Registration number:
Coleman & Company Specialist Cutting Services Limited
for the Year Ended 30 April 2023
Coleman & Company Specialist Cutting Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Solicitors |
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Bankers |
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Auditors |
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Coleman & Company Specialist Cutting Services Limited
(Registration number: 04871530)
Balance Sheet as at 30 April 2023
Note |
30 April |
30 April |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Retained earnings |
(700,207) |
(725,140) |
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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
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Coleman & Company Specialist Cutting Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Coleman & Company Specialist Cutting Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
- |
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Disposals |
- |
( |
- |
( |
At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Stocks |
30 April |
30 April |
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Other inventories |
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Debtors |
Current |
Note |
30 April |
30 April |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Coleman & Company Specialist Cutting Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Creditors |
Creditors: amounts falling due within one year
30 April |
30 April |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
30 April |
30 April |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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1,226,623 |
1,128,065 |
Share capital |
Allotted, called up and fully paid shares
30 April |
30 April |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
Coleman & Company Specialist Cutting Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2023
Loans and borrowings |
30 April |
30 April |
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Non-current loans and borrowings |
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Redeemable preference shares |
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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.
Related party transactions |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is