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REGISTERED NUMBER: 02660357 (England and Wales)











Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2023

for

Colne Valley Electrical Limited

Colne Valley Electrical Limited (Registered number: 02660357)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


Colne Valley Electrical Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: K T Barber
M R Barber
Mrs A J Barber





SECRETARY: K T Barber





REGISTERED OFFICE: 5 Grange Way
Colchester
Essex
CO2 8HG





REGISTERED NUMBER: 02660357 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Colne Valley Electrical Limited (Registered number: 02660357)

Group Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The directors are satisfied with the group's results for the year which have again been achieved against an ongoing difficult general economic backdrop. The group's position in its marketplace has been strengthened as a result of the mechanical division continuing to broaden and develop its service offering and this has enabled group turnover to increase by 23% to £41.4m. Although the electrical division has been able to maintain its gross profit rate during the year, increasing subcontractor costs and some resource issues at the mechanical division have negatively impacted its gross profit rate. Since the financial year end the group has enhanced its operational resources in order to improve the group's overall profitability.

The group continues to have strong reserves and remains well placed to deliver its services to some of the country's largest housebuilders involved with residential new build schemes including multi-occupancy apartments throughout London and the South East.

PRINCIPAL RISKS AND UNCERTAINTIES
The current economic climate continues to place pressure on costs and at times supply and this is particularly the case with regard to labour. The cost of living crisis is also affecting certain elements of the housing market which creates some uncertainty as to future levels of trading. The group does however operate in some specialist areas of the housing market and these projects are showing more resilience than the sector in general.

KEY PERFORMANCE INDICATORS
Financial year 2023 2022
£ £
Turnover 41,386,284 33,621,251

Gross profit 3,200,912 3,615,032

Gross profit rate % 7.73% 10.75%

Profit before tax 912,703 1,596,307

Shareholders funds 8,638,175 8,298,487

ON BEHALF OF THE BOARD:





K T Barber - Secretary


30 August 2024

Colne Valley Electrical Limited (Registered number: 02660357)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of electrical and mechanical installation contractors.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 was £253,435 (2022: £620,000). The directors do not propose a final dividend.

FUTURE DEVELOPMENTS
In addition to its core activity of providing electrical and mechanical installation services, the group is continuing to develop its design and site services activities. All of these services taken together will enable the group to provide total building services solutions.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

K T Barber
M R Barber
Mrs A J Barber

FINANCIAL INSTRUMENTS
The group utilises within its operations financial instruments such as cash, trade debtors, trade creditors and leasing and hire purchase arrangements. Working capital is generally financed through retained earnings.

POLITICAL DONATIONS AND EXPENDITURE
No political donations or expenditure were made during the current or prior years.

LIQUIDITY RISK
Liquidity risk is managed by the close daily monitoring of trade payables, trade receivables, amounts recoverable on contracts and bank balances.

INTEREST RATE RISK
The financing of the group's operations is met mainly through retained profits. The directors therefore consider the group's interest rate risk to be low.

CREDIT RISK
The group's credit risk is primarily attributable to amounts recoverable on contracts. This risk is managed by an effective credit control function which closely monitors amounts outstanding and takes appropriate recovery action when necessary. Detailed customer due diligence prior to contract acceptance also mitigates the group's credit risk.


Colne Valley Electrical Limited (Registered number: 02660357)

Report of the Directors
for the Year Ended 30 November 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Knights Lowe Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:



K T Barber - Secretary


30 August 2024

Report of the Independent Auditors to the Members of
Colne Valley Electrical Limited

Qualified opinion
We have audited the financial statements of Colne Valley Electrical Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the group's affairs as at 30 November 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
Amounts recoverable on contracts include £442,403 (2022 - £664,980) relating to committed on-site materials which were not part of the measured contract valuations at 30 November 2023 or 30 November 2022 respectively. Owing to the nature of the group's records, we were unable to obtain sufficient appropriate audit evidence regarding the quantities of these materials. Consequently, we were unable to determine whether any adjustments to these amounts were necessary. In addition, were any adjustment to amounts recoverable on contracts 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 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 qualified 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 the 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.

