Company Registration No. 05525011 (England and Wales)
Comwood Croydon Limited
Annual report and financial statements
for the year ended 31 August 2025
Comwood Croydon Limited
Company information
Directors
Bryan Burletson
Richard Burletson
Secretary
Prudence Burletson
Company number
05525011
Registered office
C/O Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Comwood Croydon Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
Comwood Croydon Limited
Strategic report
For the year ended 31 August 2025
1

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

Review of the business

The Company provides initial accommodation and related services to individuals and families seeking asylum prior to countrywide dispersal in keeping with the terms of a subcontractor agreement that runs until September 2029.

Initial accommodation demand remained constant throughout the financial year ended 31 August 2025. Political and economic upheaval in numerous countries has continued to drive a high number of asylum applications by those seeking sanctuary within the United Kingdom.

Accordingly, occupancy levels across the portfolio of properties operated by the Company remain stable and ancillary accommodation has been utilised but only when Home Office Standards can be guaranteed.

Turnover derived from the provision of initial accommodation services to those seeking asylum has decreased by £283,389, or 2.29% compared with the prior year. This is due to certain administrative functions being brought back within the Clearsprings Corporate Structure.

Operational efficiency is key to the ongoing financial stability of the company. Food and energy price inflation have made it necessary to find sensible economies across the business but only in instances where the services provided to our client group will not be compromised.

Principal risks and uncertainties

The Company's strategic aim is to identify and address risks while simultaneously seeking to maximise any opportunities that arise to improve our Estate and therefore the service we provide to our client group. At the beginning of the year, the Company acquired the freehold interest of two key buildings that were previously leased, greatly adding to operational flexibility.

The Company is dependant in part on Government legislation and policy surrounding the asylum process. A shift in Government policy could have a significant impact and the Company continues to maintain strong links with different potential Client Groups such as Borough Councils and private accommodation providers.

The directors closely monitor the cash flow and liquidity position of the company, ensuring that adequate cash reserves are maintained to enable to Company to change strategy as required. Given the nature of the contract, the Company's cash flow and liquidity positions are assured through to 2029.

Credit risk is managed through proportionate credit control procedures. A significant proportion of debtors relate to the subcontractor agreement, under which invoices are settled in line with pre-agreed terms.

Development and performance

The financial position and performance of the company is set out in the financial statements and the notes that follow.

As previously noted, turnover derived from the provision of initial accommodation and associated services has decreased by 2.29% compared with the prior year. This decrease predominantly reflects certain administrative functions being brought back within the Clearsprings Corporate Structure.

The net asset position of the Company has been maintained at £4,085,325 (2024 - £3,451,062).

Key performance indicators

The Company's key performance is operating profit, as an indicator of operating efficiency.

Operating profit for the year was £850,439 (2024 - £1,324,199), a decrease of 42.1% year on year. This is due to certain administrative functions being brought back within the Clearsprings Corporate Structure.

Comwood Croydon Limited
Strategic report (continued)
For the year ended 31 August 2025
2

On behalf of the board

Bryan Burletson
Director
25 March 2026
Comwood Croydon Limited
Directors' report
For the year ended 31 August 2025
3

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the group continued to be that of the provision of initial accommodation services to asylum seekers.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Bryan Burletson
Richard Burletson
Lawrence Alkin
(Deceased 5 February 2025)
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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.

Matters covered in the Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its performance throughout the year and position at the year end, as well as key risks and future developments.

Comwood Croydon Limited
Directors' report (continued)
For the year ended 31 August 2025
4
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and

- the directors have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Bryan Burletson
Director
25 March 2026
Comwood Croydon Limited
Independent auditor's report
To the members of Comwood Croydon Limited
5
Opinion

We have audited the financial statements of Comwood Croydon Limited (the 'company') for the year ended 31 August 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 August 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Comwood Croydon Limited
Independent auditor's report
To the members of Comwood Croydon Limited (continued)
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

Comwood Croydon Limited
Independent auditor's report
To the members of Comwood Croydon Limited (continued)
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of the company, in respect of the year ended 31 August 2024, are the first that are subject to audit. The prior period financial statements were not audited.

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 auditor's 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.

Comwood Croydon Limited
Independent auditor's report
To the members of Comwood Croydon Limited (continued)
8
Andrew Watkinson
Senior Statutory Auditor
For and on behalf of Saffery LLP
26 March 2026
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
Comwood Croydon Limited
Statement of comprehensive income
For the year ended 31 August 2025
9
2025
2024
Notes
£
£
Turnover
2
12,067,604
12,350,993
Cost of sales
(7,237,833)
(7,072,314)
Gross profit
4,829,771
5,278,679
Administrative expenses
(4,049,332)
(4,024,480)
Other operating income
70,000
70,000
Operating profit
3
850,439
1,324,199
Interest payable and similar expenses
7
(2,215)
-
0
Profit before taxation
848,224
1,324,199
Tax on profit
8
(213,961)
(381,789)
Profit for the financial year
634,263
942,410

The income statement has been prepared on the basis that all operations are continuing operations.

