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Filleted

Registration number: 06927835

Copefield Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Copefield Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Copefield Construction Limited

Company Information

Directors

Mr D O Davies

Mrs G R Davies

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Copefield Construction Limited

(Registration number: 06927835)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

106,864

146,278

Current assets

 

Stocks

6

20,312

3,600

Debtors

7

76,053

80,381

Cash at bank and in hand

 

161,632

223,075

 

257,997

307,056

Creditors: Amounts falling due within one year

8

(117,904)

(169,728)

Net current assets

 

140,093

137,328

Total assets less current liabilities

 

246,957

283,606

Creditors: Amounts falling due after more than one year

8

(16,336)

(19,166)

Net assets

 

230,621

264,440

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

230,619

264,438

Total equity

 

230,621

264,440

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Copefield Construction Limited

(Registration number: 06927835)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr D O Davies
Director

   
     
 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant

20% Straight line

Motor

25% Straight line

Office Equipment

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

48,700

41,780

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

91,234

6,457

215,880

313,571

Additions

9,285

-

-

9,285

At 30 June 2024

100,519

6,457

215,880

322,856

Depreciation

At 1 July 2023

26,091

3,124

138,077

167,292

Charge for the year

18,646

1,264

28,790

48,700

At 30 June 2024

44,737

4,388

166,867

215,992

Carrying amount

At 30 June 2024

55,782

2,069

49,013

106,864

At 30 June 2023

65,143

3,333

77,802

146,278

6

Stocks

2024
£

2023
£

Work in progress

16,562

-

Other inventories

3,750

3,600

20,312

3,600

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Debtors

2024
£

2023
£

Trade debtors

75,464

71,461

Prepayments

589

-

Other debtors

-

8,920

76,053

80,381

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Bank loans and overdrafts

10

14,875

10,000

Trade creditors

 

37,040

77,456

Taxation and social security

 

19,839

6,134

Other related parties

 

41,331

75,911

Outstanding defined contribution pension costs

 

503

227

Corporation tax liability

 

161

-

Other creditors

 

4,155

-

 

117,904

169,728

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

10

16,336

19,166

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2024
£

(As restated)

2023
£

Non-current loans and borrowings

Bank borrowings

9,124

19,166

HP and finance lease liabilities

7,212

-

16,336

19,166

2024
£

(As restated)

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

4,875

-

14,875

10,000

 

Copefield Construction Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Mr D O Davies

Interest free loan payable on demand

(75,911)

34,580

(41,331)

       
     

 

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr D O Davies

Interest free loan payable on demand

(40,491)

(35,420)

(75,911)