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Registration number: 04871530

Coleman & Company Specialist Cutting Services Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2023

 

Coleman & Company Specialist Cutting Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Coleman & Company Specialist Cutting Services Limited

Company Information

Directors

Mr M A Coleman

Ms L Morris

Mr M A Carless

Mr G Rowe

Mr G Blaszczak

Mr B A Bradshaw

Company secretary

Ms L Morris

Registered office

Shady Lane
Great Barr
Birmingham
B44 9ER

Solicitors

Gateley Plc
One Eleven
Edmund Street
Birmingham
B3 2HJ

Bankers

Allied Irish Bank Plc
63 Temple Row
Birmingham
B2 5LT

Auditors

Fruition Accountancy LLP
29 Wood Street
Stratford-Upon-Avon
Warwickshire
CV37 6JG

 

Coleman & Company Specialist Cutting Services Limited

(Registration number: 04871530)
Balance Sheet as at 30 April 2023

Note

30 April
2023
£

30 April
2022
£

Fixed assets

 

Tangible assets

4

226,673

188,318

Current assets

 

Stocks

5

99,377

107,293

Debtors

6

302,560

460,688

Cash at bank and in hand

 

103,411

66,121

 

505,348

634,102

Creditors: Amounts falling due within one year

7

(105,605)

(319,495)

Net current assets

 

399,743

314,607

Total assets less current liabilities

 

626,416

502,925

Creditors: Amounts falling due after more than one year

7

(1,226,623)

(1,128,065)

Net liabilities

 

(600,207)

(625,140)

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

(700,207)

(725,140)

Shareholders' deficit

 

(600,207)

(625,140)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Coleman
Director

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 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:
Shady Lane
Great Barr
Birmingham
B44 9ER

These financial statements were authorised for issue by the Board on 24 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.

The functional and presentational currency for the company during the year was Sterling and the accounts are rounded to the nearest £1.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".
- the requirements of Section 4 Statement of Financial Position paragraph 4.12((a)(iv);
- the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(a), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48 (a)(iv), 11.48(b) amd 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29)b) and 12.29A; and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CNC Group Holdings Limited as at 30 April 2023 and these financial statements may be obtained from Shady Lane, Great Barr, Birmingham, B44 9ER.

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Going concern

After making enquiries and preparing integrated group consolidated profit and loss and cash flow forecasts for one year from the date the financial statements are signed, the directors have formed a judgement that, as at the date of approving the financial statements, there is a reasonable expectation that the group and the company have adequate resources to continue in existence for the foreseeable future.

The Directors acknowledge that the company is reliant on ongoing financial and operational support from CNC Group Holdings Limited and Coleman & Company Limited.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 24 October 2023 was Michelle Vincent, who signed for and on behalf of Fruition Accountancy LLP.

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

Judgements

Estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical Accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Long term contracts

Income is recognised based on costs incurred to date, as a percentage of the total expected costs of the contract, which is deemed close to the stage of completion of the project.

Impairment of debtors

The company makes an estimate of the recoverable value of trade debtors and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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.

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Contract revenue recognition

Turnover is recognised as contract activity progresses. Turnover is stated at cost appropriate to the stage of completion of the contract plus attributable profit, less amounts recognised in previous years.

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.

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 machinery

straight line of 10%-20% to a residual value of 15%, followed by straight line depreciation of the residual NBV over the lower of remaining life or 5 years.

Fixtures and fittings

10-20% straight line

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 cost 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.

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.

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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.

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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.

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.

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.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

Preference shares are measured at fair value with changes recognised in the Statement of Comprehensive Income. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impariment. If objective evidence of impariment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

18,696

709,306

12,597

740,599

Additions

-

87,300

1,099

88,399

Disposals

-

(684)

-

(684)

At 30 April 2023

18,696

795,922

13,696

828,314

Depreciation

At 1 May 2022

12,158

530,801

9,321

552,280

Charge for the year

1,732

47,275

1,009

50,016

Eliminated on disposal

-

(655)

-

(655)

At 30 April 2023

13,890

577,421

10,330

601,641

Carrying amount

At 30 April 2023

4,806

218,501

3,366

226,673

At 30 April 2022

6,538

178,504

3,276

188,318

5

Stocks

30 April
2023
£

30 April
2022
£

Other inventories

99,377

107,293

6

Debtors

Current

Note

30 April
2023
£

30 April
2022
£

Trade debtors

 

107,224

66,306

Amounts owed by related parties

10

-

133,047

Prepayments

 

6,256

6,307

Other debtors

 

189,080

255,028

   

302,560

460,688

 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

30 April
2023
£

30 April
2022
£

Due within one year

Trade creditors

71,156

24,069

Taxation and social security

10,896

13,834

Accruals and deferred income

21,202

279,884

Other creditors

2,351

1,708

105,605

319,495

Creditors: amounts falling due after more than one year

Note

30 April
2023
£

30 April
2022
£

Due after one year

 

Loans and borrowings

9

250,000

250,000

Other non-current financial liabilities

 

976,623

878,065

 

1,226,623

1,128,065

8

Share capital

Allotted, called up and fully paid shares

 

30 April
2023

30 April
2022

 

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

         
 

Coleman & Company Specialist Cutting Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

9

Loans and borrowings

30 April
2023
£

30 April
2022
£

Non-current loans and borrowings

Redeemable preference shares

250,000

250,000

In April 2017 the company issued 5% preference shares that the company is obliged to redeem between April 2024 but no later than April 2029. Shares are redeemable in minimum multiples of £35,000 at an amount equal to the issue price plus 10% of the issue price.

Preference shares carry no voting rights.

10

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemptions available in FRS102 section 33.1A from disclosing transactions with other wholly owned subsidiaries of CNC Group Holdings Limited.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is CNC Group Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is CNC Group Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is M A Coleman.