Interest receivable and similar income 13,944 1,861
824,260 98,876

Interest payable and similar expenses 4 100,895 35,618
PROFIT BEFORE TAXATION 5 723,365 63,258

Tax on profit 6 213,145 (152,540 )
PROFIT FOR THE FINANCIAL YEAR 510,220 215,798

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

OTHER COMPREHENSIVE INCOME
for the year ended 31 May 2024

Period
1.12.21
Year Ended to
31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 510,220 215,798


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

510,220
Prior year adjustment (674,433 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(458,635

)

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 267,712 181,979
267,712 181,979

CURRENT ASSETS
Debtors 10 5,288,878 5,379,786
Cash at bank 676,451 978,113
5,965,329 6,357,899
CREDITORS
Amounts falling due within one year 11 5,281,646 6,181,745
NET CURRENT ASSETS 683,683 176,154
TOTAL ASSETS LESS CURRENT
LIABILITIES

951,395

358,133

CREDITORS
Amounts falling due after more than one
year

12

(362,982

)

(306,151

)

PROVISIONS FOR LIABILITIES 16 (55,747 ) (25,536 )
NET ASSETS 532,666 26,446

CAPITAL AND RESERVES
Called up share capital 17 164 164
Share premium 18 8,418 8,418
Retained earnings 18 524,084 17,864
SHAREHOLDERS' FUNDS 532,666 26,446

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

BALANCE SHEET - continued
31 May 2024


The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:




Mr S Swinson - Director



Mr C Wolverson - Director


INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 May 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 December 2021 164 484,499 8,418 493,081
Prior year adjustment - (674,433 ) - (674,433 )
As restated 164 (189,934 ) 8,418 (181,352 )

Changes in equity
Dividends - (8,000 ) - (8,000 )
Total comprehensive income - 215,798 - 215,798
Balance at 31 May 2023 164 17,864 8,418 26,446

Changes in equity
Dividends - (4,000 ) - (4,000 )
Total comprehensive income - 510,220 - 510,220
Balance at 31 May 2024 164 524,084 8,418 532,666

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

CASH FLOW STATEMENT
for the year ended 31 May 2024

Period
1.12.21
Year Ended to
31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (165,781 ) 92,082
Interest paid (67,681 ) (17,279 )
Interest element of hire purchase
payments paid

(33,214

)

(18,339

)
Tax paid 83,974 288,914
Net cash from operating activities (182,702 ) 345,378

Cash flows from investing activities
Purchase of tangible fixed assets (285,448 ) (25,654 )
Sale of tangible fixed assets 88,160 1
Interest received 13,944 1,861
Net cash from investing activities (183,344 ) (23,792 )

Cash flows from financing activities
Loan repayments in year (49,841 ) -
Capital repayments in year 119,200 (46,233 )
Amount withdrawn by directors (975 ) (1,717 )
Equity dividends paid (4,000 ) (8,000 )
Net cash from financing activities 64,384 (55,950 )

(Decrease)/increase in cash and cash equivalents (301,662 ) 265,636
Cash and cash equivalents at
beginning of year

2

978,113

712,477

Cash and cash equivalents at end of
year

2

676,451

978,113

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 May 2024


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

Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Profit before taxation 723,365 63,258
Depreciation charges 88,602 114,576
Loss on disposal of fixed assets 22,953 34,098
- (674,433 )
Finance costs 100,895 35,618
Finance income (13,944 ) (1,861 )
921,871 (428,744 )
Decrease/(increase) in trade and other debtors 92,212 (1,702,312 )
(Decrease)/increase in trade and other creditors (1,179,864 ) 2,223,138
Cash generated from operations (165,781 ) 92,082

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 676,451 978,113
Period ended 31 May 2023
31.5.23 1.12.21
£    £   
Cash and cash equivalents 978,113 712,477


INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 May 2024


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 978,113 (301,662 ) 676,451
978,113 (301,662 ) 676,451
Debt
Finance leases (203,600 ) (119,200 ) (322,800 )
Debts falling due within 1 year (89,465 ) - (89,465 )
Debts falling due after 1 year (164,225 ) 49,841 (114,384 )
(457,290 ) (69,359 ) (526,649 )
Total 520,823 (371,021 ) 149,802

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. STATUTORY INFORMATION

Intex Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Intellectual property
The Intellectual Property of the Company was re-purchased in 2015. This has been written off over its estimated economical useful life.

Computer software
The Company purchased computer software in 2016. This has been written off over its its economical useful life of 2 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts and work in progress
Amounts recoverable on contracts are valued on a prudent basis at anticipated net sale value after provision for contingencies and anticipated future losses, less amounts invoiced. Progress payments in excess of the value of work done are included in current liabilities.

Amounts included in work in progress represent direct costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account.
This approach enables profit on contracting activities to be recognised as work progresses.

