REGISTERED NUMBER: |
COLEMAN & COMPANY LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
COLEMAN & COMPANY LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 8 |
Report of the Independent Auditors | 10 |
Income Statement | 14 |
Other Comprehensive Income | 15 |
Balance Sheet | 16 |
Statement of Changes in Equity | 17 |
Notes to the Financial Statements | 18 |
COLEMAN & COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
BANKERS: |
293 High Street |
West Bromwich |
West Midlands |
B70 8NA |
SOLICITORS: |
One Eleven |
Edmund Street |
Birmingham |
B3 2HJ |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
PRINCIPAL ACTIVITIES |
A third-generation family business with over 60 years of trading, Colemans has been at the forefront of market-leading, innovative changes in the demolition and wider construction sector. |
We combine a highly skilled, experienced team with innovative processes and the latest technology to deliver an integrated portfolio of services fit for the present and designed for the future. These services span demolition and deconstruction, land remediation, specialist cutting and engineered solutions delivered worldwide, all with a focus on safety, sustainability and quality. |
Customers include everyone from multinational companies to public sector organisations and individual developers, with a great emphasis on collaboration to make sure Colemans is successful in all activities. |
Our specialist services are globally recognised by clients, competitors and others within the industry, including the wider construction sector. Thanks to a collaborative approach and integrated solutions, Colemans have built a reputation for delivering the most complex and challenging projects in some of the most high-risk environments. |
FAIR REVIEW OF THE BUSINESS |
Colemans is part of a resilient group, trading at a healthy profit margin. |
The company has had a successful trading period, growing turnover by 60% to continue our trajectory towards sustainable growth and returning a net profit before tax of £1.5m.Given the existing pipeline of work, the directors consider the current profit margin to be sustainable. |
During this financial year we were pleased to receive four industry awards: |
British Demolition Awards 2023 |
1. Award for the best project of the year under £1m |
2. Award for environmental innovation |
World demolition Awards 2023 |
1. Award for Recycling and Environmental |
2. The prestigious "Best of the Best" award, which was in recognition of our pioneering approach to the circular economy. |
We are delighted to have also received the World Demolition Award for Recycling an Environmental for the second time in 2024. |
FINANCIAL STABILITY |
The company is financially stable with no borrowings, the lowest gearing (zero) of any demolition contractor in the UK. |
We have maintained focus on project delivery control, selective tendering, cash management and disciplined cost containment. We work closely with clients, partners, suppliers, communities and other stakeholders to collaboratively deliver the best possible results on each individual project. |
We have built strong relationships with suppliers, and we now outsource heavy plant and equipment, working only with market leaders in their respective fields. This strategy means we can source the most up-to-date, environmentally friendly and technically advanced equipment for all projects. |
We are proud to be delivering results today whilst taking steps to make improvements for the future, always looking forward to support people and the planet. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
CIRCULAR ECONOMY AND SUSTAINABILITY |
In the last 12 months we have continued to develop our circular economy approach, taking steps to enable materials re-use and drive carbon reduction under our wider sustainability strategy. |
By maintaining or improving the value of materials, products or components, we help clients to unlock value where previously there was only cost. Making material streams accessible, functional and attractive, we're enabling buildings to be disassembled using the lowest possible resource use, minimal contamination and without loss of quality. |
This approach is made possible by having a detailed knowledge of circular materials and an intimate understanding of supply chains. We have built partnerships with a range of manufacturers and technology providers to help manage material flows by supplying positive circular materials, facilitating waste material upcycling and building inventories of existing assets to enable them for circular re-use. |
We have invested in the latest 3D scanning hardware and software that allows us to scan structures, itemise material inventory and provide our clients with an inventory of 'reusable' products prior to design. The creation of an 'inventory' is the first step in creating a compliant, traceable 'material passport' for the reusable building materials that aligns with stringent UK and EU legal requirements when designing for deconstruction and adaptive reuse. It also increases yields by supporting the development of healthy, low carbon and flexible buildings that are more attractive, viable assets for occupiers. |
Through genuine industry collaboration, we are also developing a positive change in sustainable carbon engineered solutions - identifying genuine opportunities for reuse and recycling to enhance the environmental performance of our activities. We have built a strategy to reduce the environmental impact of our activities, incorporating a holistic approach across plant, travel, recycling and more. |
