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Registered number: 11799247 CANAL WHARF HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
CANAL WHARF HOLDINGS LIMITED COMPANY INFORMATION
Director | W B Coyle
Company secretary | S Coyle
Registered number | 11799247
Registered office | Unit 1 Canal Wharf
| Horsenden Lane North
| Greenford
| Middlesex
| UB6 7PH
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditors
| 3 Brook Business Centre
| Cowley Mill Road
| Uxbridge
| Middlesex
| UB8 2FX
CANAL WHARF HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1
Director's report | 2 - 3
Independent auditors' report | 4 - 8
Consolidated statement of comprehensive income | 9
Consolidated statement of financial position | 10
Company statement of financial position | 11
Consolidated statement of changes in equity | 12 - 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Consolidated analysis of net debt | 17
Notes to the financial statements | 18 - 39
CANAL WHARF HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The director presents his Strategic report together with the audited financial statements for the year ended 31 July 2025. The Group specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.
Business review
Coyle Equipment Services Limited (the trading subsidiary) specialises in the sale, service and hire of all hydraulic attachments. It has become the main dealer for many products such as Epiroc, OKB Attachments, Dawson Sheet Piling Hammers, Auger and Innovex. The Group sees itself as a national supplier and has opened 2 additional depots in the UK in the last 3 years. The Group now has 3 depots: London, Birmingham and Bristol, enabling it to expand geographically and reach more customers in the UK. The Group also has a website which provides information on all its services.
Principal risks and uncertainties
The growth of the business and the execution of the Group’s strategy are subject to a number of risks. Many of these risks are common in other businesses. Careful risk management is fundamental to the ability of the business to execute its strategic objectives. These risks are discussed below. Credit risk The Group has no significant concentration of credit risk, with the exposure spread over many customers. All customers who trade on credit terms go through a credit vetting process and have a certain credit limit applied. In addition, all receivable balances are monitored daily reducing the exposure to bad debts.
Financial key performance indicators
The director monitors the progress of the Group with reference to the following financial key performance indicators - The Group's gross profit margin was 63.07% (2024 - 59.46%) The Group's net profit margin was 27.59% (2024 - 24%) The Group had net assets of £21,581,011 (2024 - £17,440,951) This report was approved by the board on 23 January 2026 and signed on its behalf.
W B Coyle Director
Page 1
CANAL WHARF HOLDINGS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 JULY 2025 The director presents his report and the financial statements for the year ended 31 July 2025.
Director's responsibilities statement
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £4,140,060 (2024 - £3,197,662). Dividends of £Nil (2024 - £300,000) were paid during the year.
Director
The director who served during the year was:
W B Coyle
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 2
CANAL WHARF HOLDINGS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Auditors
Before the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 23 January 2026 and signed on its behalf.
W B Coyle Director
Page 3
CANAL WHARF HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED
Opinion
We have audited the financial statements of Canal Wharf Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting 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 Group's and of the Parent Company's affairs as at 31 July 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 4
CANAL WHARF HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 5
CANAL WHARF HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙We identified the laws and regulations applicable to the Company through discussion with the director and other management, and from our commercial knowledge and experience of the relevant sector; ∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows: °Companies Act 2006. °FRS 102. °Tax legislation. °Employment legislation. °Health and Safety at Work Act 1974. ∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and ∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit; and ∙As auditors of all significant components, we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies. Page 6
CANAL WHARF HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED) We assessed the susceptibility of the Group’s and the parent's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: ∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting documentation; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; ∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and ∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgements made; ∙Management override of controls; and ∙Posting of unusual journals or transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 7
CANAL WHARF HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANAL WHARF HOLDINGS LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Simon Carr (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants & Statutory Auditors 3 Brook Business Centre Cowley Mill Road Uxbridge Middlesex UB8 2FX 26 January 2026 Page 8
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,005,606 | 13,565,314
Cost of sales |  | (5,541,725) | (5,499,421)
Gross profit |  | 9,463,881 | 8,065,893
Administrative expenses |  | (4,252,012) | (4,298,604)
Fair value movements | 15 | 93,020 | 338,111
Operating profit | 5 | 5,304,889 | 4,105,400
Interest receivable and similar income | 9 | 86,195 | 89,966
Interest payable and similar expenses | 10 | (29,031) | (70,088)
Profit before tax |  | 5,362,053 | 4,125,278
Tax on profit | 11 | (1,221,993) | (927,616)
Profit for the financial year |  | 4,140,060 | 3,197,662
Total comprehensive income for the year |  | 4,140,060 | 3,197,662
The notes on pages 18 to 39 form part of these financial statements.
