REGISTERED NUMBER: 08276510 (England and Wales)

CORLEY + WOOLLEY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J C Corley

M R Woolley

B R Smith

REGISTERED OFFICE:

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

REGISTERED NUMBER:

08276510 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lorraine Catherine Purdy FCCA

AUDITORS:

Clay Ratnage Daffin & Co Limited

Chartered Accountants and

Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

BANKERS:

National Westminister Bank Plc

10 Southwark Street

London

SE1 1TJ

FIXED ASSETS

Tangible assets

4

498

6,144

CURRENT ASSETS

Debtors

5

3,567,967

4,502,508

Cash at bank

207,041

32,329

3,775,008

4,534,837

CREDITORS

Amounts falling due within one year

6

4,858,630

5,191,481

NET CURRENT LIABILITIES

(1,083,622

)

(656,644

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,083,124

)

(650,500

)

CAPITAL AND RESERVES

Called up share capital

50

50

Share premium

28,848

28,848

Capital redemption reserve

80

80

Retained earnings

(1,112,102

)

(679,478

)

SHAREHOLDERS' FUNDS

(1,083,124

)

(650,500

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2026 and were signed on its behalf by:

J C Corley - Director

1.	STATUTORY INFORMATION

Corley + Woolley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 figures in the financial statements have been rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include amounts recoverable on long-term contracts valued at £2,668,818 (2024 - £2,359,098) and cost of sales accruals within the voluntary arrangement other creditors valued at £1,477,190 (2024 - £1,389,396).

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipmt

-

Straight line over 3 years

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.

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 profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

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, 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 company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Classification of 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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pension plan

The company operates a defined small self-administered scheme (SSAS) for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement. A defined benefit plan is a pension plan that is not a defined contribution plan.

The cost of the defined benefit SSAS recognised in profit or loss as employee costs comprises:

a) the company contributions to fund the specific pension calculated during the year; and

b) the cost of plan set up, specialist acturial calculations and administration.

The company contributions will be limited to those calculated by the scheme actuary for an appropriate level of annual pension. Once the contributions have been paid by the company to fund a specific pension, the company has no further payment obligations.

Going concern

The company has reported a loss before tax of £433k in the year ended 31 October 2025. This is after provision for total estimated foreseeable losses on two contracts have been recognised as an expense in the year. The losses on these contracts along with price rises, labour shortages and the long-term effects of COVID-19 seen industry-wide, caused a significant disruption to working capital. This led to the company entering into a Company Voluntary Arrangement (CVA) on 10 July 2024 and the company has a P.I. claim of some £8.3m which has been submitted in relation to the losses incurred.

As disclosed in this note, the financial statements require management to make significant judgments and estimates in relation to amounts recoverable on long-term contracts, including the P.I. claim, and cost of sales accruals. For the purposes of the accounts, the directors have been conservative in their provision of amounts recoverable on long-term contracts. The total amounts claimed are in excess of the accounts provision and if all amounts due to the company are recovered, it is the directors' expectation that the company will be able to meet the terms of the voluntary arrangement.

In arriving at their conclusion on going concern, the directors have given due consideration to whether the funding and liquidity resources available are sufficient to accommodate the principal risks and uncertainties faced by the Company, as noted above. The directors have prepared forecasts based on reasonable assumptions and the directors' best estimates of the timing of income from contracts and the P.I. claim but the element relating to the P.I. claim is as yet to be determined. The directors have also considered the terms of the voluntary arrangement which has a term of 60 months from 10 July 2024.

This therefore provides a material uncertainty related to events or conditions that would impact upon the company's ability to continue as a going concern and realise its assets and discharge its liabilities in the normal course of business.

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the approval of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2024

and 31 October 2025

131,480

DEPRECIATION

At 1 November 2024

125,336

Charge for year

5,646

At 31 October 2025

130,982

NET BOOK VALUE

At 31 October 2025

498

At 31 October 2024

6,144

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

865,691

1,445,378

Amounts recoverable on contract

2,668,818

2,359,098

Other debtors

33,458

698,032

3,567,967

4,502,508

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

28,715

-

Amounts owed to group undertakings

1,272

495

Taxation and social security

6,665

6,168

Other creditors

4,821,978

5,184,818

4,858,630

5,191,481

The company entered into a voluntary arrangement on 10 July 2024. Included in other creditors is £4,798,122 (2024 - £5,161,672) in relation to amounts owed under this arrangement. Under the terms of the arrangement, commencing July 2024 the company has made monthly contributions of varying amounts to the supervisors based on 50% of net funds held by the company. The duration of the agreement is 60 months.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to note 2 in the financial statements, which indicates that the value and timing of a significant P.I. claim is as yet to be determined. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included review of the Company Voluntary Arrangement agreed 10 July 2024, forecasts prepared and the estimates and assumptions in relation to the P.I. claim.

Lorraine Catherine Purdy FCCA (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Daffin & Co Limited

8.	ULTIMATE CONTROLLING PARTY

The controlling party is J C Corley and M R Woolley.