Company registration number 09606104 (England and Wales)
COOMBS CONTRACTORS LTD
Unaudited Financial Statements
for the Year Ended 30 November 2023
COOMBS CONTRACTORS LTD
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
COOMBS CONTRACTORS LTD
Company Information
- 1 -
Directors
Mr A J Coombs
Mr J R Coombs
Company number
09606104
Registered office
Unit 15, St Margarets Park
Pengam Road
Aberbargoed
Bargoed
Mid Glamorgan
Wales
CF81 9FW
Accountants
Mitchell Associates Ltd
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
COOMBS CONTRACTORS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
30 November 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
113,377
23,232
Current assets
Stocks
1,500
7,500
Debtors
4
226,750
130,384
Cash at bank and in hand
86,843
138,171
315,093
276,055
Creditors: amounts falling due within one year
5
(116,754)
(123,747)
Net current assets
198,339
152,308
Total assets less current liabilities
311,716
175,540
Creditors: amounts falling due after more than one year
6
(129,682)
(45,992)
Provisions for liabilities
(21,542)
(4,414)
Net assets
160,492
125,134
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
160,491
125,133
Total equity
160,492
125,134
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COOMBS CONTRACTORS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr A J Coombs
Mr J R Coombs
Director
Director
Company registration number 09606104 (England and Wales)
COOMBS CONTRACTORS LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 4 -
1
Accounting policies
Company information
Coombs Contractors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, St Margarets Park, Pengam Road, Aberbargoed, Bargoed, Mid Glamorgan, Wales, CF81 9FW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Office equipment
20% reducing balance
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
COOMBS CONTRACTORS LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COOMBS CONTRACTORS LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
COOMBS CONTRACTORS LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
24,899
975
6,344
14,683
46,901
Additions
3,500
108,510
112,010
Disposals
(28,399)
(6,344)
(34,743)
At 30 November 2023
975
123,193
124,168
Depreciation and impairment
At 1 December 2022
15,143
867
2,644
5,016
23,670
Depreciation charged in the year
2,735
27
678
4,881
8,321
Eliminated in respect of disposals
(17,878)
(3,322)
(21,200)
At 30 November 2023
894
9,897
10,791
Carrying amount
At 30 November 2023
81
113,296
113,377
At 30 November 2022
9,756
109
3,700
9,667
23,232
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
163,154
96,485
Other debtors
60,589
31,810
Prepayments and accrued income
3,007
2,089
226,750
130,384
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,197
3,876
Trade creditors
90,756
92,421
Taxation and social security
(13,698)
12,079
Other creditors
35,499
15,371
116,754
123,747
COOMBS CONTRACTORS LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,371
42,567
Other creditors
91,311
3,425
129,682
45,992
7
Loans and overdrafts
2023
2022
£
£
Bank loans
42,568
46,443
Payable within one year
4,197
3,876
Payable after one year
38,371
42,567
HSBC Bank UK is denominated in GBP, and the final instalment is due on 19 November 2031. The carrying amount at year end is £42,568 (2022 - £46,443).
This loan is not secured.
8
Operating lease commitments
Lessee
The total amount of financial commitments not included in the balance sheet is £12,547 (2022 - £3,521). The financial commitments are for 1 vehicle with annual payments of £5,836 which is due to end in December 2025 and and an equipment lease with annual payments of £420 which is due to end Dec 25.