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Registration number: 06757843

CLG Mechanical & Electrical Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 27 June 2023

 

CLG Mechanical & Electrical Contractors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

CLG Mechanical & Electrical Contractors Limited

(Registration number: 06757843)
Balance Sheet as at 27 June 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

36,922

 

52,520

Current assets

   

 

Debtors

5

919,870

 

714,773

 

Cash at bank and in hand

 

218,670

 

328,852

 

 

1,138,540

 

1,043,625

 

Creditors: Amounts falling due within one year

6

(1,020,464)

 

(919,984)

 

Net current assets

   

118,076

 

123,641

Total assets less current liabilities

   

154,998

 

176,161

Creditors: Amounts falling due after more than one year

6

 

(19,907)

 

(31,784)

Provisions for liabilities

 

(11,000)

 

(11,000)

Net assets

   

124,091

 

133,377

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Profit and loss account

123,991

 

133,277

 

Total equity

   

124,091

 

133,377

 

CLG Mechanical & Electrical Contractors Limited

(Registration number: 06757843)
Balance Sheet as at 27 June 2023

For the financial year ending 27 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 5 January 2024
 

.........................................
C D Procter
Director

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Airport West
Lancaster Way
Yeadon
Leeds
West Yorkshire
LS19 7ZA

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

CLG Mechanical & Electrical Contractors Limited is exempt from preparing group financial statements as the group is small.

Going concern

The company has the continued support of the parent company and the directors, as such the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for 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 when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Contract revenue recognition

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated on that proportion of total contract value which costs incurred to date bear to expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

4% straight line basis

Plant and machinery

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

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

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

4

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 28 June 2022

7,900

14,243

73,083

95,226

Additions

-

-

11,000

11,000

Disposals

-

-

(23,344)

(23,344)

At 27 June 2023

7,900

14,243

60,739

82,882

Depreciation

At 28 June 2022

1,896

11,575

29,235

42,706

Charge for the year

316

533

10,536

11,385

Eliminated on disposal

-

-

(8,131)

(8,131)

At 27 June 2023

2,212

12,108

31,640

45,960

Carrying amount

At 27 June 2023

5,688

2,135

29,099

36,922

At 27 June 2022

6,004

2,668

43,848

52,520

5

Debtors

Current

2023
£

2022
£

Trade debtors

218,657

94,445

Amounts owed by group undertakings

204,161

17,345

Other debtors

56,945

80,108

Gross amount due from customers for contract work

440,107

522,875

 

919,870

714,773

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

11,877

12,713

Trade creditors

200,611

280,527

Amounts owed to group undertakings

-

30,767

Taxation and social security

36,335

87,118

Accruals and deferred income

770,503

505,755

Other creditors

1,138

3,104

1,020,464

919,984

Creditors due within one year include net obligations under finance lease and hire purchase contracts, which are secured on the assets concerned, of £1,862 (2022 - £2,945).

2023
£

2022
£

Due after one year

Loans and borrowings

19,907

31,784

Creditors due in over one year include net obligations under finance lease and hire purchase contracts, which are secured on the assets concerned, of £nil (2022 - £1,862).

 

CLG Mechanical & Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 June 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,896 (2022 - £28,636). This financial commitment is in respect of an operating lease.

9

Related party transactions

2023

At 28 June 2022
£

Advances to director
£

Repayments by director
£

At 27 June 2023
£

2.5% loan account repayable on demand

22,487

55,000

(77,487)

-

         
       

 

2022

At 28 June 2021
£

Advances to director
£

Repayments by director
£

At 27 June 2022
£

2.5% loan account repayable on demand

153,771

50,907

(182,191)

22,487