Report of the Independent Auditors to the Members of
Colne Valley Electrical Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 quantities of committed on-site materials of £442,403 (2022 - £664,980) included within amounts recoverable on contracts at 30 November 2023 and 30 November 2022 respectively. Accordingly, we were unable to conclude whether or not any amendment to the other information was required in respect of this matter.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to amounts recoverable on contracts, 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 where 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 directors' remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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 the 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 the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Colne Valley Electrical Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the sector in which it operates and through discussions with directors and management identified laws and regulations that could reasonably be expected to have a material effect on the financial statements. The outcomes of these discussions were shared with the audit team and consideration given as to where and how fraud may occur in the group.

The laws and regulations considered as being significant to the group included UK company law and financial reporting standards, Employment Laws, National Inspection Council for Electrical Installation Contracting Certification, Gas Safety Regulations and Health and Safety Regulations.

We undertook audit procedures in response to the potential risks relating to irregularities which include risks of fraud and non-compliance with laws and regulations. These procedures included enquiry of management concerning any actual or potential claims or litigation, review of licences, review and testing of both journal and other entries in the nominal ledger, and review of transactions around the end of the accounting period, together with undertaking analytical procedures to assist in identifying any unexpected amounts and variances within the financial statements that may be an indication of fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are however inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting irregularities resulting from fraud is higher than the risk of not detecting irregularities resulting from an error, as fraud may involve deliberate concealment. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been undertaken in accordance with applicable auditing standards.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Colne Valley Electrical Limited


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 so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Michael Mortimer FCA FCCA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

30 August 2024

Colne Valley Electrical Limited (Registered number: 02660357)

Consolidated
Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 41,386,284 33,621,251

Cost of sales 38,185,372 30,006,219
GROSS PROFIT 3,200,912 3,615,032

Administrative expenses 2,303,851 2,028,191
897,061 1,586,841

Other operating income 4 5,000 6,000
OPERATING PROFIT 6 902,061 1,592,841

Interest receivable and similar income 12,765 3,755
914,826 1,596,596

Interest payable and similar expenses 7 2,123 289
PROFIT BEFORE TAXATION 912,703 1,596,307

Tax on profit 8 213,829 325,789
PROFIT FOR THE FINANCIAL YEAR 698,874 1,270,518
Profit attributable to:
Owners of the parent 490,212 916,976
Non-controlling interests 208,662 353,542
698,874 1,270,518

Colne Valley Electrical Limited (Registered number: 02660357)

Consolidated
Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 698,874 1,270,518


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

698,874

1,270,518

Total comprehensive income attributable to:
Owners of the parent 490,212 916,976
Non-controlling interests 208,662 353,542
698,874 1,270,518

Colne Valley Electrical Limited (Registered number: 02660357)

Consolidated Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 287,788 324,780
Investments 12 573,119 573,119
860,907 897,899

CURRENT ASSETS
Debtors 13 10,752,488 9,769,116
Cash at bank and in hand 3,792,683 4,212,736
14,545,171 13,981,852
CREDITORS
Amounts falling due within one year 14 6,338,936 6,246,923
NET CURRENT ASSETS 8,206,235 7,734,929
TOTAL ASSETS LESS CURRENT LIABILITIES 9,067,142 8,632,828

PROVISIONS FOR LIABILITIES 16 66,582 77,706
NET ASSETS 9,000,560 8,555,122

CAPITAL AND RESERVES
Called up share capital 17 50 50
Capital redemption reserve 18 50 50
Retained earnings 18 8,638,075 8,298,387
SHAREHOLDERS' FUNDS 8,638,175 8,298,487

NON-CONTROLLING INTERESTS 362,385 256,635
TOTAL EQUITY 9,000,560 8,555,122

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





K T Barber - Director


Colne Valley Electrical Limited (Registered number: 02660357)

