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REGISTERED NUMBER: 06352336 (England and Wales)











Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 November 2023

for

Colne Valley Electrical (South) Limited

Colne Valley Electrical (South) Limited (Registered number: 06352336)






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




Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Colne Valley Electrical (South) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: K T Barber
A Ratcliffe
P Brint
C Syron
C Wheatley





REGISTERED OFFICE: 5 Grange Way
Colchester
Essex
CO2 8HG





REGISTERED NUMBER: 06352336 (England and Wales)





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

Colne Valley Electrical (South) Limited (Registered number: 06352336)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The directors are satisfied with the company's results for the year which have been achieved against a difficult general economic backdrop. Although the company's turnover has decreased slightly from 2022, the overall reduction in the use of subcontractors has resulted in the company's gross profit margin remaining stable year on year.

The company 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 company 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 19,134,482 20,747,248

Gross profit 2,128,936 2,347,073

Gross profit rate % 11.13% 11.31%

Profit before tax 330,351 643,897

Shareholder funds 895,573 843,591

ON BEHALF OF THE BOARD:





K T Barber - Director


30 August 2024

Colne Valley Electrical (South) Limited (Registered number: 06352336)

Directors' Report
for the Year Ended 30 November 2023

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

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

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 was £200,000 (2022: £450,000). The directors do not propose a final dividend.

FUTURE DEVELOPMENTS
In addition to its core activity of providing electrical installation services, the company's design service continues to grow. These services taken together will enable the company to provide total design and installation solutions.

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
A Ratcliffe
P Brint
C Syron
C Wheatley

FINANCIAL INSTRUMENTS
The company utilises within its operations financial instruments such as cash, trade debtors, trade creditors and leasing 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 company's operations is met mainly through retained profits. The directors therefore consider the company's interest rate risk to be low.

CREDIT RISK
The company'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 company's credit risk.


Colne Valley Electrical (South) Limited (Registered number: 06352336)

Directors' Report
for the Year Ended 30 November 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company'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 - Director


30 August 2024

Independent Auditors' Report to the Members of
Colne Valley Electrical (South) Limited

Opinion
We have audited the financial statements of Colne Valley Electrical (South) Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 the financial statements:
-give a true and fair view of the state of the company'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 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 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Colne Valley Electrical (South) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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:
- adequate accounting records have not been kept, or 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; or
- we have not received all the information and explanations we require for our audit.

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 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 company or to cease operations, or have no realistic alternative but to do so.

Independent Auditors' Report to the Members of
Colne Valley Electrical (South) 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 company and the industry 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 company.

The laws and regulations considered as being significant to the company included UK company law and financial reporting standards, National Inspection Council for Electrical Installation Contracting Certification, Health and Safety Regulations and ISO 9001 certification.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Colne Valley Electrical (South) 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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 (South) Limited (Registered number: 06352336)

Statement of Comprehensive
Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 19,134,482 20,747,248

Cost of sales 17,005,546 18,400,175
GROSS PROFIT 2,128,936 2,347,073

Administrative expenses 1,807,537 1,706,931
OPERATING PROFIT 321,399 640,142

Interest receivable and similar income 11,075 3,755
332,474 643,897

Interest payable and similar expenses 4 2,123 -
PROFIT BEFORE TAXATION 330,351 643,897

Tax on profit 5 78,369 125,537
PROFIT FOR THE FINANCIAL YEAR 251,982 518,360

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

251,982

518,360

Colne Valley Electrical (South) Limited (Registered number: 06352336)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 7 5,584,944 4,377,725
Cash at bank 634,428 2,314,245
6,219,372 6,691,970
CREDITORS
Amounts falling due within one year 8 5,323,799 5,848,379
NET CURRENT ASSETS 895,573 843,591
TOTAL ASSETS LESS CURRENT LIABILITIES 895,573 843,591

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 895,473 843,491
SHAREHOLDER FUNDS 895,573 843,591

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 (South) Limited (Registered number: 06352336)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 775,131 775,231

Changes in equity
Dividends - (450,000 ) (450,000 )
Total comprehensive income - 518,360 518,360
Balance at 30 November 2022 100 843,491 843,591

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 251,982 251,982
Balance at 30 November 2023 100 895,473 895,573

Colne Valley Electrical (South) Limited (Registered number: 06352336)

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

1. STATUTORY INFORMATION

Colne Valley Electrical (South) 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 Company Information page.

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


2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Colne Valley Electrical Limited, a copy of which can be obtained from the directors at 5 Grange Way, Colchester, Essex, CO2 8HG. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of key management personnel.

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

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 invoiced at the Statement of Financial Position date are included as amounts recoverable on contracts. Contract amounts considered irrecoverable are written off as identified.

Financial instruments
The company 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 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.


Colne Valley Electrical (South) Limited (Registered number: 06352336)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

3. EMPLOYEES AND DIRECTORS

Labour is provided by employees of the company's fellow subsidiary, Colne Valley Electrical (North) Limited, who recharges the company accordingly. The total amount charged to the company during the year was £2,369,985 (2022: £2,264,387).

No directors remuneration was paid during the current or prior year.

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest paid 2,123 -

5. 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 78,369 125,537
Tax on profit 78,369 125,537

UK corporation tax has been charged at 23% (2022 - 19%).

Colne Valley Electrical (South) Limited (Registered number: 06352336)

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

5. 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 330,351 643,897
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

82,588

122,340

Effects of:
Expenses not deductible for tax purposes 2,568 3,197
Marginal relief (6,787 ) -
Total tax charge 78,369 125,537

Group relief has been claimed and the tax charge represents the payment to a fellow subsidiary for surrendered tax losses.

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 200,000 450,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,758,313 2,318,021
Amounts owed by group undertakings 1,776,469 98,039
Amounts recoverable on
contracts 1,535,530 1,451,659
Other debtors 128,248 -
VAT 378,024 429,680
Prepayments 8,360 80,326
5,584,944 4,377,725

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,425,023 3,129,420
Amounts owed to group undertakings 2,274,510 2,387,076
Corporation tax - 50,537
Social security and other taxes 52,114 60,835
Other creditors 352,540 -
Accruals 219,612 220,511
5,323,799 5,848,379

Colne Valley Electrical (South) Limited (Registered number: 06352336)

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

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 66,000 66,000
Between one and five years 162,740 228,740
228,740 294,740

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

11. RESERVES
Retained
earnings
£   

At 1 December 2022 843,491
Profit for the year 251,982
Dividends (200,000 )
At 30 November 2023 895,473

12. ULTIMATE PARENT COMPANY

Colne Valley Electrical Ltd is regarded by the directors as being the company's ultimate parent company.

13. 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.

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

As at 30 November 2023 £2,023,789 (2022: £2,387,076) was owed to Colne Valley Electrical Limited by the company.

As at 30 November 2023 £250,721 (2022: £nil) was owed to Colne Valley Electrical (North) Limited by the company.

As at 30 November 2023 £1,776,469 (2022: £98,039) was owed to the company by Colne Valley Mechanical Limited.

No compensation was paid to key management personnel during the year.

Colne Valley Electrical (South) Limited (Registered number: 06352336)

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

14. CONTROLLING PARTY

The controlling party is Colne Valley Electrical Limited whose registered office is 5 Grange Way, Colchester, Essex, CO2 8HG.