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Registration number: 10992610

Codus Construction Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2021 to 30 April 2023

 

Codus Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Codus Construction Limited

Company Information

Directors

RD Greaves

PA Verity

Registered office

Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

Codus Construction Limited

(Registration number: 10992610)
Balance Sheet as at 30 April 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

4

2,848

18,195

Current assets

 

Stocks

5

-

3,000

Debtors

6

37,953

116,238

Cash at bank and in hand

 

24,101

80,196

 

62,054

199,434

Creditors: Amounts falling due within one year

7

(21,286)

(106,708)

Net current assets

 

40,768

92,726

Total assets less current liabilities

 

43,616

110,921

Creditors: Amounts falling due after more than one year

7

(20,833)

(38,464)

Provisions for liabilities

(541)

(3,457)

Net assets

 

22,242

69,000

Capital and reserves

 

Called up share capital

2

2

Retained earnings

22,240

68,998

Shareholders' funds

 

22,242

69,000

 

Codus Construction Limited

(Registration number: 10992610)
Balance Sheet as at 30 April 2023

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 Board on 20 October 2023 and signed on its behalf by:
 

.........................................
RD Greaves
Director

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

1

General information

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

The address of its registered office is:
Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA
England

These financial statements were authorised for issue by the Board on 20 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Disclosure of long or short period

The period end for these accounts has been extended by six months to the date that the company ceased trading.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 & Machinery

15% reducing balance

Computer Equipment

33% reducing balance

Motor Vehicles

25% reducing balance

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.

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2021 - 2).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2021

11,740

67

24,750

36,557

Disposals

(11,740)

(67)

(13,950)

(25,757)

At 30 April 2023

-

-

10,800

10,800

Depreciation

At 1 November 2021

2,529

53

15,780

18,362

Charge for the period

-

-

1,708

1,708

Eliminated on disposal

(2,529)

(53)

(9,536)

(12,118)

At 30 April 2023

-

-

7,952

7,952

Carrying amount

At 30 April 2023

-

-

2,848

2,848

At 31 October 2021

9,211

14

8,970

18,195

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

5

Stocks

2023
£

2021
£

Work in progress

-

3,000

6

Debtors

Current

2023
£

2021
£

Trade debtors

19,940

71,241

Other debtors

18,013

44,997

 

37,953

116,238

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Loans and borrowings

8

11,517

12,228

Trade creditors

 

495

60,565

Taxation and social security

 

7,824

32,715

Accruals and deferred income

 

1,450

1,200

 

21,286

106,708

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £11,517 (2021 - £12,228).

Creditors: amounts falling due after more than one year

Note

2023
£

2021
£

Due after one year

 

Loans and borrowings

8

20,833

38,464

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20,833 (2021 - £38,464).

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

8

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

20,833

35,833

Hire purchase contracts

-

2,631

20,833

38,464

2023
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

1,517

2,228

11,517

12,228

9

Related party transactions

Transactions with directors

2023

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

RD Greaves

Interest has been charged @ 2.0%. There are no conditions attached to this loan.

27,764

51,094

(66,986)

11,872

         
       

PA Verity

Interest has been charged @ 2.0%. There are no conditions attached to this loan.

16,936

29,983

(41,463)

5,456

         
       

 

 

Codus Construction Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 April 2023

2021

At 1 November 2020
£

Advances to director
£

Repayments by director
£

At 31 October 2021
£

RD Greaves

Interest has been charged @ 2.0%. There are no conditions attached to this loan.

18,696

34,068

(25,000)

27,764

         
       

PA Verity

Interest has been charged @ 2.0%. There are no conditions attached to this loan.

6,681

35,255

(25,000)

16,936

         
       

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2021
£

Remuneration

27,036

8,814