3. EMPLOYEES AND DIRECTORS
Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Wages and salaries 1,728,327 1,962,004
Social security costs 221,977 250,836
Other pension costs 21,286 29,241
1,971,590 2,242,081

The average number of employees during the year was as follows:
Period
1.12.21
Year Ended to
31.5.24 31.5.23

Employee 17 17
Director 2 2
19 19

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


3. EMPLOYEES AND DIRECTORS - continued

Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Directors' remuneration 655,109 588,503

Information regarding the highest paid director is as follows:
Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Emoluments etc 380,908 331,202

4. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Bank loan interest 47,316 17,234
CT late payment interest 587 45
VAT late payment interest 19,778 -
Hire purchase 33,214 18,339
100,895 35,618

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Other operating leases 11,154 11,740
Depreciation - owned assets 3,334 17,429
Depreciation - assets on hire purchase contracts 85,267 97,149
Loss on disposal of fixed assets 22,953 34,098
Auditors' remuneration 15,500 -

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 52,434 -
R&D tax credit 130,500 (130,500 )
Total current tax 182,934 (130,500 )

Deferred tax 30,211 (22,040 )
Tax on profit 213,145 (152,540 )

7. DIVIDENDS
Period
1.12.21
Year Ended to
31.5.24 31.5.23
£    £   
Interim 4,000 8,000

8. INTANGIBLE FIXED ASSETS
Intellectual Computer
Property software Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 27,000 13,210 40,210
AMORTISATION
At 1 June 2023
and 31 May 2024 27,000 13,210 40,210
NET BOOK VALUE
At 31 May 2024 - - -
At 31 May 2023 - - -

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 16,758 4,747 53,265
Additions - - -
Disposals (16,758 ) - (53,265 )
At 31 May 2024 - 4,747 -
DEPRECIATION
At 1 June 2023 15,072 4,747 49,690
Charge for year - - -
Eliminated on disposal (15,072 ) - (49,690 )
At 31 May 2024 - 4,747 -
NET BOOK VALUE
At 31 May 2024 - - -
At 31 May 2023 1,686 - 3,575

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 395,545 45,337 515,652
Additions 271,673 13,775 285,448
Disposals (231,470 ) - (301,493 )
At 31 May 2024 435,748 59,112 499,607
DEPRECIATION
At 1 June 2023 220,192 43,972 333,673
Charge for year 85,267 3,334 88,601
Eliminated on disposal (125,617 ) - (190,379 )
At 31 May 2024 179,842 47,306 231,895
NET BOOK VALUE
At 31 May 2024 255,906 11,806 267,712
At 31 May 2023 175,353 1,365 181,979

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 370,551
Additions 271,673
Disposals (206,476 )
At 31 May 2024 435,748
DEPRECIATION
At 1 June 2023 208,636
Charge for year 85,267
Eliminated on disposal (114,061 )
At 31 May 2024 179,842
NET BOOK VALUE
At 31 May 2024 255,906
At 31 May 2023 161,915

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,266,903 2,059,878
Amounts recoverable on contract 1,925,339 2,825,899
Other debtors 30,000 368,583
Deposits 12,182 7,782
Bad Debt Provision (65,197 ) -
Directors' current accounts 44,292 43,317
S455 Tax Refundable 13,849 13,520
Prepayments 61,510 60,807
5,288,878 5,379,786

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 89,465 89,465
Hire purchase contracts (see note 14) 74,202 61,674
Trade creditors 1,974,858 2,571,158
Tax 52,763 (130,500 )
PAYE & NI 131,209 47,235
Social security and other taxes 30,789 18,774
VAT 557,836 1,149,450
Pension Creditor 4,102 4,317
WIP Provision 2,126,348 2,332,786
Accrued expenses 240,074 37,386
5,281,646 6,181,745

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) 114,384 164,225
Hire purchase contracts (see note 14) 248,598 141,926
362,982 306,151

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,465 89,465

Amounts falling due between one and two years:
Bank loans - 1-2 years 89,465 89,465

Amounts falling due between two and five years:
Bank loans - 2-5 years 24,919 74,760

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 74,202 61,674
Between one and five years 248,598 141,926
322,800 203,600

Non-cancellable operating leases
2024 2023
£    £   
Within one year 34,044 34,044
Between one and five years 43,472 77,516
77,516 111,560

15. SECURED DEBTS

The bank loan is secured by a fixed and a floating charge (floating charge covers all the property or undertaking of the company).

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 55,747 25,536

Deferred
tax
£   
Balance at 1 June 2023 25,536
Movement 30,211
Balance at 31 May 2024 55,747

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
164 Ordinary £1 164 164

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 17,864 8,418 26,282
Profit for the year 510,220 510,220
Dividends (4,000 ) (4,000 )
At 31 May 2024 524,084 8,418 532,502

19. ULTIMATE PARENT COMPANY

SSCW Holdings Limited is regarded by the directors as being the company's ultimate parent company.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 May 2024 and the period ended 31 May 2023:

2024 2023
£    £   
Mr S Swinson
Balance outstanding at start of year 21,659 20,800
Amounts advanced 487 859
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,146 21,659

INTEX PROJECTS LIMITED (REGISTERED NUMBER: 04564422)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr C Wolverson
Balance outstanding at start of year 21,659 20,800
Amounts advanced 487 859
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,146 21,659

21. POST BALANCE SHEET EVENTS

A share for share exchange occurred on 29 October 2024 where SSCW Holding Ltd, Registration number 16020950, has become the ultimate parent company of Intex Projects Ltd. The transaction was approved by HMRC on 2 August 2024.