HEALTH AND WELLBEING |
With a focus on physical and mental wellbeing across the entire organisation, Colemans is committed to our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed. |
As well as regulatory compliance, we continue our focus on operational compliance and audit through investment in our Integrated Management System and the tools and systems which allow it to be implemented across the business. We believe we remain uniquely positioned to deliver the most complex schemes to the highest standards. |
OUTLOOK |
Our objective is to drive continuous improvement in delivering a better service for our clients and building stronger relationships for collaboration. In doing so, we have created a business that can better withstand economic headwinds. |
Colemans continues to apply strong risk management procedures at a corporate and project level to ensure we select the right projects that will deliver the expectations of our clients and stakeholders. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
KEY PERFORMANCE INDICATORS |
The company has developed an internal culture of key performance measures in order to monitor and continually improve management, objectivity and efficiencies at all levels. |
NON-FINANCIAL KPIs |
We have set targets for continued reduction in health and safety incident rates. Incidents are reviewed at business board meeting level, together with incident rate statistics, near misses and trend analysis to assist with prevention of future incidents. |
Strategic plans, considered and implemented by the board, are designed to ensure the company maintains the highest standard of business conduct. |
The company continues to advance training and professional development programmes for all employees, ensuring resilience from the industry skills shortage. |
Financial risk management |
Target | 30 April 2024 | 30 April 2023 |
Turnover | 19,674,654 | 12,287,198 |
Gross profit margin | 18% | 27% | 23% |
Profit / (Loss) before tax ratio | 5% | 8% | 1% |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
Economic risk: |
Market uncertainties, exacerbated by global socio-political, economic events and changes in the economic environment, government policy and regulatory developments, including how the UK economy responds and adapts to the global events like military conflicts or regional economic disruption, can have a significant impact on new projects and the group's profitability. Act of force majeure, including COVID-19 pandemic and extreme weather events could have operational and financial impact on the business. |
Safety risk: |
The safe delivery of services is of paramount importance to us, with project appraisals considering risk analysis, buildability, value engineering, programme and logistics. The group is embracing digital technologies to drive continuous improvements in sustainability, efficiency and quality. We use the latest interactive technology in a common data environment to design detailed methodologies, reduce the risk of design errors and enhance project communication. However, while risks are minimised to the greatest possible extent, it remains the case that some of the activity is by its nature high risk. |
Environmental risks: |
As a responsible contractor, Colemans focus is on using innovative technologies and developing new ways of working that can reduce the environmental risk of our operations. We are committed to progress and transparency, working safely and in collaboration with clients to help them on their net zero journey as we pursue our own. This includes developing environmentally friendly and less aggressive alternatives to the traditional methods of demolition, supported by outsourcing plant and equipment to enable the most appropriate and energy efficient plant and equipment for each individual project (e.g. electric powered). |
Colemans is a proud member of the SME Climate Hub, a global initiative that empowers small to medium sized companies to take climate action and build more resilient businesses. |
We recognise the need to educate our people and build strategies to deliver our ambitions, which must be well thought through, clear and enabled by effective communication along with external auditing. |
Legislation: |
The business has a strong focus on organisational design and accountabilities, which has supported the development of consistent processes and procedures, clear governance around key business decisions and the evolution of a strong compliance culture. |
Competition risk: |
The sector is dynamic and in a state of constant evolution, but the directors believe that the group's focus on quality, innovation and on maintaining excellent stakeholder relationships are strong mitigating factors against the risks posed by competitors. The business has a number of framework agreements which reduces competition.The company has robust procedures in place to eliminate anti-competitive practices. |
Contingent liabilities: |
There continues to be an uncertainty in relation to a non-concluded enquiry into an incident 8 years ago, for which no further correspondence has been received from external authorities, as detailed in the notes to the financial statements. |
Data security risk: |