Page 9
CANAL WHARF HOLDINGS LIMITED REGISTERED NUMBER: 11799247 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 6,427,910 |  | 6,075,571
Investment property | 15 |  | 8,398,367 |  | 4,676,615
|  |  | 14,826,277 |  | 10,752,186
Current assets |  |  |  |  |
Stocks | 16 | 1,957,548 |  | 1,955,319 |
Debtors: amounts falling due within one year | 17 | 4,999,477 |  | 4,222,608 |
Cash at bank and in hand | 18 | 3,089,010 |  | 5,631,356 |
|  | 10,046,035 |  | 11,809,283 |
Creditors: amounts falling due within one year | 19 | (2,764,954) |  | (4,252,255) |
Net current assets |  |  | 7,281,081 |  | 7,557,028
Total assets less current liabilities |  |  | 22,107,358 |  | 18,309,214
Creditors: amounts falling due after more than one year | 20 |  | - |  | (360,385)
Provisions for liabilities |  |  |  |  |
Deferred tax | 24 |  | (526,347) |  | (507,878)
Net assets |  |  | 21,581,011 |  | 17,440,951
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Investment property reserve | 26 |  | 323,348 |  | 253,583
Profit and loss account | 26 |  | 21,257,563 |  | 17,187,268
|  |  | 21,581,011 |  | 17,440,951
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2026.
W B Coyle
Director
The notes on pages 18 to 39 form part of these financial statements. Page 10
CANAL WHARF HOLDINGS LIMITED REGISTERED NUMBER: 11799247 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 104 |  | 104
Investment property | 15 |  | 8,398,367 |  | 4,676,615
|  |  | 8,398,471 |  | 4,676,719
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 3,625,844 |  | 2,186,782 |
Cash at bank and in hand | 18 | 29,597 |  | 2,023,622 |
|  | 3,655,441 |  | 4,210,404 |
Creditors: amounts falling due within one year | 19 | (804,781) |  | (1,352,404) |
Net current assets |  |  | 2,850,660 |  | 2,858,000
Deferred taxation | 24 |  | (107,783) |  | (84,528)
Net assets |  |  | 11,141,348 |  | 7,450,191
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Investment property revaluation reserve | 26 |  | 323,348 |  | 253,583
Profit and loss account brought forward |  | 7,196,508 |  | 4,486,929 |
Profit for the year |  | 3,691,157 |  | 3,263,162 |
Other changes in the Profit and loss account |  | (69,765) |  | (553,583) |
Profit and loss account carried forward | 26 |  | 10,817,900 |  | 7,196,508
|  |  | 11,141,348 |  | 7,450,191
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2026.
W B Coyle
Director
The notes on pages 18 to 39 form part of these financial statements. Page 11
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2024 | 100 | 253,583 | 17,187,268 | 17,440,951
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 4,140,060 | 4,140,060
Transfer of fair value adjustments net of deferred tax | - | 69,765 | (69,765) | -
Total comprehensive income for the year | - | 69,765 | 4,070,295 | 4,140,060
At 31 July 2025 | 100 | 323,348 | 21,257,563 | 21,581,011
Page 12
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 100 | - | 14,543,189 | 14,543,289
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,197,662 | 3,197,662
Transfer of fair value adjustments net of deferred tax | - | 253,583 | (253,583) | -
Total comprehensive income for the year | - | 253,583 | 2,944,079 | 3,197,662
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (300,000) | (300,000)
Total transactions with owners | - | - | (300,000) | (300,000)
At 31 July 2024 | 100 | 253,583 | 17,187,268 | 17,440,951
| The notes on pages 18 to 39 form part of these financial statements.
Page 13
CANAL WHARF HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2024 | 100 | 253,583 | 7,196,508 | 7,450,191
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,691,157 | 3,691,157
Transfer of fair value adjustments net of deferred tax | - | 69,765 | (69,765) | -
Total comprehensive income for the year | - | 69,765 | 3,621,392 | 3,691,157
At 31 July 2025 | 100 | 323,348 | 10,817,900 | 11,141,348
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024
| Called up share capital | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 100 | - | 4,486,929 | 4,487,029
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,263,162 | 3,263,162
Transfer of fair value adjustments net of deferred tax | - | 253,583 | (253,583) | -
Total comprehensive income for the year | - | 253,583 | 3,009,579 | 3,263,162
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (300,000) | (300,000)
Total transactions with owners | - | - | (300,000) | (300,000)
At 31 July 2024 | 100 | 253,583 | 7,196,508 | 7,450,191
| The notes on pages 18 to 39 form part of these financial statements.
