Collins Ladywell Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 11502503 (England and Wales)
Collins Ladywell Limited
Company Information
Directors
J Blake
B Watson
P Lavender
E Lavender
Secretary
B Watson
Company number
11502503
Registered office
Cray Avenue
Orpington
Kent
BR5 3QB
Auditor
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
Cray Avenue
Orpington
Kent
BR5 3QB
Collins Ladywell Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
Collins Ladywell Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

Over the last year the group has continued to perform well, whilst turnover has decreased to £18,308,519 in 2023 compared to £19,279,140 in 2022. The group’s operating profit has marginally decreased from £1,258,461 to £1,227,508 which is attributed to the decrease in turnover on a reduced percentage gross profit. The directors are aware of the overall reduced profit margin for 2023 which is attributed to the reduced turnover.

The directors are also aware of the increase in overheads and administration costs along with levels of inflation not seen for some years, which has placed material & wage costs at record highs.

 

The group’s profit before tax is £1,120,035 which is an excellent result for the group.

 

The group continues to have a strong balance sheet with net assets of £3,251,485 which is a slight decrease on the year before of £3,258,079, noting that further payments have been made to fund the management buyout.

 

The first six months of 2024 have seen the company win over £12.8m of new orders.

The group has built strong relationships with existing customers and is committed to winning repeat business.

 

The group is continuing to carry out additional due diligence around any new clients.

 

The group is fully aware of the requirements to resource new projects whilst continuing to provide a high quality service to its clients. The group continues to maintain its reputation with leading Consultants, Surveyors and Architects within London and the South East and is confident that 2024 will be another profitable year.

 

The directors are aware of the overall reduced turnover for 2023, however percentage profit has increased. This is largely due to the director’s drive to reduce waste, improve procurement and the increase in staff numbers to ensure profits are maximised along with greater quality control.

 

With more management staff, the directors are confident that with the work won to date in 2024, the profit margin will be up to earlier years expectations and are confident that turnover will reflect an increase on that of 2023.

 

Staff requirements are constantly under review to meet the increase in turnover, internal promotion and external recruitment are always under consideration.

 

Our new open plan office space in Orpington has allowed for the increase in staff and better collaborative working between departments to improve efficiency throughout the group. The environment provides space for private meetings, open forums and training spaces for management and site staff.

Principal risks and uncertainties

Currently the group considers its risks to comprise of the following:

i) Liquidity

The principal risk to the group is that clients and suppliers may have their working capital facilities restricted in the current economic climate which would affect the group. The group manages its liquidity risks by imposing strict review processes at project commencement with prompt cash collection and credit control throughout each project. The group has maintained a strong cash balance of £1.97m (2022 £1.37m). The group meets its day to day working capital requirements through the use of existing funds without the need for a bank overdraft or any other external funding.

 

The group is therefore not exposed to bank interest rate charges, and remains financially strong.

Collins Ladywell Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2

ii) Inflation

 

The group is still aware of the current changing inflation rate and has found increases in materials and suppliers’ costs difficult to predict. The directors are taking care and consideration of these factors when entering into any fixed price contracts. The volatility in fuel and material costs make tendering and completion of existing projects challenging. The strong cash balance enables the group to negotiate supply costs and if required, purchase upfront to avoid future price increases. The directors have noted that prices for materials have levelled out, and enables the group to continue to tender on a fixed price basis.

 

The group has employed a buyer at the start of 2024 to procure the best quality materials at the most competitive market prices.

 

The group considers itself to be financially robust in the current market.

 


ii) Health, Safety & Environment

The maintenance of a safe working environment is of prime importance to the group and the group continually monitors and improves its procedures to achieve this. The group continued to further strengthen its health and safety management during the course of the year and funded continuous training and personal development for its employees.

 

iii) Supply Chain

The directors are aware that with the increase in turnover the Management Team are constantly reviewing, and adding to the supply chain to ensure suitable and adequate resources are available for each project.

 

iv) Our People

 

To continue with the success of the group we rely on every member of staff within the organization to continue to focus, and commit to providing the high level of service that our clients have received and expect to receive from Collins.