A loss of our key systems through a lack of resilience or an information break or attack threat would impact the successful delivery of projects and lead to loss of confidential data, damaging our reputation and brand. The group invests in appropriate IT solutions to combat this.The company has achieved cyber essentials and cyber essenstials plus accrediations. We have also invested in IT training amongst our employees in respect to phishing and hacking |
Financial risks: |
The directors of the group continually monitor the risks and uncertainties facing the group with particular reference to price, liquidity and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered. |
The company uses various financial instruments which include cash, trade debtors and trade creditors that arise from its operations. The main purpose of these financial instruments is to manage our daily operations. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
Interest rate risk: |
The company is not directly affected by interest rate rises as it has eliminated borrowings from financial institutions from its business model. However, this may have an indirect effect upon the business if this impacts activity in the construction industry as a whole. |
Currency risk |
Colemans makes very few transactions in foreign currencies so the exposure to translation and foreign exchange currency risk and do not consider this to have a significant impact on its operations. |
Credit risk |
Our principal credit risk arises arises around trade debts. In order to manage credit risk the directors review debt aging on a regular basis to ensure debts are collected are received in line with agreed credit terms. |
Liquidity risk |
The company manages its financial risk by closely monitoring its working capital requirements and ensuring sufficient liquidity is available to meet foreseeable needs. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
OBJECTIVES AND POLICIES |
The company has robust business ethics, regulatory compliance, training for all staff on modern slavery, anti-bribery and corruption, and competition law, with enhanced training for those who fulfil high-risk roles. |
Our policy is to establish and maintain long term strategic relationships where both parties' interests are aligned to deliver mutual benefit. |
Colemans is committed to our people and has built initiatives to support the physical and mental wellbeing of our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed |
The company continues to invest in our highly experienced and qualified staff and to engage with our professional subcontract supply chain to provide the services to all our clients. |
By virtue of our breadth of activities we are well placed to recover, or harvest reusable materials, and have done so extensively. We have engaged with partners on take-back schemes to increase re-use and reduce waste of building materials from fixtures, fittings and structural steel work and precast concrete sections. |
Our ESG (Environmental, Social and Governance) commitment is further supported by the continued development of lower carbon activities and resource optimization. Examples include the use of electric-powered plant, new methodologies that reduce water usage, increased use of digital resources to minimise travel and a continued commitment to recycling across all sites and offices. |
Against a backdrop of macroeconomic uncertainty, we are focused on maintaining a strong cash position, low gearing - no debt, controlling costs and securing margin enhancing work in target markets to deliver greater certainty and value to all our stakeholders. |
We are concentrating on delivering projects throughout the Midlands and London geographical areas and beyond, driving certainty for clients through value-led solutions rather than the race to the bottom, which is characterised by low margins and high-risk contracting, where understanding how to deliver on contracted commitments is an afterthought. These behaviours continue to plague our industry and remain entirely unsustainable. |
In contrast, our activities are driven firstly by delivering a profitable performance and then focused on the scale of the turnover. We focus on being value-led, efficient and dependable rather than with an obsession for scale. We can do this because we understand our own value proposition and strive to deliver projects that are aligned with it. |
ON BEHALF OF THE BOARD: |
19 December 2024 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 30 April 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Fruition Advisory LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLEMAN & COMPANY LIMITED |
Opinion |
We have audited the financial statements of Coleman & Company Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLEMAN & COMPANY LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLEMAN & COMPANY LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to stock obsolescence. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLEMAN & COMPANY LIMITED |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,332,542 | (104,888 | ) |
Other operating income | 5 |
OPERATING PROFIT | 8 |
Interest receivable and similar income | 10 |
1,450,557 | 186,297 |
Gain/loss on revaluation of investments | 70,003 | - |
1,520,560 | 186,297 |
Interest payable and similar expenses | 11 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 12 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 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: |
