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Registered number: 15190411









C&W HOSPITALITY PROJECTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2024

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
COMPANY INFORMATION


Directors
J C Corley (appointed 5 October 2023)
M R Woolley (appointed 5 October 2023)




Registered number
15190411



Registered office
Suite D, The Business Centre
Faringdon Avenue

Romford

Essex

RM3 8EN




Independent auditors
Clay Ratnage Daffin & Co Limited
Chartered Accountants & Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN




Bankers
National Westminister Bank Plc
10 Southwark Street

London

SE1 1TJ





 
C&W HOSPITALITY PROJECTS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 22


 
C&W HOSPITALITY PROJECTS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024

Introduction
 
We present our Strategic Report with the Financial Statements of the company for the period ended 31 October 2024.

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
The gross profit of the company for the current period is 11.7% and the current ratio is 1.2:1.

Page 1

 
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.







J C Corley
Director

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 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 2006They 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.

Principal activity

The principal activity of the company continues to be that of interiors and fit-out contractors.

Results and dividends

The profit for the period, after taxation, amounted to £599,513.

The directors do not recommend a payment of a dividend.

Directors

The directors who served during the period were:

J C Corley (appointed 5 October 2023)
M R Woolley (appointed 5 October 2023)

Future developments

The directors are not aware of any future developments which would have a significant effect on the company.

Page 3

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Clay 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 28 February 2025 and signed on its behalf.
 







J C Corley
Director

Page 4

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED
 

Opinion


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 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 Company's affairs as at 31 October 2024 and of its profit for the period 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 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 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 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 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.


Page 5

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)


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 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.


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 Directors' 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, 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 Directors' responsibilities statement set out on page 3, 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 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 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.


Page 6

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)


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 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.


Page 7

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C&W HOSPITALITY PROJECTS LIMITED (CONTINUED)







Lorraine Catherine Purdy FCCA (Senior statutory auditor)
  
for and on behalf of
Clay Ratnage Daffin & Co Limited
 
Chartered Accountants
Statutory Auditors
  
Suite D, The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN
 

28 February 2025
Page 8

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024

Period ended
31 October
2024
Note
£

  

Turnover
 4 
8,005,494

Cost of sales
  
(7,065,459)

Gross profit
  
940,035

Administrative expenses
  
(298,405)

Operating profit
  
641,630

Interest receivable and similar income
  
7,160

Interest payable and similar expenses
  
(1,011)

Profit before tax
  
647,779

Tax on profit
 11 
(48,266)

Profit for the financial period
  
599,513

There were no recognised gains and losses for 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024.

The notes on pages 14 to 22 form part of these financial statements.

Page 9

 
C&W HOSPITALITY PROJECTS LIMITED
REGISTERED NUMBER: 15190411

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
Note
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 12 
256,851

Debtors: amounts falling due within one year
 12 
1,993,232

Cash at bank and in hand
 13 
2,714,322

  
4,964,405

Creditors: amounts falling due within one year
 14 
(4,235,229)

Net current assets
  
 
 
729,176

Creditors: amounts falling due after more than one year
 15 
(129,563)

  

Net assets
  
599,613


Capital and reserves
  

Called up share capital 
 16 
100

Profit and loss account
  
599,513

  
599,613




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.






J C Corley
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 10

 
C&W HOSPITALITY PROJECTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Profit for the period
-
599,513
599,513

Shares issued during the period
100
-
100


At 31 October 2024
100
599,513
599,613

The notes on pages 14 to 22 form part of these financial statements.

Page 11

 
C&W HOSPITALITY PROJECTS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024

Period ended 31 October 2024
£

Cash flows from operating activities

Profit for the financial period
599,513

Adjustments for:

Interest paid
1,011

Interest received
(7,160)

Taxation charge
48,266

Increase in debtors
(2,250,083)

Increase in creditors
4,064,352

Increase in amounts owed to groups
252,174

Net cash generated from operating activities

2,708,073


Cash flows from investing activities

Interest received
7,160

Net cash from investing activities

7,160

Cash flows from financing activities

Issue of ordinary shares
100

Interest paid
(1,011)

Net cash used in financing activities
(911)

Net increase in cash and cash equivalents
2,714,322

Cash and cash equivalents at the end of period
2,714,322


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,714,322

2,714,322


The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
C&W HOSPITALITY PROJECTS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2024



Cash flows
At 31 October 2024
£

£

Cash at bank and in hand

2,714,322

2,714,322

Debt due within 1 year

(4,552)

(4,552)


2,709,770
2,709,770

The notes on pages 14 to 22 form part of these financial statements.

Page 13

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.


General information

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

 
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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions


FRS 102 allows a qualifying entity certain disclosure exemptions. The company has not taken advantage of any available exemption for qualifying entities.

 
2.3

Going concern

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.

Page 14

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

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 Company 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.

Full provision is made for losses on contracts in the year in which they are first foreseen. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

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.

 
2.11

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 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 Company's cash management.

 
2.12

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.

Page 16

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items 
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. 


4.


Turnover

The whole of the turnover relates to construction contract revenue. All turnover arose within the United Kingdom.

Period ended
31 October
2024
£

United Kingdom
8,005,494



5.


Operating profit

The operating profit is stated after charging:

Period ended
31 October
2024
£

Fees payable to the company's auditor and its associates for the audit of the
company's annual accounts
6,500

Other operating lease rentals
687

Page 17

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

6.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Period ended
31 October
2024
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Period ended
31 October
2024
£

Wages and salaries
141,662

Social security costs
15,185

Cost of defined contribution scheme
1,707

158,554


The average monthly number of employees, including the directors, during the period was as follows:


Period ended 31 October 2024
            No.






Directors
2



Direct staff
2



Administration staff
1

5


8.


Directors' remuneration



The directors did not receive any remuneration from the company in the period.

Page 18

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

9.


Interest receivable

Period ended
31 October
2024
£


Other interest receivable
7,160


10.


Interest payable and similar expenses

Period ended
31 October
2024
£


Other interest payable
1,011

Page 19

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

11.


Taxation


Period ended
31 October
2024
£

Corporation tax


Current tax on profits for the period
48,266



Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

Period ended
31 October
2024
£


Profit on ordinary activities before tax
647,779


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
161,945

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,836

Increase in pension fund creditor leading to an increase in tax
427

Group relief
(115,942)

Total tax charge for the period
48,266


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

12.


Debtors

2024
£

Due after more than one year

Trade debtors
256,851


2024
£

Due within one year

Trade debtors
1,825,157

Other debtors
1,304

Prepayments and accrued income
4,690

Amounts recoverable on long-term contracts
162,081

1,993,232



13.


Cash and cash equivalents

2024
£

Cash at bank and in hand
2,714,322



14.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
879,216

Amounts owed to group undertakings
252,174

Corporation tax
48,266

Other taxation and social security
984,266

Other creditors
4,552

Accruals and deferred income
2,066,755

4,235,229


Page 21

 
C&W HOSPITALITY PROJECTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

15.


Creditors: Amounts falling due after more than one year

2024
£

Trade creditors
129,563



16.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100





17.


Pension commitments

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.


18.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


19.


Related party transactions

The company has taken advantage of the exemption in FRS102 section 33.1A not to disclose transactions with  members of the group.


2024
£

Purchases from related parties
35,825


20.


Controlling party

The parent company of C&W Hospitality Projects Limited is Wolcor Holdings Limited. The registered office of the parent company is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The ultimate controlling party of the company is J Corley and M Woolley. 

 
Page 22