 

Management continue to review and provide further training to our employees to ensure they develop their skills, which will enhance the groups reputation and their own careers. The Management Team will continue to arrange the annual group training day for all our site employees, which also forms a relaxed team building atmosphere.

 

 

On behalf of the board

B Watson
Director
14 August 2024
Collins Ladywell Limited
Directors' Report
For the year ended 31 December 2023
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of Specialist Interior and Exterior Refurbishment Contractors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Blake
B Watson
P Lavender
E Lavender
Results and dividends

Ordinary dividends were paid amounting to £260,008. The directors do not recommend payment of a further dividend.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
B Watson
Director
14 August 2024
2024-08-14
Collins Ladywell Limited
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 4

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Collins Ladywell Limited
Independent Auditor's Report
To the Members of Collins Ladywell Limited
Page 5
Opinion

We have audited the financial statements of Collins Ladywell Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The 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).

In our opinion the financial statements:

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 directors' 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 group's and parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

 

We have nothing to report in this regard.

Collins Ladywell Limited
Independent Auditor's Report (Continued)
To the Members of Collins Ladywell Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are 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 directors determine 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 directors are responsible for assessing the group's and parent 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 directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Collins Ladywell Limited
Independent Auditor's Report (Continued)
To the Members of Collins Ladywell Limited
Page 7
Auditor's 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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Collins Ladywell Limited
Independent Auditor's Report (Continued)
To the Members of Collins Ladywell Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Collins Ladywell Limited
Independent Auditor's Report (Continued)
To the Members of Collins Ladywell Limited
Page 9

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 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Darren Jordan
Darren Jordan (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
15 August 2024
Chartered Accountants
Statutory Auditor
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Collins Ladywell Limited
Group Profit and Loss Account
For the year ended 31 December 2023
Page 10
2023
2022
Notes
£
£
Turnover
3
18,308,519
19,279,140
Cost of sales
(14,278,667)
(15,510,227)
Gross profit
4,029,852
3,768,913
Administrative expenses
(2,802,344)
(2,510,452)
Operating profit
4
1,227,508
1,258,461
Interest receivable and similar income
8
736
20,117
Interest payable and similar expenses
9
(108,209)
(153,776)
Profit before taxation
1,120,035
1,124,802
Tax on profit
10
(351,727)
(312,189)
Profit for the financial year
768,308
812,613
Profit for the financial year is all attributable to the owners of the parent company.
Collins Ladywell Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 11
2023
2022
£
£
Profit for the year
768,308
812,613
Other comprehensive income
-
-
Total comprehensive income for the year
768,308
812,613
Total comprehensive income for the year is all attributable to the owners of the parent company.
Collins Ladywell Limited
Group Balance Sheet
As at 31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
3,364,236
3,888,533
Tangible assets
13
278,807
110,264
Investments
14
750
750
3,643,793
3,999,547
Current assets
Stocks
16
89,656
36,518
Debtors
17
3,607,371
4,374,944
Cash at bank and in hand
1,970,308
1,372,932
5,667,335
5,784,394
Creditors: amounts falling due within one year
18
(3,840,440)
(3,421,991)
Net current assets
1,826,895
2,362,403
Total assets less current liabilities
5,470,688
6,361,950
Creditors: amounts falling due after more than one year
19
(781,800)
(2,181,362)
Provisions for liabilities
Deferred tax liability
21
33,097
33,097
33,097
33,097
Net assets
4,721,985
4,213,685
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
2,812,250
2,812,250
Profit and loss reserves
1,908,735
1,400,435
Total equity
4,721,985
4,213,685
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
14 August 2024
B Watson
Director
Collins Ladywell Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 13
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
8,806,250
8,806,250
Current assets
Debtors
17
750
750
Cash at bank and in hand
60,476
985
61,226
1,735
Creditors: amounts falling due within one year
18
(1,189,962)
(770,100)
Net current liabilities
(1,128,736)
(768,365)
Total assets less current liabilities
7,677,514
8,037,885
Creditors: amounts falling due after more than one year
19
(765,000)
(2,164,562)
Net assets
6,912,514
5,873,323
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
2,812,250
2,812,250
Profit and loss reserves
4,099,264
3,060,073
Total equity
6,912,514
5,873,323

