Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Mr D J Coyde 18/10/2001 Mrs J A Coyde 18/10/2001 Mr S D Coyde 01/09/2014 02 November 2023 The principal activity of the company is that of general building contractors, including house building. 04307038 2023-09-30 04307038 bus:Director1 2023-09-30 04307038 bus:Director2 2023-09-30 04307038 bus:Director3 2023-09-30 04307038 2022-09-30 04307038 core:CurrentFinancialInstruments 2023-09-30 04307038 core:CurrentFinancialInstruments 2022-09-30 04307038 core:Non-currentFinancialInstruments 2023-09-30 04307038 core:Non-currentFinancialInstruments 2022-09-30 04307038 core:ShareCapital 2023-09-30 04307038 core:ShareCapital 2022-09-30 04307038 core:RetainedEarningsAccumulatedLosses 2023-09-30 04307038 core:RetainedEarningsAccumulatedLosses 2022-09-30 04307038 core:Goodwill 2022-09-30 04307038 core:Goodwill 2023-09-30 04307038 core:LeaseholdImprovements 2022-09-30 04307038 core:PlantMachinery 2022-09-30 04307038 core:Vehicles 2022-09-30 04307038 core:OfficeEquipment 2022-09-30 04307038 core:LeaseholdImprovements 2023-09-30 04307038 core:PlantMachinery 2023-09-30 04307038 core:Vehicles 2023-09-30 04307038 core:OfficeEquipment 2023-09-30 04307038 core:DeferredTaxation 2023-09-30 04307038 core:DeferredTaxation 2022-09-30 04307038 core:OtherProvisionsContingentLiabilities 2023-09-30 04307038 core:OtherProvisionsContingentLiabilities 2022-09-30 04307038 2021-09-30 04307038 bus:OrdinaryShareClass1 2023-09-30 04307038 bus:OrdinaryShareClass2 2023-09-30 04307038 2022-10-01 2023-09-30 04307038 bus:FilletedAccounts 2022-10-01 2023-09-30 04307038 bus:SmallEntities 2022-10-01 2023-09-30 04307038 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04307038 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04307038 bus:Director1 2022-10-01 2023-09-30 04307038 bus:Director2 2022-10-01 2023-09-30 04307038 bus:Director3 2022-10-01 2023-09-30 04307038 core:Goodwill core:TopRangeValue 2022-10-01 2023-09-30 04307038 core:PlantMachinery 2022-10-01 2023-09-30 04307038 core:Vehicles 2022-10-01 2023-09-30 04307038 core:OfficeEquipment 2022-10-01 2023-09-30 04307038 2021-10-01 2022-09-30 04307038 core:LeaseholdImprovements 2022-10-01 2023-09-30 04307038 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 04307038 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04307038 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 04307038 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 04307038 bus:OrdinaryShareClass2 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04307038 (England and Wales)

COYDE CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

COYDE CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

COYDE CONSTRUCTION LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
COYDE CONSTRUCTION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS Mr D J Coyde
Mrs J A Coyde
Mr S D Coyde
SECRETARY Mrs J A Coyde
REGISTERED OFFICE Castle View
Babbage Road
Totnes
TQ9 5JA
United Kingdom
COMPANY NUMBER 04307038 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
COYDE CONSTRUCTION LIMITED

BALANCE SHEET

As at 30 September 2023
COYDE CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 244,151 148,279
244,151 148,279
Current assets
Stocks 1,022,559 1,022,038
Debtors
- due within one year 6 1,882,218 1,587,479
- due after more than one year 6 96,548 171,424
Cash at bank and in hand 1,902,420 1,485,111
4,903,745 4,266,052
Creditors: amounts falling due within one year 7 ( 1,241,436) ( 972,105)
Net current assets 3,662,309 3,293,947
Total assets less current liabilities 3,906,460 3,442,226
Creditors: amounts falling due after more than one year 8 ( 98,360) 0
Provision for liabilities 9, 10 ( 107,614) ( 79,836)
Net assets 3,700,486 3,362,390
Capital and reserves
Called-up share capital 11 300 300
Profit and loss account 3,700,186 3,362,090
Total shareholders' funds 3,700,486 3,362,390

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Coyde Construction Limited (registered number: 04307038) were approved and authorised for issue by the Board of Directors on 02 November 2023. They were signed on its behalf by:

Mrs J A Coyde
Director
COYDE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
COYDE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Coyde Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Castle View, Babbage Road, Totnes, TQ9 5JA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the goods and the service
provided to date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a educing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to
another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Retentions owed

The company has a policy of retaining 5% of amounts due under a contract with a supplier. One half of this retention is released on practical completion and the balance is due once a 'Making Good Certification' has been received from the supplier's agent. Where retentions remain outstanding after 6 years of practical completion these balances are released in accordance with the terms of the contract.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 24

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend Ordinary share 0 76,000
Interim dividend Ordinary A share 30,000 9,000
30,000 85,000

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 100,000 100,000
At 30 September 2023 100,000 100,000
Accumulated amortisation
At 01 October 2022 100,000 100,000
At 30 September 2023 100,000 100,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 16,961 137,269 297,591 49,811 501,632
Additions 0 0 148,540 0 148,540
Disposals 0 0 ( 86,124) 0 ( 86,124)
At 30 September 2023 16,961 137,269 360,007 49,811 564,048
Accumulated depreciation
At 01 October 2022 16,961 99,919 200,647 35,826 353,353
Charge for the financial year 0 5,603 17,327 2,101 25,031
Disposals 0 0 ( 58,487) 0 ( 58,487)
At 30 September 2023 16,961 105,522 159,487 37,927 319,897
Net book value
At 30 September 2023 0 31,747 200,520 11,884 244,151
At 30 September 2022 0 37,350 96,944 13,985 148,279

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 557,192 668,244
Corporation tax 0 27,752
Other debtors 1,325,026 891,483
1,882,218 1,587,479
Debtors: amounts falling due after more than one year
Trade debtors 96,548 171,424

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 915,516 842,053
Taxation and social security 100,851 16,919
Obligations under finance leases and hire purchase contracts 49,180 0
Other creditors 175,889 113,133
1,241,436 972,105

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 98,360 0

Security is given on the hire purchase liabilities by a charge held on the assets under HP.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 59,921 35,882
Other provisions 47,693 43,954
107,614 79,836

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 35,882) ( 46,151)
(Charged)/credited to the Statement of Income and Retained Earnings ( 24,039) 10,269
At the end of financial year ( 59,921) ( 35,882)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200
100 Ordinary A shares of £ 1.00 each 100 100
300 300

12. Financial commitments

Other financial commitments

2023 2022
£ £
Rental agreement 0 9,331

13. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Advances to directors 804 160