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Registered number: 07528982









COYLE EQUIPMENT SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2023

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
COMPANY INFORMATION


Director
W B Coyle 




Registered number
07528982



Registered office
Unit 1 Canal Wharf
Horsenden Lane North

Greenford

Middlesex

UB6 7PH




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
COYLE EQUIPMENT SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 30


 
COYLE EQUIPMENT SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2023

Introduction
 
The director presents his Strategic report together with the audited financial statements for the year ended 31 July 2023.

Business review
 
Coyle Equipment Services Limited specialises in the sale, service and hire of all Hydraulic attachments. It has become the main dealer for many products such as Epiroc, OKB Attachments, Dawson Sheet Piling Hammers, Auger and Innovex. The Company sees itself as a national supplier and has opened 2 additional depots in the UK in the last 2 years. The Company now has 3 depots; London; Birmingham and Bristol enabling it to expand demographically and reach more customers in the UK. The company also has a website which provides information on all its services.

The Company prides it-self on the outstanding servicing and repair solutions and in-house workshops which it has. This enables the Company to provide customers with a convenient and reliable source of supply for their requirements. The Company can complete repairs and resolve breakdowns in the quickest time to minimise disruption and downtime.

Coyle Equipment Services have one of the largest excavator attachments hire fleets in the UK. We have many attachments to suit every application. All attachments are available with a nationwide Deliver and Fit service. We are constantly adding to our hire fleet to enable us to meet more customer demand.

Trading activity has increased in the year, with turnover increasing from £12,167,259 in 2022 to £14,283,339 in 2023. Net profit for the year increased from £2,990,387 in 2022 to £4,404,242 in 2023.
.
The Company’s firm commitment to provide customers with an exceptional, personal, unique and quick service has enabled us to enhance our brand image and achieve strong organic growth through word of mouth and existing client referrals.

Principal risks and uncertainties
 
The growth of the business and the execution of the Company’s strategy are subject to a number of risks. Many
of these risks are common in other companies. Careful risk management is fundamental to the ability of the
business to execute its strategic objectives. These risks are discussed below.
Credit risk
The Company has no significant concentration of credit risk, with the exposure spread over many customers. All customers who trade on credit terms go through a credit vetting process and have a certain credit limit applied. In addition, all receivable balances are monitored daily reducing the exposure to bad debts.

Liquidity risk

Liquidity risk is managed by continuous monitoring of cashflow ensuring that income streams are maintained, and working capital is available to pay liabilities as they fall due.

Ukraine conflict and Brexit

The Ukraine conflict and Brexit has resulted in higher shipping costs of equipment and material from abroad and delays in goods arriving in the UK. The Company has mitigated against this risk by buying more in bulk and taking advantage of economies of scale and reduced cost per unit. This has allowed us to reduce our overall shipping costs and has helped us ensure that we always have stock available. The Company has also been sourcing materials from various suppliers in the UK to spread any risk of relying on one supplier or location.

Page 1

 
COYLE EQUIPMENT SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023

Financial key performance indicators
 
The director monitors the progress of the Company with reference to the following financial key performance indicators -
The Company's gross profit margin was 59.5% 
(2022 - 45.4% (restated))
The Company's net profit margin was 30.8% (2022 - 24.6%)
The Company's had net assets of £10,055,780 (2022 - £5,651,538)


This report was approved by the board on 19 August 2024 and signed on its behalf.



W B Coyle
Director

Page 2

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 JULY 2023

The director presents his report and the financial statements for the year ended 31 July 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,404,242 (unaudited 2022 - £2,990,387).

Dividends of £Nil (unaudited 2022 - £2,220,000) were paid during the year.

Director

The director who served during the year was:

W B Coyle 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 August 2024 and signed on its behalf.
 





W B Coyle
Director

Page 4

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED
 

Qualified opinion


We have audited the financial statements of Coyle Equipment Services Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


Except for the possible effects of the matter described in the Basis for qualified opinion section of our report , in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


The year ended 31 July 2023 was the first year in which the financial statements were audited. We were not appointed as auditor of the Company until after 31 July 2022 and thus did not observe the counting of physical inventories as at the previous year ended 31 July 2022. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 July 2022, which are included in the Statement of financial position at £1,060,557,by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 July 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 July 2023. In addition, were any adjustment to the opening stock balance to be required, the Strategic report would also need to be amended.