Company Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 186,986 248,868
Investments 12 351 351
187,337 249,219

CURRENT ASSETS
Debtors 13 5,149,216 5,663,688
Cash at bank 2,098,232 1,543,367
7,247,448 7,207,055
CREDITORS
Amounts falling due within one year 14 117,490 214,202
NET CURRENT ASSETS 7,129,958 6,992,853
TOTAL ASSETS LESS CURRENT LIABILITIES 7,317,295 7,242,072

PROVISIONS FOR LIABILITIES 16 41,381 58,728
NET ASSETS 7,275,914 7,183,344

CAPITAL AND RESERVES
Called up share capital 17 50 50
Capital redemption reserve 50 50
Retained earnings 7,275,814 7,183,244
SHAREHOLDERS' FUNDS 7,275,914 7,183,344

Company's profit for the financial year 243,094 482,405

The 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 30 August 2024 and were signed on its behalf by:





K T Barber - Director


Colne Valley Electrical Limited (Registered number: 02660357)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 December 2021 50 8,001,411 50

Changes in equity
Profit for the year - 916,976 -
Total comprehensive income - 916,976 -
Dividends - (620,000 ) -
Balance at 30 November 2022 50 8,298,387 50

Changes in equity
Profit for the year - 490,212 -
Total comprehensive income - 490,212 -
Dividends - (150,524 ) -
Balance at 30 November 2023 50 8,638,075 50
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 December 2021 8,001,511 (96,907 ) 7,904,604

Changes in equity
Profit for the year 916,976 353,542 1,270,518
Total comprehensive income 916,976 353,542 1,270,518
Dividends (620,000 ) - (620,000 )
Balance at 30 November 2022 8,298,487 256,635 8,555,122

Changes in equity
Profit for the year 490,212 208,662 698,874
Total comprehensive income 490,212 208,662 698,874
Dividends (150,524 ) (102,911 ) (253,435 )
Balance at 30 November 2023 8,638,175 362,386 9,000,561

Colne Valley Electrical Limited (Registered number: 02660357)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 50 7,320,839 50 7,320,939

Changes in equity
Dividends - (620,000 ) - (620,000 )
Total comprehensive income - 482,405 - 482,405
Balance at 30 November 2022 50 7,183,244 50 7,183,344

Changes in equity
Dividends - (150,524 ) - (150,524 )
Total comprehensive income - 243,094 - 243,094
Balance at 30 November 2023 50 7,275,814 50 7,275,914

Colne Valley Electrical Limited (Registered number: 02660357)

Consolidated Statement of Cash Flows
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 181,072 1,368,719
Interest paid (2,123 ) -
Interest element of hire purchase or finance
lease rental payments paid

-

(289

)
Tax paid (269,495 ) (234,283 )
Net cash from operating activities (90,546 ) 1,134,147

Cash flows from investing activities
Purchase of tangible fixed assets (93,648 ) (129,243 )
Sale of tangible fixed assets 4,811 6,550
Interest received 12,765 3,755
Net cash from investing activities (76,072 ) (118,938 )

Cash flows from financing activities
Capital repayments in year - (1,631 )
Equity dividends paid (253,435 ) (620,000 )
Net cash from financing activities (253,435 ) (621,631 )

(Decrease)/increase in cash and cash equivalents (420,053 ) 393,578
Cash and cash equivalents at beginning of
year

2

4,212,736

3,819,158

Cash and cash equivalents at end of year 2 3,792,683 4,212,736

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 912,703 1,596,307
Depreciation charges 89,429 92,217
Loss/(profit) on disposal of fixed assets 36,400 (3,855 )
Finance costs 2,123 289
Finance income (12,765 ) (3,755 )
1,027,890 1,681,203
Increase in trade and other debtors (983,372 ) (3,149,310 )
Increase in trade and other creditors 136,554 2,836,826
Cash generated from operations 181,072 1,368,719

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 3,792,683 4,212,736
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 4,212,736 3,819,158


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 4,212,736 (420,053 ) 3,792,683
4,212,736 (420,053 ) 3,792,683
Total 4,212,736 (420,053 ) 3,792,683

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Colne Valley Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
These financial statements consolidate the results of the company and all material subsidiary undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Further details of the company's subsidiaries, including those excluded from the consolidation, are given at note 12.

