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Registration number: 04474288

Coleman Remediation Services Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2023

 

Coleman Remediation Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Coleman Remediation Services Limited

Company Information

Director

Mr M A Coleman

Company secretary

Ms L Morris

Registered office

Shady Lane
Great Barr
Birmingham
West Midlands
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 Remediation Services Limited

(Registration number: 04474288)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

178

Current assets

 

Debtors

5

963

23,493

Cash at bank and in hand

 

116,535

35,437

 

117,498

58,930

Creditors: Amounts falling due within one year

6

(750)

(7,110)

Net current assets

 

116,748

51,820

Total assets less current liabilities

 

116,748

51,998

Creditors: Amounts falling due after more than one year

6

(2,013,583)

(1,945,200)

Net liabilities

 

(1,896,835)

(1,893,202)

Capital and reserves

 

Called up share capital

7

100,000

100,000

Retained earnings

(1,996,835)

(1,993,202)

Shareholders' deficit

 

(1,896,835)

(1,893,202)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 October 2023
 

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

 

Coleman Remediation 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
West Midlands
B44 9ER

These financial statements were authorised for issue by the director 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 financial statements are prepared in Sterling which is the functional currency of the company and 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and 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 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 Remediation 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 judgements 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.

Key sources of estimation uncertainty

Critical accounting estimates and assumptions
The company make 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 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 and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging 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 Remediation 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 year.

Retention income is recognised as they become due to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

20%-33% straight line

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 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.

 

Coleman Remediation 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.

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.

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.

 

Coleman Remediation Services Limited

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

Financial instruments

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

Preference shares are measured at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting year for objective evidence of impairment. If objective evidence of impairment is found, am impairment loss is recognised in the Statement of Comprehensive Income.

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

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Coleman Remediation Services Limited

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

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2022

3,878

3,878

At 30 April 2023

3,878

3,878

Depreciation

At 1 May 2022

3,700

3,700

Charge for the year

178

178

At 30 April 2023

3,878

3,878

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

178

178

5

Debtors

 

Coleman Remediation Services Limited

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

Current

2023
£

2022
£

Other debtors

963

23,493

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

750

7,110

Loan notes included within creditors due within one year are secured on the fixed and current assets of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

250,000

250,000

Other non-current financial liabilities

 

1,763,583

1,695,200

 

2,013,583

1,945,200

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

75,000

75,000

75,000

75,000

Ordinary B shares of £1 each

25,000

25,000

25,000

25,000

 

100,000

100,000

100,000

100,000

 

Coleman Remediation Services Limited

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

8

Loans and borrowings

2023
£

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 not later than April 2029. Shares are redeemable in multiples of £35,000 at an amount equal to the issue price plus 10% of the issue price.

Preference shares carry no voting rights.

9

Related party transactions

Summary of transactions with other related parties

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

10

Parent and ultimate parent undertaking

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

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is M A Coleman.