REGISTERED NUMBER: 03948225 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 January 2025

for

Cawarden Co. Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

W D Crooks

M Lowes

O W Crooks

S M Crooks

P J Williamson

J C Groves

REGISTERED OFFICE:

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

BUSINESS ADDRESS:

Scotland Farm

Far Lane

Ockbrook

Derbyshire

DE72 3RX

REGISTERED NUMBER:

03948225 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCCA ACA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

Cawarden has continued to maintain revenue levels in both its Demolition and Civils teams increasing profit levels by 27% to £321,524 pre-tax. This was achieved in what has generally been a difficult year in the construction sector, particularly in Q1-Q3 due to the economic uncertainties arising from a change in government.

The company has also continued to develop strong relationships with blue chip Developers, Construction businesses as well as with Local Authorities. In addition, the company has continued to widen its presence geographically and now operates nationally within the United Kingdom

Quality, Adherence to Regulations, Management of Risk and operating a well-maintained Vehicle and Plant & Machinery fleet are key to the company's success and growth and the company continued to invest in these during the year to January 2025.

In the first five months of the current financial year revenues have grown in comparison to the previous year at £10.1m along with an increase in profitability. As with the year to January 2025, the company is continuing to develop its relationships with its customer base in both the private and public sector, as well as increasing investment in excess of the levels of investment in 2025. The directors consider this to be key, in order to sustain growth and continue building a robust business to meet the ongoing challenges in the construction sector.

The company currently operates from two sites and has now begun developing its Castle Donnington site, which includes new offices and a redevelopment of its maintenance area. This will enable the company to operate from a larger single developed site at Castle Donnington from Q1 of 2026. The directors expect this to provide efficiencies and costs savings both of an intangible and tangible nature.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks to the business identified are:

- Increases in both material and labour prices

- Increases in employment costs

- Environmental and Health & Safety Risks associated with demolition and ground works site including regulations in connection waste transfer and disposal

- Recruiting and retaining a good team across all its operations

- Uncertainties of economic nature, particularly those effecting the construction sector such as labour markets and interest rates

Cawarden continues to assess risk on an on-going basis as well as improve processes, systems and education of its team to better manage these risks and deal with the increased reporting necessary around business waste and consumption, particularly reporting to government departments. The company is continuing to increase investment in training to achieve goals and manage risks using both internal and external training.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Company its strategic directions

The Board has engaged with its stakeholders which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172

The Board has fulfilled their duties as follows

On an ongoing basis the board assess the major risks affecting the Company and develops appropriate responses to address those risks in an efficient and affective manor. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis

Employees are a key to Cawarden's success. The Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, Training and compliance. The company monitors staff turnover and performance to understand staff progression within the business.

The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company

Cawarden aims to exceed its customers' expectations, we do this through communication and building strong business relationships with our clients. We further promote Cawarden closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company

ON BEHALF OF THE BOARD:

W D Crooks - Director

18 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of demolition contractors and reclamation of used building materials.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

W D Crooks

M Lowes

O W Crooks

S M Crooks

P J Williamson

J C Groves

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). 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.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W D Crooks - Director

18 October 2025

Opinion

We have audited the financial statements of Cawarden Co. Limited (the 'company') for the year ended 31 January 2025 which comprise the Profit and Loss Account, 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 January 2025 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.

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 four, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the director and other management. We discussed with the director and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We are not responsible for preventing non-compliance 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 Report of the Auditors.

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.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

18 October 2025

TURNOVER

4

21,262,433

26,804,403

Cost of sales

(19,912,989

)

(25,594,850

)

GROSS PROFIT

1,349,444

1,209,553

Administrative expenses

(1,082,707

)

(922,767

)

266,737

286,786

Other operating income

15,295

17,374

OPERATING PROFIT

6

282,032

304,160

Interest payable and similar expenses

7

(35,068

)

(52,558

)

PROFIT BEFORE TAXATION

246,964

251,602

Tax on profit

8

(20,823

)

3,624

PROFIT FOR THE FINANCIAL YEAR

226,141

255,226

PROFIT FOR THE YEAR

226,141

255,226

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

226,141

255,226

FIXED ASSETS

Tangible assets

9

594,368

284,990

CURRENT ASSETS

Stocks

10

2,157,979

702,420

Debtors

11

2,706,208

4,067,535

Cash at bank and in hand

1,078,565

1,035,111

5,942,752

5,805,066

CREDITORS

Amounts falling due within one year

12

(4,131,704

)

(4,088,791

)

NET CURRENT ASSETS

1,811,048

1,716,275

TOTAL ASSETS LESS CURRENT LIABILITIES

2,405,416

2,001,265

CREDITORS

Amounts falling due after more than one year

13

(237,422

)

(55,000

)

PROVISIONS FOR LIABILITIES

17

(66,836

)

(71,248

)

NET ASSETS

2,101,158

1,875,017

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

2,101,058

1,874,917

SHAREHOLDERS' FUNDS

2,101,158

1,875,017

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2025 and were signed on its behalf by:

