REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
R P COLMAN & CO LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
R P COLMAN & CO LIMITED |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
R P Colman & Co Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
Related party exemption |
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. |
Turnover |
Turnover represents net invoiced sales of goods and the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax. |
Unbilled turnover on individual contracts is included as accrued income within debtors. |
Intangible assets |
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. |
Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to |
their residual values over their estimated useful lives, as follows: |
Other intangible assets | - | 3 years |
Tangible assets |
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. |
Tangible assets under the revaluation model are stated at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
Depreciation is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows: |
Plant and machinery etc | - | 20% on cost, 12.5% on reducing balance, 10% on cost and straight line over the term of the lease |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 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. |
Investments |
Investments held as fixed asset investments are stated at cost less provision for any permanent diminution in value. |
Invoice discounting |
Where debts are invoice discounted, the gross amount of debts due from customers is included within trade debtors with the advances received from invoice discounting shown as a liability. |
3. | EMPLOYEES |
The average number of employees during the year was |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
machinery |
etc |
£ |
Cost | 833,291 |
Directors' valuation in 2022 | 165,236 |
998,527 |
The net carrying amount of assets included in plant and machinery etc given as security against bank loans is £113,073 (2022 - £Nil). |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other creditors | 425,841 | 353,520 |
Bank loans | 77,314 | - |
Other creditors are secured by a debenture contained fixed and floating charges. |
Bank loans are secured against the assets as detailed in note 5. |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 1,150 | 1,150 |
Ordinary B | £1 | 1,100 | 1,100 |
Ordinary C | £1 | 1,267 | 1,267 |
Ordinary D | £1 | 583 | 583 |
Ordinary E | £1 | 3,900 | 3,900 |
8,000 | 8,000 |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Transfer | (15,491 | ) |
At 31 December 2023 |
13. | PENSION COMMITMENTS |
At 31 December 2023, included in other creditors falling due within one year are unpaid contributions of £1,773 (2022 - £1,921) due to a defined contribution pension scheme. |
14. | OTHER FINANCIAL COMMITMENTS |
At 31 December 2023, the company had total financial commitments which are not included in the balance sheet of £94,161 (2022 - £136,784), of which an amount of £46,026 (2022 - £82,489) is committed to be paid within one year. |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loans are unsecured, repayable on demand and subject to interest charges at HM Revenue and Customs' official rate of interest on any beneficial overdrawn loan account by the company. |
R P COLMAN & CO LIMITED (REGISTERED NUMBER: 00624771) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | RELATED PARTY DISCLOSURES |
At the year end, £ control of the director Mr R P Colman, and included within creditors (2022 - £ |
17. | CONTROLLING PARTY |
The immediate and ultimate parent company is |