REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
Colne Valley Mechanical Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
Colne Valley Mechanical Limited |
Colne Valley Mechanical Limited (Registered number: 10624605) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Colne Valley Mechanical Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Colne Valley Mechanical Limited (Registered number: 10624605) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Colne Valley Mechanical Limited (Registered number: 10624605) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Colne Valley Mechanical Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements |
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. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 Mechanical Limited (Registered number: 10624605) |
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 Income and Retained Earnings, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Colne Valley Mechanical Limited (Registered number: 10624605) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on |
contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 30 November 2023 |
The deferred tax provision has been calculated using a Corporation Tax rate of 25%, this being the rate effective from 1 April 2023 and after which date the timing differences are expected to reverse. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Colne Valley Mechanical Limited (Registered number: 10624605) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
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 company'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. |
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. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
Included within other creditors at the statement of financial position date is a balance of £179,158 (2022: £179,158) owed to a director. This balance is interest free and repayable on demand. |
Included within creditors due within one year are amounts owed to fellow group companies totalling £2,779,241 (2022: £1,098,039). These loans are interest free and repayable on demand. |
The company's parent, Colne Valley Electrical Limited, provides management services to the company. Management charges paid by the company to Colne Valley Electrical Limited totalled £nil (2022: £44,506). In addition, in recognition of the benefits provided by the company to the group, Colne Valley Electrical Limited also covers certain overheads which are not recharged. |
11. | CONTROLLING PARTY |
The controlling party is Colne Valley Electrical Limited whose registered office is at 5 Grange Way, Colchester, Essex, CO2 8HG. |