W D Crooks - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

100

1,619,691

1,619,791

Changes in equity

Total comprehensive income

-

255,226

255,226

Balance at 31 January 2024

100

1,874,917

1,875,017

Changes in equity

Total comprehensive income

-

226,141

226,141

Balance at 31 January 2025

100

2,101,058

2,101,158

Cash flows from operating activities

Cash generated from operations

1

550,313

191,297

Interest paid

(21,505

)

(49,741

)

Interest element of hire purchase payments paid

(13,563

)

(2,817

)

Tax paid

-

20,000

Net cash from operating activities

515,245

158,739

Cash flows from investing activities

Purchase of tangible fixed assets

(484,200

)

(191,245

)

Net cash from investing activities

(484,200

)

(191,245

)

Cash flows from financing activities

New loans in year

-

175,000

Loan repayments in year

(292,212

)

(230,793

)

Capital repayments in year

293,156

(33,423

)

Amount introduced by directors

4,020

21,293

Amount withdrawn by directors

(7,850

)

(21,482

)

Government grants

15,295

17,374

Net cash from financing activities

12,409

(72,031

)

Increase/(decrease) in cash and cash equivalents

43,454

(104,537

)

Cash and cash equivalents at beginning of year

2

1,035,111

1,139,648

Cash and cash equivalents at end of year

2

1,078,565

1,035,111

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

2025

2024

£

£

Profit before taxation

246,964

251,602

Depreciation charges

174,822

112,205

Government grants

(15,295

)

(17,374

)

Finance costs

35,068

52,558

441,559

398,991

(Increase)/decrease in stocks

(1,455,559

)

2,525,380

Decrease/(increase) in trade and other debtors

1,403,045

(2,054,518

)

Increase/(decrease) in trade and other creditors

161,268

(678,556

)

Cash generated from operations

550,313

191,297

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 January 2025

31/1/25

1/2/24

£

£

Cash and cash equivalents

1,078,565

1,035,111

Year ended 31 January 2024

31/1/24

1/2/23

£

£

Cash and cash equivalents

1,035,111

1,139,648

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/2/24

Cash flow

At 31/1/25

£

£

£

Net cash

Cash at bank and in hand

1,035,111

43,454

1,078,565

1,035,111

43,454

1,078,565

Debt

Finance leases

(35,391

)

(293,156

)

(328,547

)

Debts falling due within 1 year

(206,062

)

163,587

(42,475

)

Debts falling due after 1 year

(55,000

)

55,000

-

(296,453

)

(74,569

)

(371,022

)

Total

738,658

(31,115

)

707,543

1.	STATUTORY INFORMATION

Cawarden Co. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue from contracts for the provision of demolition services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably,revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Profit on construction contracts

The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by sales to date over the total contract value, contract costs are then applied using that same proportion to estimated total contract costs to arrive at the profit to be recognised. Actual costs are either accrued or prepaid to ensure the appropriate profit is recognised in accordance with the revenue stage, these costs are presented as prepayments or accruals. Costs incurred in connection with the future activity are treated as work in progress, providing it is probable they will be recovered.

All contract costs are considered to have been incurred by a point 12 months after the date the final invoice is issued to the customer.

Revenue from retentions is recognised as a provision, in line with the stage of completion of the project it os associated to. Provision for contract cost retentions are also recognised on the same basis.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in the profit and loss account within cost of sales.

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.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

21,262,433

26,804,403

21,262,433

26,804,403

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,062,902

3,208,804

Social security costs

315,950

328,740

Other pension costs

66,828

79,297

3,445,680

3,616,841

The average number of employees during the year was as follows:

2025

2024

Production

79

83

2025

2024

£

£

Directors' remuneration

333,779

301,819

Directors' pension contributions to money purchase schemes

5,000

4,681

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

105,776

100,006

Pension contributions to money purchase schemes

1,341

1,321

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

99,932

83,165

Depreciation - assets on hire purchase contracts

74,890

29,040

Auditors' remuneration

10,500

8,500

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

21,505

49,741

Hire purchase

13,563

2,817

35,068

52,558

8.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

25,235

-

Tax refunded from prior year

-

(35,741

)

Total current tax

25,235

(35,741

)

Deferred tax

(4,412

)

32,117

Tax on profit

20,823

(3,624

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

246,964

251,602

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24%)

61,741

60,384

Effects of:

Expenses not deductible for tax purposes

2,645

7,093

Capital allowances in excess of depreciation

-

(19,088

)

Depreciation in excess of capital allowances

4,412

-

Utilisation of tax losses

(43,563

)

(49,376

)

Adjustments to tax charge in respect of previous periods

-

(35,741

)

Deferred tax

(4,412

)

32,117

Short term timing differences

-

987

Total tax charge/(credit)

20,823

(3,624

)

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 February 2024

719,686

27,561

747,247

Additions

484,200

-

484,200

At 31 January 2025

1,203,886

27,561

1,231,447

DEPRECIATION

At 1 February 2024

449,896

12,361

462,257

Charge for year

171,226

3,596

174,822

At 31 January 2025

621,122

15,957

637,079

NET BOOK VALUE

At 31 January 2025

582,764

11,604

594,368

At 31 January 2024

269,790

15,200

284,990