Silverfin false false 30/06/2024 01/10/2023 30/06/2024 Mr D J Coyde 18/10/2001 Mrs J A Coyde 18/10/2001 Mr S D Coyde 01/09/2014 10 September 2024 The principal activity of the company is that of general building contractors, including house building. 04307038 2024-06-30 04307038 bus:Director1 2024-06-30 04307038 bus:Director2 2024-06-30 04307038 bus:Director3 2024-06-30 04307038 2023-09-30 04307038 core:CurrentFinancialInstruments 2024-06-30 04307038 core:CurrentFinancialInstruments 2023-09-30 04307038 core:Non-currentFinancialInstruments 2024-06-30 04307038 core:Non-currentFinancialInstruments 2023-09-30 04307038 core:ShareCapital 2024-06-30 04307038 core:ShareCapital 2023-09-30 04307038 core:RetainedEarningsAccumulatedLosses 2024-06-30 04307038 core:RetainedEarningsAccumulatedLosses 2023-09-30 04307038 core:Goodwill 2023-09-30 04307038 core:Goodwill 2024-06-30 04307038 core:LeaseholdImprovements 2023-09-30 04307038 core:PlantMachinery 2023-09-30 04307038 core:Vehicles 2023-09-30 04307038 core:OfficeEquipment 2023-09-30 04307038 core:LeaseholdImprovements 2024-06-30 04307038 core:PlantMachinery 2024-06-30 04307038 core:Vehicles 2024-06-30 04307038 core:OfficeEquipment 2024-06-30 04307038 2022-09-30 04307038 bus:OrdinaryShareClass1 2024-06-30 04307038 bus:OrdinaryShareClass2 2024-06-30 04307038 2023-10-01 2024-06-30 04307038 bus:FilletedAccounts 2023-10-01 2024-06-30 04307038 bus:SmallEntities 2023-10-01 2024-06-30 04307038 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-06-30 04307038 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-06-30 04307038 bus:Director1 2023-10-01 2024-06-30 04307038 bus:Director2 2023-10-01 2024-06-30 04307038 bus:Director3 2023-10-01 2024-06-30 04307038 core:Goodwill core:TopRangeValue 2023-10-01 2024-06-30 04307038 core:PlantMachinery 2023-10-01 2024-06-30 04307038 core:Vehicles 2023-10-01 2024-06-30 04307038 core:OfficeEquipment 2023-10-01 2024-06-30 04307038 2022-10-01 2023-09-30 04307038 core:LeaseholdImprovements 2023-10-01 2024-06-30 04307038 core:Non-currentFinancialInstruments 2023-10-01 2024-06-30 04307038 bus:OrdinaryShareClass1 2023-10-01 2024-06-30 04307038 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04307038 bus:OrdinaryShareClass2 2023-10-01 2024-06-30 04307038 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04307038 (England and Wales)

COYDE CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial period from 01 October 2023 to 30 June 2024
Pages for filing with the registrar

COYDE CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial period from 01 October 2023 to 30 June 2024

Contents

COYDE CONSTRUCTION LIMITED

BALANCE SHEET

As at 30 June 2024
COYDE CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 30.09.2023
£ £
Fixed assets
Tangible assets 4 192,735 244,151
192,735 244,151
Current assets
Stocks 5 1,025,073 1,022,559
Debtors
- due within one year 6 1,058,271 1,882,218
- due after more than one year 6 34,248 96,548
Cash at bank and in hand 7 2,220,442 1,902,420
4,338,034 4,903,745
Creditors: amounts falling due within one year 8 ( 790,794) ( 1,241,436)
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 ( 61,475) ( 98,360)
Provision for liabilities 10 ( 83,858) ( 107,614)
Net assets 3,594,642 3,700,486
Capital and reserves
Called-up share capital 11 300 300
Profit and loss account 3,594,342 3,700,186
Total shareholders' funds 3,594,642 3,700,486

For the financial period ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 04307038) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mrs J A Coyde
Director
COYDE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 30 June 2024
COYDE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the goods and the service
provided to date.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a educing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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

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.

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.

Retentions owed

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.

2. Employees

Period from
01.10.2023 to
30.06.2024
Year ended
30.09.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 18 20

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2023 100,000 100,000
At 30 June 2024 100,000 100,000
Accumulated amortisation
At 01 October 2023 100,000 100,000
At 30 June 2024 100,000 100,000
Net book value
At 30 June 2024 0 0
At 30 September 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 October 2023 16,961 137,269 360,007 49,811 564,048
Additions 0 0 0 966 966
Disposals 0 ( 2,595) ( 44,000) 0 ( 46,595)
At 30 June 2024 16,961 134,674 316,007 50,777 518,419
Accumulated depreciation
At 01 October 2023 16,961 105,522 159,487 37,927 319,897
Charge for the financial period 0 3,389 35,670 1,447 40,506
Disposals 0 ( 1,001) ( 33,718) 0 ( 34,719)
At 30 June 2024 16,961 107,910 161,439 39,374 325,684
Net book value
At 30 June 2024 0 26,764 154,568 11,403 192,735
At 30 September 2023 0 31,747 200,520 11,884 244,151

5. Stocks

30.06.2024 30.09.2023
£ £
Stocks 1,025,073 1,022,559

6. Debtors

30.06.2024 30.09.2023
£ £
Debtors: amounts falling due within one year
Trade debtors 548,120 557,192
Other debtors 510,151 1,325,026
1,058,271 1,882,218
Debtors: amounts falling due after more than one year
Trade debtors 34,248 96,548

7. Cash and cash equivalents

30.06.2024 30.09.2023
£ £
Cash at bank and in hand 2,220,442 1,902,420

8. Creditors: amounts falling due within one year

30.06.2024 30.09.2023
£ £
Trade creditors 493,081 915,516
Taxation and social security 138,403 100,851
Obligations under finance leases and hire purchase contracts 49,180 49,180
Other creditors 110,130 175,889
790,794 1,241,436

9. Creditors: amounts falling due after more than one year

30.06.2024 30.09.2023
£ £
Obligations under finance leases and hire purchase contracts 61,475 98,360

Security is given on the hire purchase liabilities by a charge held on the assets under HP.

10. Deferred tax

30.06.2024 30.09.2023
£ £
At the beginning of financial period/year ( 59,921) ( 35,882)
Credited/(charged) to the Statement of Income and Retained Earnings 12,804 ( 24,039)
At the end of financial period/year ( 47,117) ( 59,921)

11. Called-up share capital

30.06.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200
100 Ordinary A shares of £ 1.00 each 100 100
300 300

12. Related party transactions

Transactions with the entity's directors

30.06.2024 30.09.2023
£ £
Advances to directors 1,616 804