Company registration number 01176225 (England and Wales)
A COPELAND GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
A COPELAND GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
A COPELAND GROUP LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
31 May 2024
28 February 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
394,433
261,889
Investments
5
2
2
394,435
261,891
Current assets
Stocks
15,623
15,623
Debtors
6
2,949,166
2,800,233
Cash at bank and in hand
2,585,907
1,729,483
5,550,696
4,545,339
Creditors: amounts falling due within one year
7
(4,380,718)
(3,133,990)
Net current assets
1,169,978
1,411,349
Total assets less current liabilities
1,564,413
1,673,240
Creditors: amounts falling due after more than one year
8
(242,293)
(431,952)
Provisions for liabilities
(39,107)
(54,683)
Net assets
1,283,013
1,186,605
Capital and reserves
Called up share capital
9
50,000
50,000
Profit and loss reserves
1,233,013
1,136,605
Total equity
1,283,013
1,186,605
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mrs A C Copeland-Anthony
Director
Company registration number 01176225 (England and Wales)
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
A Copeland Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nile Street, West Side, Ashton-under-Lyne, OL7 0NZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have every expectation that the company will continue in operational existence for the foreseeable future. At the time of approving the financial statements we have not only a number of ongoing contracts, but have secured a considerable number of orders for the coming year. true
The company has maintained its longstanding relationships with a number of Main Contractors and End Clients, has maintained its accreditations with NICEIC, BAFE, CHAS, Constructionline, Safe Contractor and Cyber Essential.
The directors believe that sufficient funds are in place to meet all liabilities as they are expected to fall due over the next twelve months, leading to the conclusion that there are no material uncertainties over adopting a going concern basis at the time of signing the financial statements.
1.3
Reporting period
The company amended its financial period end to bring it in line with the new parent company. Therefore the current 15 month period is not entirely comparable with the prior financial year.
1.4
Turnover
Turnover in the profit and loss account represents the total amount receivable for construction services provided during the year, excluding Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced.
Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, materials and sub contractors, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% per annum reducing balance
Fixtures, fittings & equipment
20% per annum reducing balance
Motor vehicles
25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
Cost is calculated using the FIFO method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.10
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Other financial assets
All of the company's financial assets are basic financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
In the prior year, £1,297,613 of deferred income was incorrectly offset against gross amounts owed by contract customers within note 6, debtors amounts falling due within one year. This has now been reclassified separately within deferred income in note 7, creditors amounts falling due within one year. This prior period adjustment does not give rise to any effect upon equity, or the profit for the previous financial period.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Amounts recoverable on long term contracts
Profit on long term contracts is recognised in the profit or loss account based on the amount of chargeable work carried out by the end of the financial period less any amounts already invoiced to the customer. A level of judgement is applied in assessing the likely overall outcome of the project.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
52
48
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
660,360
Additions
322,483
Disposals
(170,045)
At 31 May 2024
812,798
Depreciation and impairment
At 1 March 2023
398,471
Depreciation charged in the period
101,482
Eliminated in respect of disposals
(81,588)
At 31 May 2024
418,365
Carrying amount
At 31 May 2024
394,433
At 28 February 2023
261,889
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
6
Debtors
2024
2023 as restated
Amounts falling due within one year:
£
£
Trade debtors
1,060,908
821,618
Gross amounts owed by contract customers
1,426,770
1,793,841
Other debtors
461,488
184,774
2,949,166
2,800,233
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023 as restated
£
£
Obligations under finance leases
48,577
86,327
Trade creditors
1,860,016
1,320,774
Amounts due to group undertakings
242,317
Taxation and social security
499,562
152,559
Deferred income
1,542,071
1,297,613
Other creditors
14,526
8,519
Accruals and deferred income
173,649
268,198
4,380,718
3,133,990
Creditors falling due within one year totalling £48,577 (2023: £86,327) are secured over the assets to which they relate to.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
242,293
31,952
Other borrowings
400,000
242,293
431,952
Creditors falling due after more than one year totalling £242,293 (2023: £31,952) are secured over the company's assets.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
-
50,000
-
Ordinary A shares of £1 each
-
30,000
-
30,000
Ordinary B shares of £1 each
-
20,000
-
20,000
50,000
50,000
50,000
50,000
On 28 March 2024, the company redesignated its issued Ordinary A and Ordinary B share capital into Ordinary shares. Prior to this date, all shares ranked pari passu, save for differing rights to dividends.
A COPELAND GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 10 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alison Cornes
Statutory Auditor:
Barlow Andrews LLP
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
48,857
48,214
Between two and five years
116,155
160,396
In over five years
1,327
13,173
166,339
221,783
12
Related party transactions
Other information
There were no related party transactions in the period (2023:Nil) other than those described in note 13 to the financial statements.
13
Directors' transactions
During the period the company made two new advances to its directors with the amounts due to the company at the balance sheet date being £80,000. A £59,256 balance outstanding at 28 February 2023 was subsequently repaid in the current financial period. These advances are repayable on demand and no interest is levied due to the nature of these balances.
14
Parent company
The immediate and ultimate parent company is ACGL Holdings Ltd. Whilst there is no single ultimate controlling party, the company remains under the ultimate control of the Copeland family.
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