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Company registration number: 10717076
COLLINS MULTI UTILITIES AND CIVILS LTD
Unaudited filleted financial statements
30 April 2024
COLLINS MULTI UTILITIES AND CIVILS LTD
Contents
Statement of financial position
Notes to the financial statements
COLLINS MULTI UTILITIES AND CIVILS LTD
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 63,073 81,011
_______ _______
63,073 81,011
Current assets
Debtors 6 217,213 289,904
Cash at bank and in hand 5 1
_______ _______
217,218 289,905
Creditors: amounts falling due
within one year 7 ( 176,981) ( 197,684)
_______ _______
Net current assets 40,237 92,221
_______ _______
Total assets less current liabilities 103,310 173,232
Creditors: amounts falling due
after more than one year 8 ( 55,043) ( 86,225)
Provisions for liabilities 10 ( 5,492) ( 8,583)
_______ _______
Net assets 42,775 78,424
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 42,675 78,324
_______ _______
Shareholder funds 42,775 78,424
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2024 , and are signed on behalf of the board by:
Ms Rachel Saxelby
Director
Company registration number: 10717076
COLLINS MULTI UTILITIES AND CIVILS LTD
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Collins Multi Utilities And Civils Ltd, 67a Woodhead Road, Honley, Holmfirth, West Yorkshire, HD9 6PU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Office equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 80,031 3,901 134,166 218,098
Additions 3,350 - - 3,350
_______ _______ _______ _______
At 30 April 2024 83,381 3,901 134,166 221,448
_______ _______ _______ _______
Depreciation
At 1 May 2023 52,582 3,111 81,394 137,087
Charge for the year 7,700 395 13,193 21,288
_______ _______ _______ _______
At 30 April 2024 60,282 3,506 94,587 158,375
_______ _______ _______ _______
Carrying amount
At 30 April 2024 23,099 395 39,579 63,073
_______ _______ _______ _______
At 30 April 2023 27,449 790 52,772 81,011
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 April 2024 -
_______
At 30 April 2023 13,920
_______
6. Debtors
2024 2023
£ £
Trade debtors 115,299 100,350
Other debtors 101,914 189,554
_______ _______
217,213 289,904
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 57,103 65,361
Trade creditors 85,914 79,710
Corporation tax 89 10,667
Social security and other taxes 26,593 -
Other creditors 7,282 41,946
_______ _______
176,981 197,684
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 55,043 86,225
_______ _______
9. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year - 3,804
Less: future finance charges - ( 460)
_______ _______
Present value of minimum lease payments - 3,344
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 May 2023 8,583 8,583
Charges against provisions ( 3,091) ( 3,091)
_______ _______
At 30 April 2024 5,492 5,492
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in debtors (note 6) 15,343 17,625
Included in provisions (note 10) ( 5,492) ( 8,583)
_______ _______
9,851 9,042
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 5,492) ( 8,583)
Unused tax losses 15,343 17,625
_______ _______
9,851 9,042
_______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms Rachel Saxelby ( 35,951) - 34,686 ( 1,265)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms Rachel Saxelby ( 10,875) ( 25,076) - ( 35,951)
_______ _______ _______ _______
Credits on directors current accounts are provided to the company unsecured, interest free and are repayable on demand.