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the opening stock quantities of £1,060,557 held at 1 August 2022. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materiallymisstated for the same reason.



Qualified opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the Basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the possible effects described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report
Arising solely from the limitation on the scope of our work relating to opening stock, referred to above:
 
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
 
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made.

 

 

Page 6

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)


Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 

Auditors' responsibilities for the audit of the financial statements
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows:

i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation.
iv) Employment legislation.
v) Health and Safety Act.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit
 




Page 7

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)



We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The year ended 31 July 2023 was the first year in which the financial statements were audited. The comparative figures in these financial statements are therefore unaudited.


Page 8

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Carr (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

19 August 2024
Page 9

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2023

2023
Restated
Unaudited
2022
Note
£
£

  

Turnover
 4 
14,283,339
12,167,259

Cost of sales
  
(5,790,540)
(6,640,212)

Gross profit
  
8,492,799
5,527,047

Administrative expenses
  
(3,015,528)
(2,115,496)

Other operating income
 5 
-
3,750

Operating profit
 6 
5,477,271
3,415,301

Interest receivable and similar income
 10 
17,614
1,326

Interest payable and similar expenses
 11 
(27,881)
(16,661)

Profit before tax
  
5,467,004
3,399,966

Tax on profit
 12 
(1,062,762)
(409,579)

Profit for the financial year
  
4,404,242
2,990,387

Total comprehensive income for the year
  
4,404,242
2,990,387

The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
COYLE EQUIPMENT SERVICES LIMITED
REGISTERED NUMBER: 07528982

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023


2023

Unaudited 2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
5,848,589
4,491,961

  
5,848,589
4,491,961

Current assets
  

Stocks
 15 
1,933,331
1,060,557

Debtors: amounts falling due within one year
 16 
3,978,821
3,982,895

Cash at bank and in hand
 17 
3,056,899
798,754

  
8,969,051
5,842,206

Creditors: amounts falling due within one year
 18 
(3,877,047)
(3,752,465)

Net current assets
  
 
 
5,092,004
 
 
2,089,741

Total assets less current liabilities
  
10,940,593
6,581,702

Creditors: amounts falling due after more than one year
 19 
(406,703)
(469,579)

Provisions for liabilities
  

Deferred tax
 23 
(478,110)
(460,585)

  
 
 
(478,110)
 
 
(460,585)

Net assets
  
10,055,780
5,651,538


Capital and reserves
  

Called up share capital 
 24 
4
4

Profit and loss account
 25 
10,055,776
5,651,534

  
10,055,780
5,651,538


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2024.




W B Coyle
Director

The notes on pages 13 to 30 form part of these financial statements.

Page 11

 
COYLE EQUIPMENT SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022 (unaudited)
4
5,651,534
5,651,538


Comprehensive income for the year

Profit for the year
-
4,404,242
4,404,242
Total comprehensive income for the year
-
4,404,242
4,404,242


At 31 July 2023
4
10,055,776
10,055,780



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2021 (unaudited)
4
4,881,147
4,881,151


Comprehensive income for the year

Profit for the year
-
2,990,387
2,990,387
Total comprehensive income for the year
-
2,990,387
2,990,387


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,220,000)
(2,220,000)


At 31 July 2022 (unaudited)
4
5,651,534
5,651,538


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

Coyle Equipment Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH.
The Company specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Cashflow exemption

The Company has taken exemption from producing a cashflow as it is included in the ultimate parent company's consolidated financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 13

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same year as the related expenditure.

Page 14

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
25% on cost
Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% on cost
Office equipment
-
25% on cost

Depreciation is not charged on freehold property as the director believes the long economic useful life and high residual value would render any depreciation immaterial.
The treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. However it is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the Company.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of comprehensive income.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

  
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 18

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the director has had to make judgments in applying the above accounting policies. Those with the most significant effect on the amounts recognised in the financial statements are as follows:

Determine whether trade debtors are recoverable. Factors taken into consideration include credit insurance and expected recovery.
 