Page 14
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 4,140,060 | 3,197,662
Adjustments for: |  |
Depreciation of tangible assets | 2,541,468 | 1,802,555
Loss on disposal of tangible assets | (597,077) | (237,294)
Interest payable | 29,031 | 70,088
Interest receivable | (86,195) | (89,966)
Taxation charge | 1,221,993 | 927,616
(Increase) in stocks | (2,229) | (21,988)
(Increase) in debtors | (776,869) | (246,979)
(Decrease)/increase in creditors | (951,745) | 1,409,017
Net fair value (gains) recognised in P&L | (93,020) | (338,111)
Corporation tax (paid) | (2,015,624) | (542,669)
Net cash generated from operating activities | 3,409,793 | 5,929,931
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,248,155) | (2,372,119)
Sale of tangible fixed assets | 951,425 | 579,876
Purchase of investment properties | (3,628,732) | (1,532,956)
Interest received | 86,195 | 89,966
HP interest paid | (3,238) | (5,765)
Net cash used in investing activities | (5,842,505) | (3,240,998)
Page 15
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (56,568) | (64,278)
Repayment of finance leases | (27,273) | (43,429)
Dividends paid | - | (300,000)
Interest paid | (25,793) | (64,323)
Net cash used in financing activities | (109,634) | (472,030)
Net (decrease)/increase in cash and cash equivalents | (2,542,346) | 2,216,903
Cash and cash equivalents at beginning of year | 5,631,356 | 3,414,453
Cash and cash equivalents at the end of year | 3,089,010 | 5,631,356
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,089,010 | 5,631,356
| 3,089,010 | 5,631,356
The notes on pages 18 to 39 form part of these financial statements.
Page 16
CANAL WHARF HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
| At 1 August 2024 | Cash flows | At 31 July 2025
| £ | £ | £
Cash at bank and in hand | 5,631,356 | (2,542,346) | 3,089,010
Debt due after 1 year | (340,739) | 340,739 | -
Debt due within 1 year | (57,674) | (284,171) | (341,845)
Finance leases | (46,919) | 27,273 | (19,646)
| 5,186,024 | (2,458,505) | 2,727,519
The notes on pages 18 to 39 form part of these financial statements.
Page 17
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Canal Wharf Holdings Ltd is a Company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH. The Group specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment as well as the leasing of held investment properties. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The director notes that the group is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in his assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis. Page 18
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 19
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Revenue (continued)
Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Hire of goods Revenue from the hire of equipment is recognised in the period to which it relates. Rents receivable Rents receivable from investment properties, service charges and management charges. Revenue is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.
| 2.6 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Interest income
Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method. Page 20
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | Finance costs
Finance costs are charged to the Consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in the Consolidated statement of comprehensive income in the year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.12 | Current and deferred taxation
Tax is recognised in the Consolidated statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 21
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% on cost
|  |  |  | Plant and machinery | - | 25% on cost
|  |  |  | Motor vehicles | - | 25% on cost
|  |  |  | Fixtures and fittings | - | 25% on cost
|  |  |  | Office equipment | - | 25% on cost
Land is not depreciated. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income.
| 2.14 | Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Comprehensive statement of comprehensive income.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 22
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Page 23
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are Page 24
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the contractual obligations expire or are discharged or cancelled.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the director has had to make judgments in applying the above accounting policies. Those with the most significant effect on the amounts recognised in the financial statements are as follows: ∙Determine whether trade debtors are recoverable. Factors taken into consideration include credit insurance and expected recovery. ∙Determine whether there are indicators of impairment of the Group's stock. Factors taken into consideration in reaching such a decision include the ageing of unsold stock and expected future realisability of the stock. ∙The annual revaluation of investment properties is sensitive to the changes in the rental market and the economic climate of the surrounding area. The director has considered these factors when arriving at the year end valuations. There are no other key sources of estimation uncertainty. Page 25
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of equipment | 3,742,026 | 3,291,094
| Hire of equipment | 10,807,921 | 9,981,819
| Ancillary services | 218,517 | 164,791
| Rent receivable | 237,142 | 127,610
|  | 15,005,606 | 13,565,314
| Sales relate to repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment. All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on sale of tangible assets | (597,077) | (237,294)
| Exchange differences | 1,661 | 3,711
| Other operating lease rentals | 100,492 | 195,550
| Depreciation | 2,541,468 | 1,802,555
6. | Auditors' remuneration
| Fees payable to the Group's auditor for the audit of the annual financial statements in respect of:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The audit of the Group's financial statements | 3,785 | 3,675
| The audit of subsidiaries' financial statements | 15,140 | 14,700
Page 26
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 2,096,842 | 2,358,850 | - | 750,000
| Social security costs | 245,071 | 271,158 | - | 103,500
| Cost of defined contribution scheme | 45,727 | 33,982 | - | -
|  | 2,387,640 | 2,663,990 | - | 853,500
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Employees | 56 | 44 | 1 | 1
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 12,492 | 778,000
|  | 12,492 | 778,000
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2024 - £Nil).