Shady Lane |
Great Barr |
Birmingham |
West Midlands |
B44 9ER |
These financial statements were authorised for issue by the Board on 24 October 2023. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £1. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Key sources of estimation uncertainty |
Long term contracts |
Income is recognised based on costs incurred to date as a percentage of the total expected costs on the contract, which is deemed best estimate of the stage of completion of each project. Provisions have been made on contracts where there are disputes, damages or foreseeable losses. Losses are provided in full in the period the foreseeable loss is identified. The carrying amount is £328,188 (2023 -£1,619,156). |
Research and development provisions |
Provision has been made in the financial statements for the total claim expected to be received relating to research and development expenditure during the year. |
Fixed asset depreciation |
Fixed assets are depreciated over their useful economic lives to an estimated residual value. Residual values are calculated using the best estimate of our assets value at the end of its useful life. |
Incident investigation |
There is an ongoing investigation into an incident on a major contract, the outcome of which is uncertain. This is detailed in the continent liabilities note to the financial statements |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable excluding value added tax. The following criteria must also be met before revenue is recognised: |
Long term contracts |
The Group enters into long term contracts and projects and recognises revenue and costs associated with the contract using the percentage of completion method. |
Percentage of completion is determined by comparing the proportion of costs incurred for work performed to date against the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity, such as prepayments. Costs relating to such future activity are recognised as an asset only if it is probable that such costs will be recovered. Where the recovery of such costs is not probable then an expense is recognised immediately. |
Management recognise revenue and profits from the start of the project. Costs are included based on best estimate. |
Regular contract reviews are performed by seniors and project management support the process. |
Where it is probable that contract costs will exceed total contract revenue the expected loss is recognised immediately. |
Scrap income |
Revenue from scrap income is recognised at the point of sale. However, where scrap forms a material proportion of the total value of a contract the anticipated value of scrap is used in calculating the attributable value of the contract. |
Retention Income |
Revenue from retentions is recognised as they become payable by the customer. |
Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors. |
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. |
Finance income and costs policy |
Interest income is recognised in the Statement of Comprehensive Income using the effective interest |
method. |
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
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 |
Improvements to leasehold property | 2% straight line |
Plant and machinery | 10% - 20% straight line |
Office equipment and furniture | 10% - 20% straight line |
Amortisation |
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: |
Asset class | Amortisation method and rate |
Computer software | 33% straight line |
Impairment of fixed assets and goodwill |
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
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 debtors and creditors, loans from banks and loans to and from related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Tax |
The tax expense for the period comprises current and deferred 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. |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference. |
Research and development |
Research and development expenditure is written off in the year in which it is incurred, unless it meets the criteria for capitalisation. |
Where corporation tax losses have been surrendered, research and development credits are treated as grant income and are included in administration costs. |
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. |
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. |
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. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business |
Trade debtors are recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provison for impairment. A provison 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. |
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. |
Trade 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting period, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effecting interest method. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources or receivables, net of the direct cost 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. |
Dividend |
Dividend distributions to the company's shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
The amount of contract revenue recognised as turnover in the year was £18,546,999 (2023 - £11,324,135) |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Miscellaneous other operating |