Significant judgements and estimates
In applying the group'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. In preparing these financial statements the directors have made the following significant judgements and estimates:-

Investment in subsidiaries
The directors consider on an annual basis whether there is any indication of impairment in respect of investments in subsidiaries. Where an indication of impairment is identified, the directors estimate the recoverable values of the subsidiaries in order to determine any necessary impairment provisions. The recoverable values of subsidiaries is a source of significant estimation uncertainty.

Tangible fixed assets
Tangible fixed assets are depreciated over their estimated useful economic lives taking into account, where relevant, their estimated residual values. Useful economic lives and residual values are re-assessed annually and amended as considered necessary to reflect economic utilisation and physical condition of the assets.

Amounts recoverable on contracts
In determining the carrying value of amounts recoverable on contracts, the directors regularly review each contract using their experience and detailed contract data in order to determine whether any amounts are considered irrecoverable. Such amounts are written off as identified.

Turnover
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. Services which have been measured yet not yet invoiced at the Statement of Financial Position date are included as amounts recoverable on contracts. Contract amounts considered irrecoverable are written off as identified.

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 4 years straight line
Computer equipment - 4 years straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provisions for impairments.

Financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 5,000 6,000

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,916,591 2,662,744
Social security costs 276,306 254,830
Other pension costs 336,279 134,772
3,529,176 3,052,346

The average number of employees during the year was as follows:
2023 2022

Directors 8 8
Electricians and plumbers 52 38
Office and administration 22 23
82 69

2023 2022
£    £   
Directors' remuneration 222,452 235,297
Directors' pension contributions to money purchase schemes 161,324 46,334

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 137,400 119,720
Pension contributions to money purchase schemes - 6,334

6. OPERATING PROFIT

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

2023 2022
£    £   
Equipment hire 270,084 216,786
Depreciation - owned assets 89,429 92,216
Loss/(profit) on disposal of fixed assets 36,400 (3,855 )
Auditors' remuneration 25,400 24,200
Auditors' remuneration for non audit work 4,500 4,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest paid 2,123 -
Hire purchase interest - 289
2,123 289

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 224,953 236,632

Deferred tax (11,124 ) 89,157
Tax on profit 213,829 325,789

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 912,703 1,596,307
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

228,176

303,298

Effects of:
Expenses not deductible for tax purposes 7,276 6,303
Tax losses generated 50 229
Effect of different tax rate used for deferred tax - 16,465
Marginal relief (19,470 ) -
Effect of Super Deduction allowances claimed (115 ) (506 )
Effect on deferred tax of non qualifying asset (2,088 ) -
Total tax charge 213,829 325,789

Group relief has been claimed and £100,172 of the tax charge represents the payment to group companies for surrendered tax losses.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 150,524 620,000

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 35,260 4,085 61,113
Additions - - 10,635
Disposals - - -
At 30 November 2023 35,260 4,085 71,748
DEPRECIATION
At 1 December 2022 24,822 1,787 35,967
Charge for year 2,088 574 7,745
Eliminated on disposal - - -
At 30 November 2023 26,910 2,361 43,712
NET BOOK VALUE
At 30 November 2023 8,350 1,724 28,036
At 30 November 2022 10,438 2,298 25,146

