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Registered number: 08620853
Coulter Smith Construction LTD
Financial Statements
For The Year Ended 31 July 2024
Chris Kirby
Chartered Certified Accountant
15 Beadnell Way
Redcar
TS10 2QU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08620853
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 44,028 25,897
44,028 25,897
CURRENT ASSETS
Stocks 5 157,708 150,730
Debtors 6 485,780 196,445
Cash at bank and in hand 375,817 849,388
1,019,305 1,196,563
Creditors: Amounts Falling Due Within One Year 7 (455,263 ) (848,513 )
NET CURRENT ASSETS (LIABILITIES) 564,042 348,050
TOTAL ASSETS LESS CURRENT LIABILITIES 608,070 373,947
Creditors: Amounts Falling Due After More Than One Year 8 (9,308 ) (19,293 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,007 ) (6,474 )
NET ASSETS 587,755 348,180
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 587,655 348,080
SHAREHOLDERS' FUNDS 587,755 348,180
Page 1
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ryan Smith
Director
Mr Barry Coulter
Director
8 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Coulter Smith Construction LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08620853 . The registered office is Unit 2N, The CADCAM Centre, High Force Road, Middlesbrough, TS2 1RH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company’s activities described below.

Construction contracts

When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on the construction contract by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

When the outcome of a contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Building Services 7 7
8 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 12,966 45,120 9,724 67,810
Additions 3,730 25,995 851 30,576
Disposals - (11,870 ) - (11,870 )
As at 31 July 2024 16,696 59,245 10,575 86,516
...CONTINUED
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Depreciation
As at 1 August 2023 8,431 28,567 4,915 41,913
Provided during the period 1,239 4,232 849 6,320
Disposals - (5,745 ) - (5,745 )
As at 31 July 2024 9,670 27,054 5,764 42,488
Net Book Value
As at 31 July 2024 7,026 32,191 4,811 44,028
As at 1 August 2023 4,535 16,553 4,809 25,897
5. Stocks
2024 2023
£ £
Work in progress 157,708 150,730
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 214,551 90
Amounts recoverable on contracts 90,309 194,771
Prepayments and accrued income 2,598 1,584
Directors' loan accounts 133,325 -
440,783 196,445
Due after more than one year
Corporation tax recoverable assets 44,997 -
485,780 196,445
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 84,295 300,118
Bank loans and overdrafts 10,648 10,648
Corporation tax 170,882 126,947
Other taxes and social security 681 1,839
VAT 81,950 198,185
Pension creditor (Current liabilities - creditors < 1 year) - 59
Accruals and deferred income 64,286 92,021
Directors' loan accounts 42,521 118,696
455,263 848,513
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,308 19,293
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Pension Commitments
The company operates a defined contribution pension scheme for employees opting into the auto enrolment system. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £0 (PY £59) were due to the fund. They are included in Other Creditors.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Ryan Smith (44,175 ) 177,500 - - 133,325
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 150,000 217,000
13. Ultimate Controlling Party
The company is controlled jointly by its directors Mr B A Coulter and Mr R J Smith by virtue of their ownership of 100% of the issued share capital in the company.
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