Page 27
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 200
| Bank interest receivable | 86,195 | 89,766
|  | 86,195 | 89,966
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,058 | 12,741
| Hire purchase interest payable | 3,238 | 5,765
| Other interest | 14,735 | 51,582
|  | 29,031 | 70,088
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,368,166 | 988,125
| Adjustments in respect of previous periods | (164,642) | (90,277)
| Deferred tax |  |
| Origination and reversal of timing differences | 18,469 | 29,768
| Total deferred tax | 18,469 | 29,768
|  | 1,221,993 | 927,616
Page 28
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,362,053 | 4,125,278
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,340,513 | 1,031,320
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 33,236 | 14,724
| Capital allowances for year in excess of depreciation | 60,690 | 26,410
| Adjustments to tax charge in respect of prior periods | (164,642) | (90,277)
| Other timing differences leading to an increase in taxation | 119 | 198
| Non-taxable income | (23,255) | (84,527)
| Land remediation relief | (24,668) | -
| Deferred tax | - | 29,768
| Total tax charge for the year | 1,221,993 | 927,616
| Factors that may affect future tax charges
There are no significant factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend paid | - | 300,000
|  | - | 300,000
| During the year, the director and his close family had an interest in dividends of £Nil (2024 - £300,000).
Page 29
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 August 2024 | 1,972,317 | 10,813,917 | 1,733,184 | 113,807 | 36,338 | 14,669,563
| Additions | 64,491 | 2,521,541 | 615,877 | 38,715 | 7,531 | 3,248,155
| Disposals | - | (1,284,769) | (406,130) | (6,399) | - | (1,697,298)
| At 31 July 2025 | 2,036,808 | 12,050,689 | 1,942,931 | 146,123 | 43,869 | 16,220,420
| Depreciation |  |  |  |  |  |
| At 1 August 2024 | - | 7,488,165 | 1,021,527 | 65,122 | 19,178 | 8,593,992
| Charge for the year on owned assets | 267,097 | 1,842,132 | 312,196 | 25,210 | 5,981 | 2,452,616
| Charge for the year on financed assets | - | - | 88,852 | - | - | 88,852
| Disposals | - | (975,657) | (367,293) | - | - | (1,342,950)
| At 31 July 2025 | 267,097 | 8,354,640 | 1,055,282 | 90,332 | 25,159 | 9,792,510
| Net book value |  |  |  |  |  |
| At 31 July 2025 | 1,769,711 | 3,696,049 | 887,649 | 55,791 | 18,710 | 6,427,910
| At 31 July 2024 | 1,972,317 | 3,325,752 | 711,657 | 48,685 | 17,160 | 6,075,571
Page 30
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 59,419 | 157,072
|  | 59,419 | 157,072
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 August 2024 | 104
| At 31 July 2025 | 104
Page 31
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Coyle Equipment Services Limited | Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH. | Repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment. | Ordinary | 100%
| OKB Attachments Limited | Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, England, UB6 7PH. | Non-trading | Ordinary | 100%
| OKB Attachments Limited is exempt from audit by virtue of Section 479A of the Companies Act 2006. Canal Wharf Holdings Limited has provided a guarantee under section 479C of the Companies Act 2006 thereby undertaking to guarantee all outstanding liabilities to which the subsidiary company is subject at the end of the financial year.
15. | Investment property
| Group and Company
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 4,676,615
| Additions at cost | 3,628,732
| Fair value movements | 93,020
| At 31 July 2025 | 8,398,367
The 2025 valuations were made by the director, who is not a property expert, on an open market value for existing use basis.
