Registered number:
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
COMPANY INFORMATION
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C&W HOSPITALITY PROJECTS LIMITED
CONTENTS
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C&W HOSPITALITY PROJECTS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
We present our Strategic Report with the Financial Statements of the company for the period ended 31 October 2024.
The principal activity of the company continues to be that of a main contractor specialising in interior fit-out and refurbishment projects in the hospitality and commercial office sectors. We operate predominantly in the London and M25 corridor market. The differentiators we set out to achieve as a business is our attention to detail in every facet of what we do, being extremely passionate about our client’s business as well as our own, personalised Director/Owner involvement from Pre-Construction through to Practical Completion, and our Aftercare services thus ensuring our belief in a ‘Client for Life’ philosophy.
The ability of our business and its employees to adapt and remain flexible allowed us to have a successful year in 2024 and we are looking to deliver year on year increases in turnover and profitability in a measured and controlled environment. Whilst we are aware the market is going to continue changing over the next five years, we remain confident we have the foundations in place to adapt with the market and continue to provide a highly demanded bespoke offering. With our broad range of construction management expertise across all fit out and refurbishment sectors we can provide clients with high calibre teams for a wide range of projects. In addition, our clients will work alongside one of our business owners on each of their projects along with the rest of our teams who are truly vested in the end result and the longer-term relationship. The benefits we have seen throughout 2024 is testament to this with repeat business from clients citing consistency of team and performance. To further strengthen the company’s position, a group structure was set up in 2023 with a holding company Wolcor Holdings. This will allow the business to diversify its offering within the specific sectors of construction, fit out, hospitality, refurbishment, which all have different risk profiles. Thus, allowing the companies within the group to expand at an organic rate, as the market allows. Review of business performance The detailed results for the year show an operating profit of £641,630 and are as shown in the financial statements. The financial results for 2024 reflect the strong business morals and ethics that have been instilled in everything we have done as a group since 2012 together with the careful market repositioning that has taken place following the introduction of the group structure in 2023.
The key business risks and uncertainties that face the company are considered to relate to the market and economic environment, health, safety and environmental performance, contractual risk (including mispricing of contracts, managing changes to contracts and contract disputes, poor project delivery and poor contract selection), and counterparty liquidity risk.
Major risks facing the company like supply chain failure, inflation (which is fuelling rising cost of materials and the associated labour), as well as exposure to increasing fuel costs, all require careful and close control. The Board continually monitors the financial performance of the company via monthly management information and individual job costings as well as applying appropriate Health & Safety expertise. This combined with the continued reinvestment of annual profits back into the business, provides the strong base from which to grow.
The gross profit of the company for the current period is 11.7% and the current ratio is 1.2:1.
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C&W HOSPITALITY PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
This report was approved by the board on 28 February 2025 and signed on its behalf.
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C&W HOSPITALITY PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the period ended 31 October 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the period, after taxation, amounted to £599,513.
The directors do not recommend a payment of a dividend.
The directors who served during the period were:
The directors are not aware of any future developments which would have a significant effect on the company.
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C&W HOSPITALITY PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Clay Ratnage Daffin & Co Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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C&W HOSPITALITY PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED
We have audited the financial statements of C&W Hospitality Projects Limited (the 'Company') for the period ended 31 October 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
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C&W HOSPITALITY PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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C&W HOSPITALITY PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)
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 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:
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. • Obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the management of the company’s accounting department, and management itself. • The susceptibility of the company’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures: o Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud o Understanding how those charged with governance considered and addressed the potential for override of controls and management biases o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations o Assessing the extent of compliance with the relevant laws and regulations o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue recognition Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team. The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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.
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C&W HOSPITALITY PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Suite D, The Business Centre
Faringdon Avenue
Essex
RM3 8EN
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C&W HOSPITALITY PROJECTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
REGISTERED NUMBER: 15190411
BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 22 form part of these financial statements.
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C&W HOSPITALITY PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
C&W Hospitality Projects Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The place of business is 1st Floor, 99 Bishopgate, London, EC2M 3XD. The principal activity of the company was that of a main contractor specialising in interior fit-out and refurbishment projects. The company was incorporated on 5 October 2023.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
FRS 102 allows a qualifying entity certain disclosure exemptions. The company has not taken advantage of any available exemption for qualifying entities.
In arriving at their conclusion on going concern, the directors have given due consideration to whether the funding and liquidity resources available are sufficient to accommodate the principal risks and uncertainties faced by the Company. The directors have prepared workload forecasts based on reasonable assumptions and the directors’ best estimates of the timing of income from contracts. At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the approval of the financial statements.
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
in the financial statements where these judgments and estimates have been made include amounts recoverable on long-term contracts valued at £162,081 and cost of sales accruals valued at £2,056,785.
The whole of the turnover relates to construction contract revenue. All turnover arose within the United Kingdom.
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
There were no factors that may affect future tax charges.
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
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C&W HOSPITALITY PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,707. Contributions totalling £4,552 were payable to the fund at the reporting date.
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