Company registration number 00500807 (England and Wales)
COAL CONTRACTORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
COAL CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
S Hall
R Hall
Company number
00500807
Registered office
Stotforth Hill Farm, Windlestone
Ferryhill
Co Durham
Auditor
Haines Watts North East Audit LLP
17 Queens Lane
Newcastle Upon Tyne
NE1 1 RN
Bankers
Barclays Bank plc
27/31 High Row
Darlington
Co Durham
Solicitors
Smith Roddam
56 North Bondgate
Bishop Auckland
Co Durham
COAL CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
COAL CONTRACTORS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,264,761
2,321,772
Current assets
Stocks
15,418
15,418
Debtors
4
882,859
1,447,248
Cash at bank and in hand
3,220,689
2,509,219
4,118,966
3,971,885
Creditors: amounts falling due within one year
5
(16,068)
(39,883)
Net current assets
4,102,898
3,932,002
Total assets less current liabilities
6,367,659
6,253,774
Provisions for liabilities
(8,715)
(18,860)
Net assets
6,358,944
6,234,914
Capital and reserves
Called up share capital
2,600,000
2,600,000
Profit and loss reserves
3,758,944
3,634,914
Total equity
6,358,944
6,234,914
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
R Hall
Director
Company Registration No. 00500807
COAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Coal Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stotforth Hill Farm, Windlestone, Ferryhill, Co Durham. The principal activity of the company is stated in the directors' report.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the fair value of goods and services provided under contracts with customers to the extent that there is a right to consideration.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Land and buildings
Straight line over fifty years
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Motor vehicles
20% Reducing balance
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.
1.4
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).
COAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, which is estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 profit and loss account 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 tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
COAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
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
The company operates a defined contribution pension scheme and the pension costs charged in the financial statements represent the contributions payable by the company in respect of the year.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
COAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
3,360,167
734,117
4,094,284
Disposals
(38,914)
(143,756)
(182,670)
At 31 January 2023
3,321,253
590,361
3,911,614
Depreciation and impairment
At 1 February 2022
1,114,160
658,352
1,772,512
Depreciation charged in the year
6,236
6,236
Eliminated in respect of disposals
(22,804)
(109,091)
(131,895)
At 31 January 2023
1,091,356
555,497
1,646,853
Carrying amount
At 31 January 2023
2,229,897
34,864
2,264,761
At 31 January 2022
2,246,007
75,765
2,321,772
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,636
15,771
Corporation tax recoverable
130,193
44,791
Amounts owed by group undertakings
719,254
1,372,748
Other debtors
10,776
13,938
882,859
1,447,248
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,366
11,243
Amounts owed to group undertakings
4,866
5,647
Corporation tax
17,577
Other taxation and social security
1,953
2,533
Other creditors
2,883
2,883
16,068
39,883
COAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Easton FCA
Statutory Auditor:
Haines Watts North East Audit LLP
7
Financial commitments, guarantees and contingent liabilities
There is a contingent liability in respect of a cross guarantee and debenture given to the company's bankers in respect of Hall Construction Services Limited. At 31 January 2023, this liability amounted to £Nil (2022 : £Nil).
8
Parent company
The ultimate parent company at the year end was Hall Construction Holdings Limited, a company incorporated in England and Wales. The registered office is Stotforth Hill Farm, Windlestone, Ferryhill, Co Durham.
Hall Construction Holdings Limited prepares group financial statements and copies can be obtained from the companies registered office.