income | - | 175,000 |
Bank interest received |
116,672 | 291,185 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 37 | 29 |
Administration and support | 21 | 22 |
7. | DIRECTORS' EMOLUMENTS |
Directors' remuneration |
2024 | 2023 |
£ | £ |
Remuneration for qualifying services | 889,611 | 505,166 |
Company pension contributions to money purchase schemes | 247,984 | 68,146 |
1,137,595 | 573,312 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 4 |
The emoluments of the highest paid director included above was: |
Aggregate emoluments ( excluding pension contributions ) | 189,996 | 189,996 |
Contributions to money purchase pension plan | 125,000 | nil |
314,996 | 189,996 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
9. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
22,360 |
20,000 |
10. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Dividend income |
11. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest |
12. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
UK corporation tax was charged at 19%) in 2023. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses |
Tax decrease arising from group relief | (217,159 | ) | (25,312 | ) |
Tax decrease from effect of adjustment in research and development tax credit | 73,000 |
(50,000 |
) |
Total tax charge/(credit) | 255,990 | (43,808 | ) |
13. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim |
14. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
16. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 31,409 |
Additions | 1,266,866 |
Disposals | ( |
) | (293,135 | ) |
Share of profit/(loss) | 93,155 | - | 93,155 |
At 30 April 2024 | 1,098,295 |
NET BOOK VALUE |
At 30 April 2024 | 1,098,295 |
At 30 April 2023 | 31,409 |
Cost or valuation at 30 April 2024 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2024 | 70,991 | - | 70,991 |
Cost | 995,895 | 31,409 | 1,027,304 |
1,066,886 | 31,409 | 1,098,295 |
The fair value of listed investments is determined by reference to the quoted price for identical assets in the London stock exchange at the balance sheet date. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 175,773 | 95,152 |
Other debtors |
Gross amount due from customer |
for contract work | 328,188 | 1,619,156 |
Directors' current accounts | 69,079 | - |
Tax |
Prepayments and accrued income |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 343,553 | 49,963 |
Other creditors |
Directors' current accounts | - | 108,984 |
Accruals and deferred income |
Amounts owed by group undertakings due after more than a year and within a year are unsecured. |
19. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £394,488 (2023 - £324,669 ). |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 80,224 | 35,190 |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Tax rate change | 11,113 |
Balance at 30 April 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 4,224 | 4,224 |
Ordinary shares have the following rights, preferences and restrictions: |
Voting rights and right to distributions and capital. |
22. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 4,992,597 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 4,542,769 |
23. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £247,214 (2023 -£106,440). |
Contributions totalling £25,205 (2023 - £17,492) were payable to the scheme at the end of the year and are included in creditors. |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
24. | CONTINGENT LIABILITIES |
As noted in the previous financial statements the company experienced an incident on a major contract. |
Causation of the incident is still not known, and the matter continues to be investigated by the appropriate authorities. The company continues to co-operate fully with all involved. |
Based upon rigorous inquiries undertaken by independent specialists and on professional advice, the directors do not believe the company is responsible for the cause of the incident. |
It is totally impracticable for the directors to provide any estimate of financial liability, if any, arising from the matter, and the likely timescale for it to be settled. However, the directors are confident that comprehensive insurance arrangements, with adequate limits of indemnity, exist to cover the financial consequences should any liability attach. |
At the period end the company had committed to surety for performance bonds on contracts in the sum of £241,520 (2023: £262,095). |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
26. | RELATED PARTY DISCLOSURES |
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. |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Loans | 222,782 | 85,827 |
Transfers | 191,291 | 18,622 |
Amount due from related party |
2024 | 2023 |
£ | £ |
Loans | 2,620 | 1,510 |
Transfers | 163 | 4,308 |
Amount due to related party |
COLEMAN & COMPANY LIMITED (REGISTERED NUMBER: 00737922) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
26. | RELATED PARTY DISCLOSURES - continued |
2024 | 2023 |
£ | £ |
Loans | 27,917 | 16,214 |
Transfers | 64,270 | 48,773 |
Amount due from related party |
27. | PARENT AND ULTIMATE PARENT UNDERTAKING |
The company's immediate parent is CNC Group Holdings Limited, incorporated in England & Wales. |
The most senior parent entity producing publicly available financial statements is CNC Group Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ |
The ultimate controlling party is M A Coleman. |