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 789,623 4,109 894,190
Additions 81,113 1,900 93,648
Disposals (283,282 ) - (283,282 )
At 30 November 2023 587,454 6,009 704,556
DEPRECIATION
At 1 December 2022 506,070 764 569,410
Charge for year 77,825 1,197 89,429
Eliminated on disposal (242,071 ) - (242,071 )
At 30 November 2023 341,824 1,961 416,768
NET BOOK VALUE
At 30 November 2023 245,630 4,048 287,788
At 30 November 2022 283,553 3,345 324,780

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 35,260 61,113 681,998 778,371
Additions - 10,635 26,893 37,528
Disposals - - (283,282 ) (283,282 )
At 30 November 2023 35,260 71,748 425,609 532,617
DEPRECIATION
At 1 December 2022 24,821 35,966 468,716 529,503
Charge for year 2,088 7,745 48,366 58,199
Eliminated on disposal - - (242,071 ) (242,071 )
At 30 November 2023 26,909 43,711 275,011 345,631
NET BOOK VALUE
At 30 November 2023 8,351 28,037 150,598 186,986
At 30 November 2022 10,439 25,147 213,282 248,868

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 573,119
NET BOOK VALUE
At 30 November 2023 573,119
At 30 November 2022 573,119

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 351
NET BOOK VALUE
At 30 November 2023 351
At 30 November 2022 351

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Colne Valley Electrical (South) Limited
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: Electrical contractors
%
Class of shares: holding
Ordinary 100.00

Subsidiary's results for the years ended 30 November 2023 and 30 November 2022 have been consolidated within these financial statements.

Colne Valley Electrical (North) Limited
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: Electrical contractors
%
Class of shares: holding
Ordinary 100.00

Subsidiary's results for the years ended 30 November 2023 and 30 November 2022 have been consolidated within these financial statements.

Colne Valley Mechanical Limited
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: Mechanical installation
%
Class of shares: holding
Ordinary 50.00

Due to the fact that Colne Valley Electrical Limited exercises control over Colne Valley Mechanical Limited, it has been treated as a subsidiary. Accordingly its results for the years ended 30 November 2023 and 30 November 2022 have been consolidated within these financial statements.

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued

Colne Valley Aviation Limited
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Subsidiary's results for the years ended 30 November 2023 and 30 November 2022 have been consolidated within these financial statements.

Colne Valley Site Services Limited
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Subsidiary's results for the years ended 30 November 2023 and 30 November 2022 have been consolidated within these financial statements.

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued

Subsidiaries excluded from consolidation
Registered office: 5 Grange Way, Colchester, Essex, United Kingdom, CO2 8HG
Nature of business: As detailed below
%
Class of shares: holding
As detailed below

Under section 405 of the Companies Act 2006, the directors have chosen not to consolidate the results of the subsidiaries listed below since they are not material individually, or collectively, for the purpose of giving a true and fair view.

Anglian Flight Centres Limited
Nature of business: Aviation and flying instruction
Shareholding: 100% Ordinary
2023 2022
£ £
Aggregate capital and reserves (26,783 ) (107,755 )
Profit / (loss) for the year 80,972 32,745


Bulldog Aviation Limited
Nature of business: Aviation
Shareholding: 100% Ordinary
2023 2022
£ £
Aggregate capital and reserves (71,069 ) 26,165
Profit / (loss) for the year (97,234 ) 15,367


Anglian Warbirds Limited
Nature of business: Dormant
Shareholding: 100% Ordinary
2023 2022
£ £
Aggregate capital and reserves 1 1


Aero Anglia Limited
Nature of business: Repair and maintenance of aircraft
Shareholding: 100% Ordinary and 100% Ordinary B
2023 2022
£ £
Aggregate capital and reserves 137,292 9,205
Profit / (loss) for the year 128,087 16,467


Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued


At 30 November 2023 the net book value of shares in group undertakings which have not been consolidated in these financial statements was £573,119 (2022: £573,119). The original cost of the shares acquired directly or indirectly by the subsidiary Colne Valley Aviation Limited was as follows:-