Page 32
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 1,957,548 | 1,955,319
|  | 1,957,548 | 1,955,319
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,664,402 | 3,005,952 | 2,134 | 1,473
| Amounts owed by group undertakings | - | - | 3,617,062 | 2,071,631
| Amounts owed by related undertakings | 1,055,369 | 699,694 | - | -
| Other debtors | 1,776 | 3,950 | 670 | 1,150
| Prepayments and accrued income | 277,930 | 513,012 | 5,978 | 112,528
|  | 4,999,477 | 4,222,608 | 3,625,844 | 2,186,782
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,089,010 | 5,631,356 | 29,597 | 2,023,622
|  | 3,089,010 | 5,631,356 | 29,597 | 2,023,622
Page 33
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 341,845 | 57,674 | - | -
| Trade creditors | 819,586 | 1,074,222 | 11,321 | 16,647
| Corporation tax | 429,291 | 1,241,391 | 307,064 | 341,444
| Other taxation and social security | 555,472 | 403,115 | 400,520 | 2,190
| Obligations under finance lease and hire purchase contracts | 19,646 | 27,273 | - | -
| Other creditors | 473,246 | 223,238 | 18,916 | 138,549
| Accruals and deferred income | 125,868 | 1,225,342 | 66,960 | 853,574
|  | 2,764,954 | 4,252,255 | 804,781 | 1,352,404
| Bank loans are secured by a legal charge over the Group's property.
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans | - | 340,739
| Net obligations under finance leases and hire purchase contracts | - | 19,646
|  | - | 360,385
| Bank loans are secured by a legal charge over the Group's property.
Page 34
CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 341,845 | 57,674
|  | 341,845 | 57,674
| Amounts falling due 1-2 years |  |
| Bank loans | - | 340,739
|  | - | 340,739
| Amounts falling due 2-5 years |  |
|  | 341,845 | 398,413
| Bank loans are secured by a legal charge over the Group's property.
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 19,646 | 27,273
| Between 1-5 years | - | 19,646
|  | 19,646 | 46,919
| The agreements are secured against the assets to which they relate.
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CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets that are debt instruments measured at amortised cost | 4,721,547 | 3,708,377 | 3,619,866 | 2,074,254
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | 1,654,788 | 1,742,792 | 30,237 | 155,196
| Financial assets measured at amortised cost comprise amounts owed by related undertakings, amounts owed by group undertakings, trade debtors and other debtors.
| Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, other creditors and trade creditors.
24. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 507,878 | 478,110
| Charged to the Consolidated statement of comprehensive income | 18,469 | 29,768
| At end of year | 526,347 | 507,878
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CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 24.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 84,528 | -
| Charged to the Statement of comprehensive income | 23,255 | 84,528
| At end of year | 107,783 | 84,528
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 418,564 | 423,350 | - | -
| Potential capital gains tax | 107,783 | 84,528 | 107,783 | 84,528
|  | 526,347 | 507,878 | 107,783 | 84,528
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10 Ordinary A shares of £1 each | 10 | 10
|  | 90 Ordinary shares of £1 each | 90 | 90
|  |  | 100 | 100
| The Ordinary A shares and Ordinary shares are separate classes of shares for the purpose of declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. The shares rank pari passu in all other respects.
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CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
26. | Reserves
Investment property revaluation reserve The investment property reserve reflects unrealised gains and losses on investment properties carried at fair value. Profit and loss account Profit and loss account includes all current and prior year profit and losses.
27. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £45,727 (2024 - £33,982). Contributions totalling £8,418 (2024 - £7,287) were payable to the fund at the reporting date and are included in creditors.
28. | Commitments under operating leases
| At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 30,000 | 55,850 | 30,000 | 55,850
| Later than 1 year and not later than 5 years | 97,500 | 127,500 | 97,500 | 127,500
|  | 127,500 | 183,350 | 127,500 | 183,350
29. | Operating lease receipts
| The Group had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 84,500 | 55,850
| Later than 1 year and not later than 5 years | 177,900 | 127,500
| Later than 5 years | 85,425 | -
|  | 347,825 | 183,350
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CANAL WHARF HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
30. | Related party transactions
| The Company has taken advantage of the exemption permitted by FRS102 not to disclose transactions with wholly owned members of the Group. Group At the year end an amount of £1,055,369 (2024 - £699,694) was due from a company related by virtue of common directorship. Included within other creditors is an amount of £435,149 (2024 - £75,288) owed to the director. Company Included within other creditors is an amount of £190 (2024 - £126,310) owed to the director. Included within other debtors is an amount of £670 (2024 - £Nil) owed by a close family member of the director.
31. | Post balance sheet events
There have been no significant events affecting the Group since the year end.
32. | Controlling party
The ultimate controlling party is the director by virtue of his majority shareholding in the Company.
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