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Registration number: 08137439

Coral Civil Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Coral Civil Engineering Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Coral Civil Engineering Limited

Company Information

Director

Mr J C Nutter

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Coral Civil Engineering Limited
for the Year Ended 28 February 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coral Civil Engineering Limited for the year ended 28 February 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Coral Civil Engineering Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Coral Civil Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Coral Civil Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coral Civil Engineering Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Coral Civil Engineering Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coral Civil Engineering Limited. You consider that Coral Civil Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Coral Civil Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

5 September 2022

 

Coral Civil Engineering Limited

(Registration number: 08137439)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

412,235

393,559

Current assets

 

Debtors

5

1,100,894

1,137,415

Cash at bank and in hand

 

5,001

108,236

 

1,105,895

1,245,651

Creditors: Amounts falling due within one year

6

(459,196)

(409,334)

Net current assets

 

646,699

836,317

Total assets less current liabilities

 

1,058,934

1,229,876

Creditors: Amounts falling due after more than one year

6

(275,242)

(391,520)

Provisions for liabilities

(76,514)

(74,776)

Net assets

 

707,178

763,580

Capital and reserves

 

Called up share capital

25,000

25,000

Profit and loss account

682,178

738,580

Shareholders' funds

 

707,178

763,580

 

Coral Civil Engineering Limited

(Registration number: 08137439)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 September 2022
 

.........................................

Mr J C Nutter
Director

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Bond Street
Colne
Lancashire
BB8 9DG

The principal place of business is:
Suite 7 Bridgewater House
Surrey Road
Barrowford
Nelson
Lancashire
BB9 7TZ

These financial statements were authorised for issue by the director on 5 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

10% reducing balance

Office equipment

20% reducing balance

Motor vehicles

15% reducing balance

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 4 (2021 - 4).

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

556,885

113,011

669,896

Additions

460

66,741

67,201

Disposals

-

(34,266)

(34,266)

At 28 February 2022

557,345

145,486

702,831

Depreciation

At 1 March 2021

214,852

61,485

276,337

Charge for the year

27,205

5,330

32,535

Eliminated on disposal

-

(18,276)

(18,276)

At 28 February 2022

242,057

48,539

290,596

Carrying amount

At 28 February 2022

315,288

96,947

412,235

At 28 February 2021

342,033

51,526

393,559

5

Debtors

2022
£

2021
£

Trade debtors

1,045,108

977,894

Prepayments

6,001

7,091

Other debtors

49,785

152,430

1,100,894

1,137,415

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

170,486

100,449

Trade creditors

 

270,615

297,789

Taxation and social security

 

6,338

4,596

Accruals and deferred income

 

-

6,500

Other creditors

 

11,757

-

 

459,196

409,334

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

275,242

391,520

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

220,509

300,000

Hire purchase contracts

54,733

91,520

275,242

391,520

2022
£

2021
£

Current loans and borrowings

Bank borrowings

60,000

-

Bank overdrafts

43,737

-

Hire purchase contracts

66,749

100,449

170,486

100,449

 

Coral Civil Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8

Related party transactions

Transactions with directors

2022

At 1 March 2021
£

Advances to directors
£

Repayments by director
£

At 28 February 2022
£

Mr J C Nutter

This loan is unsecured, repayable on demand and interest charged at 2.5%

(83,253)

(80,204)

174,364

10,907

         
       

 

2021

At 1 September 2019
£

Advances to directors
£

Repayments by director
£

At 28 February 2021
£

Mr J C Nutter

This loan is unsecured, repayable on demand and interest charged at 2.5%

(69,020)

(200,928)

186,695

(83,253)