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Registration number: 02980918

Collard Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Collard Construction Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Collard Construction Limited

(Registration number: 02980918)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

63,373

86,371

Current assets

 

Stocks

303,262

440,964

Debtors

5

310,654

441,749

Cash at bank and in hand

 

10,004

-

 

623,920

882,713

Creditors: Amounts falling due within one year

6

(504,098)

(622,611)

Net current assets

 

119,822

260,102

Total assets less current liabilities

 

183,195

346,473

Creditors: Amounts falling due after more than one year

6

(12,073)

(23,138)

Net assets

 

171,122

323,335

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

171,022

323,235

Shareholders' funds

 

171,122

323,335

For the financial year ending 30 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 6 March 2024
 

 

Collard Construction Limited

(Registration number: 02980918)
Statement of Financial Position as at 30 June 2023 (continued)


A G Ryeland
Director

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 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:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is building contractors.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Going concern

The financial statements have been prepared on a going concern basis.

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 value added tax, returns, rebates and discounts.

Turnover is recognised when the contract is complete or an interim valuation has been assessed by a third party.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Tangible assets

Tangible assets are stated in the statement of financial position 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 property improvements

Over 5 years

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks is measured at the lower of cost and estimated selling price less costs to complete and sell. It is valued on a first in and first out basis. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
Work in progress is valued on the materials purchased and subcontractors relating to the contract plus an appropriate rate for labour. At each reporting date, stock and work in progress 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.

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

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

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.

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2022 - 19).

4

Tangible assets

Leasehold property improvements
£

Computer equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

17,953

6,933

65,068

162,343

252,297

Disposals

-

-

-

(6,750)

(6,750)

At 30 June 2023

17,953

6,933

65,068

155,593

245,547

Depreciation

At 1 July 2022

17,953

6,012

45,867

96,094

165,926

Charge for the year

-

388

2,881

15,510

18,779

Eliminated on disposal

-

-

-

(2,531)

(2,531)

At 30 June 2023

17,953

6,400

48,748

109,073

182,174

Carrying amount

At 30 June 2023

-

533

16,320

46,520

63,373

At 30 June 2022

-

921

19,201

66,249

86,371

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

5

Debtors

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Debtors (continued)

Note

2023
£

2022
£

Trade debtors

 

298,945

438,708

Other debtors

 

9,783

1,115

Income tax asset

1,926

1,926

 

310,654

441,749

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

153,027

191,017

Trade creditors

 

164,377

175,138

Taxation and social security

 

29,677

42,981

Other creditors

 

157,017

213,475

 

504,098

622,611

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £153,027 (2022 - £191,017).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

12,073

23,138

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £12,073(2022 - £23,138).

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

12,073

23,138

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

141,962

179,952

Finance lease liabilities

11,065

11,065

153,027

191,017

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

20,400

20,400

Later than one year and not later than five years

27,200

47,600

47,600

68,000

10

Related party transactions

During the year the director entered into the following advances and credits with the company:

Transactions with the director

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Directors

(73,049)

25,377

(47,672)

-

-

-

 

(73,049)

25,377

(47,672)

     

 

 

Collard Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

10

Related party transactions (continued)

2022

At 1 July 2021
£

Repayments by director
£

At 30 June 2022
£

Directors

(92,782)

19,733

(73,049)

 

(92,782)

19,733

(73,049)