Determine whether there are indicators of impairment of the Company's stock. Factors taken intoconsideration in reaching such a decision include the ageing of unsold stock and expected future realisability of the stock.
 
There are no other key sources of estimation uncertainty.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2023
Unaudited
2022
£
£

Government grants receivable
-
3,750

-
3,750



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
Unaudited
2022
£
£

Profit on sale of tangible assets
(406,529)
(130,566)

Exchange differences
(26,905)
(64,200)

Other operating lease rentals
121,128
11,900

Depreciation
2,100,460
1,619,990

Page 20

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
Unaudited
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
-

8.


Employees

Staff costs, including director's remuneration, were as follows:


2023
Unaudited
2022
£
£

Wages and salaries
1,335,194
846,307

Social security costs
151,460
90,218

Cost of defined contribution scheme
25,496
16,011

1,512,150
952,536


The average monthly number of employees, including the director, during the year was as follows:


        2023
   Unaudited
2022
            No.
            No.







32
21


9.


Director's remuneration

2023
Unaudited
2022
£
£

Director's emoluments
97,992
100,102

97,992
100,102


During the year retirement benefits were accruing to no director (unaudited 2022 - Nil) in respect of defined contribution pension schemes.

Page 21

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

10.


Interest receivable

2023
Unaudited
2022
£
£


Other interest receivable
17,614
1,326

17,614
1,326


11.


Interest payable and similar expenses

2023
Unaudited
2022
£
£


Bank loan interest payable
14,330
15,889

Hire purchase interest payable
2,351
301

Other interest
11,200
471

27,881
16,661


12.


Taxation


2023
Unaudited
2022
£
£

Corporation tax


Current tax on profits for the year
1,129,295
568,379

Adjustments in respect of previous periods
(84,058)
(222,585)


Total current tax
1,045,237
345,794

Deferred tax


Origination and reversal of timing differences
17,525
63,785

Total deferred tax
17,525
63,785


Tax on profit
1,062,762
409,579
Page 22

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 21% (2022 - 19%). The differences are explained below:

2023
Unaudited
2022
£
£


Profit on ordinary activities before tax
5,467,004
3,399,966


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022 - 19%)
1,148,071
645,994

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,913
4,252

Capital allowances for year in excess of depreciation
(24,098)
(82,004)

Adjustments to tax charge in respect of prior periods
(84,058)
(222,585)

Deferred tax
17,525
63,785

Other differences leading to an increase  in the tax charge
409
137

Total tax charge for the year
1,062,762
409,579


Factors that may affect future tax charges

In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.


13.


Dividends

2023
Unaudited
2022
£
£


Dividend paid on equity share capital
-
2,220,000

-
2,220,000

Page 23

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost 


At 1 August 2022
1,604,110
7,411,429
1,273,984
40,783
16,315
10,346,621


Additions
-
3,642,379
275,988
49,089
1,419
3,968,875


Disposals
-
(960,731)
(95,367)
-
-
(1,056,098)



At 31 July 2023

1,604,110
10,093,077
1,454,605
89,872
17,734
13,259,398



Depreciation


At 1 August 2022
-
5,157,044
649,529
31,955
16,132
5,854,660


Charge for the year on owned assets
-
1,769,188
259,461
14,497
264
2,043,410


Charge for the year on financed assets
-
57,050
-
-
-
57,050


Disposals
-
(535,873)
(8,438)
-
-
(544,311)



At 31 July 2023

-
6,447,409
900,552
46,452
16,396
7,410,809



Net book value



At 31 July 2023
1,604,110
3,645,668
554,053
43,420
1,338
5,848,589



At 31 July 2022 (unaudited)
1,604,110
2,254,385
624,455
8,828
183
4,491,961

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
Unaudited
2022
£
£



Motor vehicles
122,901
54,000

122,901
54,000

Page 24

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

15.


Stocks

2023
Unaudited
2022
£
£

Finished goods and goods for resale
1,933,331
1,060,557

1,933,331
1,060,557



16.


Debtors

2023
Unaudited
2022
£
£


Trade debtors
3,054,779
3,143,954

Amounts owed by related undertakings
697,865
607,865

Other debtors
11,083
226,808

Prepayments and accrued income
215,094
4,268

3,978,821
3,982,895



17.