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,299,199 (2022 - £1,453,234 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
14 August 2024
B Watson
Director
Company Registration No. 11502503 (England and Wales)
Collins Ladywell Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 14
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000
2,812,250
834,132
3,647,382
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
812,613
812,613
Dividends
11
-
-
(246,310)
(246,310)
Balance at 31 December 2022
1,000
2,812,250
1,400,435
4,213,685
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
768,308
768,308
Dividends
11
-
-
(260,008)
(260,008)
Balance at 31 December 2023
1,000
2,812,250
1,908,735
4,721,985
Collins Ladywell Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 15
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000
2,812,250
1,853,149
4,666,399
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,453,234
1,453,234
Dividends
11
-
-
(246,310)
(246,310)
Balance at 31 December 2022
1,000
2,812,250
3,060,073
5,873,323
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,299,199
1,299,199
Dividends
11
-
-
(260,008)
(260,008)
Balance at 31 December 2023
1,000
2,812,250
4,099,264
6,912,514
Collins Ladywell Limited
Group Statement of Cash Flows
For the year ended 31 December 2023
Page 16
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,564,115
1,683,561
Interest paid
(108,209)
(153,776)
Income taxes paid
(381,289)
(459,907)
Net cash inflow from operating activities
2,074,617
1,069,878
Investing activities
Purchase of tangible fixed assets
(243,469)
(82,767)
Proceeds from disposal of tangible fixed assets
5,500
30,000
Repayment of loans
(980,000)
(765,000)
Interest received
736
20,117
Net cash used in investing activities
(1,217,233)
(797,650)
Financing activities
Dividends paid to equity shareholders
(260,008)
(246,310)
Net cash used in financing activities
(260,008)
(246,310)
Net increase in cash and cash equivalents
597,376
25,918
Cash and cash equivalents at beginning of year
1,372,932
1,347,014
Cash and cash equivalents at end of year
1,970,308
1,372,932
Collins Ladywell Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 17
1
Accounting policies
Company information

Collins Ladywell Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Cray Avenue, Orpington, Kent, BR5 3QB.

 

The group consists of Collins Ladywell Limited and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Collins Ladywell Limited together with all active entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates. Not included in the consolidated group is the subsidiary Wall Plastics Limited, on the basis that the subsidiary is dormant.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group has continued to trade profitably this year and has a strong balance sheet and cash position. As a result the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

 

1.5
Turnover

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:

 

Construction contracts

 

Revenue arises from the increase in the value of work performed on construction contracts and on the value of services provided during the year. Where the outcome of a long term contract can be reliably estimated and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Stage of completion is assessed on the output basis, by reference to the proportion of the work certified to date relative to the estimated total contract value. Variations and claims are included in revenue where it is probable that the amount, which can be measured reliably, will be recovered from the client. When the outcome of a long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

 

Construction work in progress is stated at cost plus profit recognised to date less a provision for foreseeable losses and less amounts to be billed, and is included in amounts recoverable on contracts. Cost includes all expenditure related directly to specific projects and an appropriate allocation of fixed and variable overheads based on normal operating capacity. Amounts valued and billed to clients are included in trade debtors. Where cash received from customers exceeds the value of work performed, the amount is included in credit balances on long term contracts.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19

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:

Leasehold improvements
10% reducing balance
Plant and machinery
25% reducing balance
Fixtures and office equipment
25% reducing balance and 20% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20
1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 21
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 22
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 if, and only if, there is 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The company makes contributions to Collins (Contractors) Limited Directors' Pension Scheme, a defined contribution scheme, the assets of the scheme being held separately from the assets of the company. The company makes contributions on behalf of its employees to both personal pension schemes and defined contribution schemes. Contributions payable are charged to the profit and loss account in the year they are payable.

1.17
Leases

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 leased asset are consumed.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stage of completion on contracts

The stage of completion on contracts is a key area of judgement as it determines the value of profit recognised on a contract in the financial statements.