Comwood Croydon Limited
Statement of financial position
As at 31 August 2025
10
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
582,472
675,753
Current assets
Debtors
11
4,773,348
4,175,217
Cash at bank and in hand
493,014
778,072
5,266,362
4,953,289
Creditors: amounts falling due within one year
12
(1,719,660)
(2,120,908)
Net current assets
3,546,702
2,832,381
Total assets less current liabilities
4,129,174
3,508,134
Provisions for liabilities
Deferred tax liability
13
43,849
57,072
(43,849)
(57,072)
Net assets
4,085,325
3,451,062
Capital and reserves
Called up share capital
15
100
100
Profit and loss reserves
4,085,225
3,450,962
Total equity
4,085,325
3,451,062
The financial statements were approved by the board of directors and authorised for issue on 25 March 2026 and are signed on its behalf by:
Bryan Burletson
Director
Company Registration No. 05525011
Comwood Croydon Limited
Statement of changes in equity
For the year ended 31 August 2025
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2023
100
3,508,552
3,508,652
Year ended 31 August 2024:
Profit and total comprehensive income
-
942,410
942,410
Dividends
9
-
(1,000,000)
(1,000,000)
Balance at 31 August 2024
100
3,450,962
3,451,062
Year ended 31 August 2025:
Profit and total comprehensive income
-
634,263
634,263
Balance at 31 August 2025
100
4,085,225
4,085,325
Comwood Croydon Limited
Notes to the financial statements
For the year ended 31 August 2025
12
1
Accounting policies
Company information

Comwood Croydon Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Saffery LLP, St John's Court, Easton Street, High Wycombe, HP11 1JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Comwood Holdings Limited. These consolidated financial statements are available from its registered office, c/o Saffery LLP, St John's Court, Easton Street, High Wycombe, HP11 1JX.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Mobilisation costs
Over the contract term, 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies (continued)
13
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies (continued)
14
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies (continued)
15
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Turnover and other revenue

All turnover is derived from activities undertaken in the UK.

2025
2024
£
£
Turnover analysed by class of business
Provision of accommodation services
12,067,604
12,350,993
2025
2024
£
£
Other revenue
Management fees
70,000
70,000
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
201,545
200,981
Profit on disposal of tangible fixed assets
(10,257)
-
Operating lease charges
2,577,247
2,426,436
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,000
25,000
For other services
All other non-audit services
11,250
11,750
Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
16
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
47
45

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,617,787
1,586,455
Social security costs
181,111
164,156
Pension costs
34,567
72,687
1,833,465
1,823,298
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
93,286
79,046
Company pension contributions to defined contribution schemes
918
40,760
94,204
119,806

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest payable and similar expenses
2025
2024
£
£
Other interest
2,215
-
0
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
227,184
370,464
Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
8
Taxation
2025
2024
£
£ (continued)
17
Deferred tax
Origination and reversal of timing differences
(13,223)
11,325
Total tax charge
213,961
381,789

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
848,224
1,324,199
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
212,056
331,050
Tax effect of expenses that are not deductible in determining taxable profit
1,905
335
Deferred tax adjustments in respect of prior years
-
0
50,404
Taxation charge for the year
213,961
381,789
9
Dividends
2025
2024
£
£
Interim paid
-
0
1,000,000
Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
18
10
Tangible fixed assets
Plant and equipment
Mobilisation costs
Total
£
£
£
Cost
At 1 September 2024
655,532
995,147
1,650,679
Additions
117,007
-
0
117,007
Disposals
(278,811)
-
0
(278,811)
At 31 August 2025
493,728
995,147
1,488,875
Depreciation and impairment
At 1 September 2024
477,351
497,575
974,926
Depreciation charged in the year
102,030
99,515
201,545
Eliminated in respect of disposals
(270,068)
-
0
(270,068)
At 31 August 2025
309,313
597,090
906,403
Carrying amount
At 31 August 2025
184,415
398,057
582,472
At 31 August 2024
178,181
497,572
675,753
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,189,261
1,181,631
Amounts owed by group undertakings
1,756,525
1,051,710
Other debtors
884,642
884,642
Prepayments and accrued income
942,920
1,057,234
4,773,348
4,175,217
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
313,554
510,064
Corporation tax
53,162
217,192
Other taxation and social security
392,683
386,781
Other creditors
149,305
149,531
Accruals and deferred income
810,956
857,340
1,719,660
2,120,908
Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
19
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
43,849
57,072
2025
Movements in the year:
£
Liability at 1 September 2024
57,072
Credit to profit or loss
(13,223)
Liability at 31 August 2025
43,849

The deferred tax liability set out above is not expected to reverse within 12 months.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,567
72,687

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
20
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

All shares rank equally with regards to voting rights, rights in respect of dividends, capital and distribution of capital in the event of the company being wound up.

16
Financial commitments, guarantees and contingent liabilities

At the year end, the company was party to an unlimited cross party guarantee with Comwood Holdings Limited and Brylaw Limited guaranteeing the obligations of each other to the bank. At the year end amounts owed related to this guarantee not included in the balance sheet of Comwood Croydon Limited to Cambridge & Counties Bank Limited is £8,252,906 (2024 - £nil). This amount is secured by a fixed and floating charge over all assets of the company.

17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
1,050,000
1,848,929
Between two and five years
3,150,000
7,360,000
4,200,000
9,208,929
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Entities with control, joint control or significant influence over the company
373,782
347,866
Comwood Croydon Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
18
Related party transactions (continued)
21

The following amounts were due to/from the company, from the related companies listed below, at the balance sheet date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
143,147
178,302

Amounts due to or from related parties are interest free, unsecured and repayable on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
884,642
884,642

Amounts due to or from related parties are interest free, unsecured and repayable on demand.

Other information

The company is controlled by Comwood Holdings Limited, which owns 100% of its issued voting share capital.

The company has taken advantage of the exception conferred by FRS 102 paragraph 33.1A not to disclose transactions with wholly owned subsidiaries in the group headed by Comwood Holdings Limited.

19
Ultimate controlling party

In the opinion of the directors there is no ultimate controlling party.

The company's parent undertaking is Comwood Holdings Limited, whose registered office address is C/O Saffery LLP, St John's Court, Easton Street, High Wycombe, United Kingdom, HP11 1JX.

Comwood Holdings Limited is the parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member.

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