Company No:
Contents
Note | 30.06.2024 | 30.09.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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192,735 | 244,151 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | ||||
- due within one year | 6 |
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- due after more than one year | 6 |
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Cash at bank and in hand | 7 |
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4,338,034 | 4,903,745 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 3,547,240 | 3,662,309 | ||
Total assets less current liabilities | 3,739,975 | 3,906,460 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Coyde Construction Limited (registered number:
Mrs J A Coyde
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Coyde Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Castle View, Babbage Road, Totnes, TQ9 5JA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The company's accounting period has been shortened to the 9 months ended 30 June 2024 and as such the comparative amounts presented in the financial statements are not directly comparable.
provided to date.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Leasehold improvements | depreciated over the life of the lease |
Plant and machinery |
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Vehicles |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to
another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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.
The company has a policy of retaining 5% of amounts due under a contract with a supplier. One half of this retention is released on practical completion and the balance is due once a 'Making Good Certification' has been received from the supplier's agent. Where retentions remain outstanding after 6 years of practical completion these balances are released in accordance with the terms of the contract.
Period from 01.10.2023 to 30.06.2024 |
Year ended 30.09.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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At 30 June 2024 |
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Accumulated amortisation | |||
At 01 October 2023 |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 September 2023 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | |||||
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Cost | |||||||||
At 01 October 2023 |
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Additions |
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Disposals |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 October 2023 |
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Charge for the financial period |
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Disposals |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 September 2023 |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Stocks |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Trade debtors |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Cash at bank and in hand |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
At the beginning of financial period/year | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial period/year | (
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30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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300 | 300 |
Transactions with the entity's directors
30.06.2024 | 30.09.2023 | ||
£ | £ | ||
Advances to directors | 1,616 | 804 |