 

The directors have a wealth of experience in assessing the work performed on a contract to date and determining the remaining costs to complete, through assessments and judgements being made on the recovery of pre-contract costs, changes in the scope of work, contract programmes, maintenance and change in costs. This enables them to determine the stage of completion on a contract and therefore the gross profit to recognise in the financial statements.

Retention provision

Provisions against retentions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the amount and timing of liabilities judgement is applied and re-evaluated at each reporting date.

Useful economic life of tangible and intangible fixed assets

The company depreciates the tangible and intangible fixed assets over their useful economic lives which reflects management’s estimate for the period that the company intends to derive future economic benefits from the use of those tangible and intangible fixed assets. Changes in the expected level of usage could affect the useful economic lives and residual values of these assets. This could affect the future depreciation charge of these assets. The carrying amount of the company’s tangible and intangible fixed assets are disclosed in notes 12 and 13 to the financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Refurbishment contractors
18,308,519
19,279,140
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,308,519
19,279,140
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Turnover and other revenue
(Continued)
Page 24
2023
2022
£
£
Other revenue
Interest income
736
20,117
Contract revenue arising on construction contracts
18,308,519
19,279,140
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
74,926
49,169
Profit on disposal of tangible fixed assets
(5,500)
(16,844)
Amortisation of intangible assets
524,297
524,297
Operating lease charges
89,614
80,614
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,920
1,800
Audit of the financial statements of the company's subsidiaries
20,000
17,680
21,920
19,480
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Cost of sales
36
35
-
-
Administration
23
23
-
-
Directors
4
4
-
-
Total
63
62
-
0
-
0
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
6
Employees
(Continued)
Page 25

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,925,994
2,771,749
-
0
-
0
Social security costs
324,955
312,309
-
-
Pension costs
90,996
94,600
-
0
-
0
3,341,945
3,178,658
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
331,075
330,186
Company pension contributions to defined contribution schemes
24,000
32,000
355,075
362,186
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
137,992
97,500
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
736
20,117

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
736
20,117
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Dividends on redeemable preference shares not classified as equity
1,260
1,260
Other interest on financial liabilities
106,949
152,516
108,209
153,776
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
351,727
312,189

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,120,035
1,124,802
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
263,432
213,712
Tax effect of expenses that are not deductible in determining taxable profit
128,958
113,685
Permanent capital allowances in excess of depreciation
(40,663)
(15,208)
Taxation charge
351,727
312,189
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
260,008
246,310
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,242,967
Amortisation and impairment
At 1 January 2023
1,354,434
Amortisation charged for the year
524,297
At 31 December 2023
1,878,731
Carrying amount
At 31 December 2023
3,364,236
At 31 December 2022
3,888,533
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures and office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
532
30,153
125,624
156,309
Additions
189,977
-
0
53,492
-
0
243,469
Disposals
-
0
-
0
(59,964)
(9,198)
(69,162)
At 31 December 2023
189,977
532
23,681
116,426
330,616
Depreciation and impairment
At 1 January 2023
-
0
78
17,595
28,372
46,045
Depreciation charged in the year
18,853
133
15,315
40,625
74,926
Eliminated in respect of disposals
-
0
-
0
(59,964)
(9,198)
(69,162)
At 31 December 2023
18,853
211
(27,054)
59,799
51,809
Carrying amount
At 31 December 2023
171,124
321
50,735
56,627
278,807
At 31 December 2022
-
0
454
12,558
97,252
110,264
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
28
-
0
-
0
8,806,250
8,806,250
Unlisted investments
750
750
-
0
-
0
750
750
8,806,250
8,806,250
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
750
Carrying amount
At 31 December 2023
750
At 31 December 2022
750
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
8,806,250
Carrying amount
At 31 December 2023
8,806,250
At 31 December 2022
8,806,250
15
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,277,242
2,825,845
750
750
Equity instruments measured at cost less impairment
750
750
-
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
4,128,956
4,594,874
1,954,962
2,934,662
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 29
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
89,206
36,307
-
-
Finished goods and goods for resale
450
211
-
0
-
0
89,656
36,518
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,229,450
2,771,499
-
0
-
0
Gross amounts owed by contract customers
1,199,860
1,481,559
-
0
-
0
Other debtors
47,792
54,346
750
750
Prepayments and accrued income
130,269
67,540
-
0
-
0
3,607,371
4,374,944
750
750
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,009,272
1,462,874
-
0
-
0
Amounts owed to group undertakings
4,550
4,550
-
0
-
0
Corporation tax payable
122,627
152,189
-
0
-
0
Other taxation and social security
370,657
856,290
-
-
Other creditors
1,195,362
768,757
1,184,562
765,000
Accruals and deferred income
137,972
177,331
5,400
5,100
3,840,440
3,421,991
1,189,962
770,100
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
16,800
16,800
-
0
-
0
Other creditors
765,000
2,164,562
765,000
2,164,562
781,800
2,181,362
765,000
2,164,562
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
19
Creditors: amounts falling due after more than one year
(Continued)
Page 30