Cash and cash equivalents

2023
Unaudited
2022
£
£

Cash at bank and in hand
3,056,899
798,754

3,056,899
798,754


Page 25

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

18.


Creditors: Amounts falling due within one year

2023
Unaudited
2022
£
£

Bank loans
55,988
54,418

Trade creditors
838,077
1,778,169

Amounts owed to group undertakings
1,387,991
1,405,259

Corporation tax
878,945
377,516

Other taxation and social security
577,590
105,930

Obligations under finance lease and hire purchase contracts
90,348
9,913

Other creditors
6,492
7,859

Accruals and deferred income
41,616
13,401

3,877,047
3,752,465


The loan is secured by a legal charge over the Company's property.


19.


Creditors: Amounts falling due after more than one year

2023
Unaudited
2022
£
£

Bank loans
406,703
462,692

Obligations under finance leases and hire purchase contracts
-
6,887

406,703
469,579


The loan is secured by a legal charge over the Company's property.

Page 26

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
Unaudited
2022
£
£

Amounts falling due within one year

Bank loans
55,988
54,418


55,988
54,418

Amounts falling due 1-2 years

Bank loans
57,674
55,988


57,674
55,988

Amounts falling due 2-5 years

Bank loans
349,029
406,704


349,029
406,704


462,691
517,110


The loan is secured by a legal charge over the Company's property.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
Unaudited
2022
£
£


Within one year
90,348
9,913

Between 1-5 years
-
6,887

90,348
16,800

The agreements are secured against the assets to which they relate.

Page 27

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

22.


Financial instruments

2023
Unaudited
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
3,763,727
3,978,627


Financial liabilities


Financial liabilities measured at amortised cost
2,785,599
3,725,197


Financial assets measured at amortised cost comprise amounts owed by related undertakings, trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, other creditors and trade creditors.


23.


Deferred taxation




2023
Unaudited
2022


£

£






At beginning of year
460,585
396,800


Charged to the Statement of comprehensive income
17,525
63,785



At end of year
478,110
460,585

The provision for deferred taxation is made up as follows:

2023
Unaudited
2022
£
£


Accelerated capital allowances
478,110
460,141

Pension surplus
-
444

478,110
460,585

Page 28

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

24.


Share capital

2023
Unaudited
2022
£
£
Allotted, called up and fully paid



4 Ordinary shares of £1 each
4
4



25.


Reserves

Profit and loss account

Profit and loss account includes all current and prior year profit and losses.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,496 (unaudited 2022 - £16,011). Contributions totalling £5,374 (unaudited 2022 - £4,161) were payable to the fund at the reporting date and are included in creditors.


27.


Transactions with directors

Included within other debtors is an amount £1,905 (unaudited 2022 - £Nil) owed by the director. 


28.


Related party transactions

The Company is exempt from disclosing transactions with its parent company, and other wholly owned group subsidiaries, under FRS102, as it is itself a wholly owned subsidiary.
At the year end an amount of £697,865 
(unaudited 2022 - £607,865) was due from a company in which the director is also a director.
Included within other creditors is an amount £Nil 
(unaudited 2022 - £2,925) owed to the director. 

Page 29

 
COYLE EQUIPMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

29.


Restatement of financial statements

During the year, the directors decided that it would better reflect the company's trading activities if depreciation on the company's rental fleet was disclosed within the cost of sales section of the profit and loss account, rather than the administrative expenses section.
This has resulted in £1,326,825 of cost being moved to the cost of sales section for the year ended 31 July 2022, which has reduced the gross profit to £5,527,074 and reduced the administrative expenses to £2,115,496.
The operating profit, net profit for the year and the net asset position as at 31 July 2022 are unaffected by these changes.


30.


Ultimate parent undertaking and controlling part

The immediate and ultimate parent undertaking is Canal Wharf Holdings Ltd, a company incorporated in England and Wales. This is the smallest and largest group in which the results of the company are consolidated.
The ultimate controlling party is the director by virtue of his majority shareholding in Canal Wharf Holdings Ltd.
Consolidated accounts for Canal Wharf Holdings Ltd, registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, England, UB6 7PH, are available at Companies House, Crown Way, Cardiff, CF14 3UZ.

 
Page 30