£
Bulldog Aviation Limited 946,299
Anglian Flight Centres Limited 453,700
Anglian Warbirds Limited 1
Aero Anglia Limited 120,000

In addition legal fees of £46,796 were incurred in respect of the acquisitions above.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,744,595 4,031,244 165 1,200
Amounts owed by group undertakings - - 5,053,415 5,491,631
Amounts recoverable on
contracts 4,473,668 3,021,719 - -
Other debtors 1,731,819 1,696,987 - -
Corporation tax 7,689 7,688 - -
VAT 661,442 881,595 - 152,272
Prepayments 133,275 129,883 95,636 18,585
10,752,488 9,769,116 5,149,216 5,663,688

Included in other debtors as at 30 November 2023 is £1,318,927 (2022: £1,533,319) owed by three subsidiaries not consolidated within these financial statements (see also note 19). The figures for 2023 and 2022 are stated after provisions for impairment of £55,877.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 4,909,547 5,218,042 26,626 48,201
Amounts owed to group undertakings - - - 110,522
Corporation tax 124,780 169,321 - 7,049
Social security and other taxes 194,425 179,156 5,282 9,464
VAT - - 50,148 -
Other creditors 352,640 100 100 100
Directors' current accounts 179,158 179,158 - -
Accruals 578,386 501,146 35,334 38,866
6,338,936 6,246,923 117,490 214,202

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 66,000 66,000
Between one and five years 162,740 228,740
228,740 294,740

16. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 66,582 77,706 41,381 58,728

Group
Deferred
tax
£   
Balance at 1 December 2022 77,706
Provided during year (11,124 )
Balance at 30 November 2023 66,582

Company
Deferred
tax
£   
Balance at 1 December 2022 58,728
Provided during year (17,347 )
Balance at 30 November 2023 41,381

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary 1 50 50

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 8,298,387 50 8,298,437
Profit for the year 490,212 - 490,212
Dividends (150,524 ) - (150,524 )
At 30 November 2023 8,638,075 50 8,638,125


19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company operates from premises owned by a pension scheme in which a director has an interest. The lease commenced on 19 May 2017 and has an annual rent of £66,000.

A s at 30 November 2023, £179,158 (2022: £179,158) was owed to a director. This balance is interest free and repayable on demand.

During the year ended 30 November 2023, a total of key management personnel compensation of £912,270 (2022: £872,741) was paid.

The following intercompany loans are interest free and are repayable on demand.

As at 30 November 2023 £1,105,355 (2022: £1,333,141) was owed by Bulldog Aviation Limited to Colne Valley Aviation Limited. Bulldog Aviation Limited is not consolidated within these financial statements.

As at 30 November 2023 £133,343 (2022: £119,947) was owed by Anglian Flight Centres Limited to Colne Valley Aviation Limited. Anglian Flight Centres Limited is not consolidated within these financial statements.

As at 30 November 2023 £136,107 (2022: £136,107) was owed by Aero Anglia Limited to Colne Valley Aviation Limited. Aero Anglia Limited is not consolidated within these financial statements

As at 30 November 2023 £2,779,241 (2022: £1,098,039) was owed by Colne Valley Mechanical Limited to fellow group companies. These amounts are removed when preparing the consolidated group financial statements.

As at 30 November 2023 £40,722 (2022: £97,365) was owed by Anglian Flight Centres Limited to Aero Anglia Limited.

As at 30 November 2023 £2,459 (2022: £36,693) was owed by Bulldog Aviation Limited to Anglian Flight Centres Limited.

As at 30 November 2023 £13,232 (2022: £nil) was owed by Aero Anglia Limited to Bulldog Aviation Limited.

Colne Valley Electrical Limited (Registered number: 02660357)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

20. POST BALANCE SHEET EVENTS

On 27 June 2024 Colne Valley Aviation Limited and its subsidiaries were demerged from the group headed up by Colne Valley Electrical Limited. The directors estimate that the demerger will decrease the group's net assets by £2.5m.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K T Barber.