The balance in other creditors represents the deferred consideration payable to the director P. Lavender, in relation to the sale of his shares in the trading subsidiary to the company. The loan is repayable in instalments and attracts interest at 4% per annum.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Preference shares classified as a financial liability
16,800
16,800
-
0
-
0
Payable in over 5 years
16,800
16,800
-
0
-
0
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
(3,739)
(3,739)
General provisions
(29,358)
(29,358)
(33,097)
(33,097)
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

The deferred tax liability set out above relates to timing differences on fixed assets and is expected to in line with the depreciation rates in note 1.7. The balance also relates to a general provision that is expected to mature within 12 months.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,996
94,600

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 31
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
375
375
375
375
Ordinary B Shares of £1 each
375
375
375
375
Ordinary C Shares of £1 each
250
250
250
250
1,000
1,000
1,000
1,000

The A, B and C Ordinary Shares each carry full voting rights, rights to dividends but the board may declare different dividends or no dividends in respect of each class of share, and full capital and distribution rights including on a winding up.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
96,968
151,092
-
-
Between two and five years
236,712
634,412
-
-
333,680
785,504
-
-
25
Contingent asset

GROUP

At the balance sheet date, the group has a contingent asset in excess of £200,000, arising from a favourable adjudication judgement received in May 2024 in relation to a completed contract. This amount was received in June 2024.. As the judgement was issued after the year-end no asset has been recognised in the financial statements regarding this matter. Whilst monies have been received the final settlement figure has yet to be agreed.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 32
26
Related party transactions
Transactions with related parties
Other information

During the year the group incurred management expenses of £65,140 (2022: £65,970) from Victoria Project Management Limited. P.M. Lavender and E.J. Lavender are directors of Victoria Project Management Limited.

 

During the year the group incurred rental expenses of £16,000 (2022: £60,000) from Eynsford Property Investments Limited. P.M. Lavender and E.J. Lavender are directors of Eynsford Property Investments Limited.

27
Controlling party

No one party controls the group.

28
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Collins (Contractors) Limited
England & Wales
Ordinary
100.00
-
Wall Plastics Limited
England & Wales
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Collins (Contractors) Limited
3,251,485
1,405,621
Wall Plastics Limited
4,579
-
0
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 33
29
Cash generated from group operations
2023
2022
as restated
£
£
Profit for the year after tax
768,308
812,613
Adjustments for:
Taxation charged
351,727
312,189
Finance costs
108,209
153,776
Investment income
(736)
(20,117)
Gain on disposal of tangible fixed assets
(5,500)
(16,844)
Amortisation and impairment of intangible assets
524,297
524,297
Depreciation and impairment of tangible fixed assets
74,926
49,169
Movements in working capital:
Increase in stocks
(53,138)
(31,362)
Decrease in debtors
767,573
479,792
Increase/(decrease) in creditors
28,449
(579,952)
Cash generated from operations
2,564,115
1,683,561

The prior year cash flow statement and notes have been restated to reclassify the £765,000 movement in the deferred consideration creditor from cash flows from operating activities to cash flows from investing activities.

30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,372,932
597,376
1,970,308
Borrowings excluding overdrafts
(16,800)
-
(16,800)
1,356,132
597,376
1,953,508
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