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Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
COMPANY INFORMATION
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
CONTENTS
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The Directors present their Strategic Report for Colorado Construction and Engineering Limited for the year ended 30 November 2024.
Colorado Construction is a privately owned, Scottish based contractor with a strong current and future workload. The business has a consistently strong trading and cash position, secured through delivering an impressive portfolio of high-profile projects. Owned and operated by its directors, Colorado Construction benefits from the ‘hands-on’ leadership committed to delivering exceptional results. This commitment has led to long-standing relationships with core clients, some spanning over 18 years. Approximately 85% of the company’s annual workload is derived from repeat business, with the remainder secured through referrals and selective tendering
The expertise of Colorado Construction and Engineering Ltd sits within a diverse range of specific sectors. The business is centrally involved in the construction of distilleries, maturation warehouses, and other whisky production related projects. In addition to this, the business has extensive expertise and a track record in the construction of visitor centres, food and drinks production facilities, works to Listed Buildings together with the construction and refurbishment of individual ‘one-off’ high-value homes. The business also continues to develop its planned and reactive maintenance provision along with a growing special works capability, concentrating on smaller projects. In the year, the construction business completed significant distillery infrastructure projects for long-standing clients including the expansion of Glen Turner Distillery, and Inchdairnie Distillery. The company also completed maturation warehousing for these core clients, together with whisky maturation warehousing for the Wemyss family, this on the back of previous projects for Wemyss such as Kingsbarns Distillery in Fife. Colorado Construction undertook the expansion and reconfiguration of Lochranza Distillery on the Isle of Arran, and completed the construction of the UK’s first vertical distillery for Port of Leith in Edinburgh, the tallest distillery in the world. The business secured further projects to restore significant Listed Buildings for private clients. One such landmark project is restoration of Dalmeny House by South Queensferry, the home to the Earls of Rosebery since 1662. Colorado continued to undertake works in food-safe and factory environments, working for existing clients such as Quaker Oats, Ahlstrom Munksjo, and AG Barr. The business was also retained to deliver projects for Dollar Academy and Speyside Cooperage.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
In the closing stages of Colorado’s financial year ending November 2024, the business used its reserves to buy-back the majority shareholder’s entire equity and repaid a substantial element of the investor’s lending to the group. Further, we agreed a structure that will allow the return of all investor lending in 2025.
This is a significant development for Colorado Construction and Engineering. It means that the holding company, Colorado Group Limited is now 100% owned by the operational directors who have the expertise and personal commitment in delivering projects to Colorado’s customers across Scotland. It will also remove all debt from the business during 2025. Going through 2024 and into 2025, the Company continues to secure major projects in its areas of expertise including distilleries, maturation warehouses, and other drinks and food production facility construction projects. Given the recent trade deals with India, the world’s biggest market for whisky, the Directors see the whisky market continuing to be strong. Colorado Construction and Engineering continues to construct individual high-value homes, and future project opportunities in these fields continue in 2025 and beyond. Colorado Construction and Engineering Ltd has secured its reputation in the restoration and upgrade of listed buildings and continues to seek opportunities to develop further in this field. Developing relationships with clients and consultants is a key strength of Colorado Construction and Engineering Ltd and all staff members are actively encouraged to develop solid relationships with customers. Through a focus on fully understanding what is required by customers and then delivering beyond expectations Colorado Construction and Engineering aims to be the supplier of choice for those it works closely with and success in this area has translated into a secured workload in areas of central capability. This is evident in the growing number of repeat business clients.
Management team, engineering, trades, and partner expertise
Colorado Construction and Engineering Ltd's success is driven by a diverse, highly skilled, and well-motivated management, technical, and commercial team. The company has a culture of inclusivity and innovation, ensuring low staff turnover and high team loyalty. Colorado Construction and Engineering employs a core of specialist construction managers, engineers, and supervisors, supported by a team of quantity surveyors, finance, and SHEQ personnel to manage and deliver our projects. The business has a general works team undertaking general maintenance and smaller building and refurbishment projects. Also employed is a core team of painters and specialist labour. The highly skilled staff take pride in their expertise in the restoration field and in the quality of their work, all delivered through a dedicated team of knowledgeable managers and highly capable trades teams and suppliers. Business Reach With our Head office based in Scotland’s central belt, this remains the main operation base. This aligns with the business strategy of operating principally across central Scotland but with a Scotland-wide reach for key clients requiring its services. The business has undertaken projects throughout Scotland, including the Highlands and Islands, and it actively aims to secure projects from its principal clients in these locations.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
Health, safety & environment
Colorado Construction has a well-resourced in-house Health Safety and Environment team with well-developed management and safety management systems. The business holds the following accreditations: o SAFEcontractor - this allows automatic prequalification with over 210 major client groups. o CHAS - this demonstrates competence in Health and Safety systems and procedures. o Constructionline - this accreditation is the UK’s largest and only government-owned prequalification scheme for construction-related contractors. o RoSPA 2013 Silver Award denotes a high level of performance underpinned by sound management systems that deliver consistent improvement
Since its inception, Colorado Construction and Engineering Ltd has maintained profitability, with only one exception in 2018 due to an extraordinary loss on a specific project.
Colorado Construction has continued its strong operational performance and robust financial position, with the accounts for Colorado Construction and Engineering Ltd demonstrating a strong profit in the region of £874k in the year ending November 2024, and this level of return is expected going into 2025 and beyond. The company has concentrated on its core competencies, ensuring sustained profitability and demonstrating its resilience and strategic focus. Colorado Construction and Engineering Limited’s profitability was strong in the year and achieved net profit before tax of over £852k on a gross turnover of £21.1m The key financial performance indicators monitored by the company are profit allied to turnover. Turnover in core business activities within Colorado Construction and Engineering Ltd fell slightly to £21.1m from £22.4m in 2023 and £25.4m in 2022. However, in 2024, the business is reporting a pre-tax operating profit of £867k an improvement against the pre-tax operating profit of just over £525k in 2023. The strengthening of the net profit before tax has been driven by the continuing strong customer relationships and careful project selectivity.
One of the principal challenges facing the company is supply chain delivery concerns and growing inflationary pressures necessitating continued regular assessments of workload, liquidity, and profitability. This has informed the directors’ view that the business remains resilient. The directors expect the business to remain strongly profitable throughout 2025 and beyond. Colorado Construction and Engineering remains focused on cost efficient and relevant delivery by ensuring a tight and efficient cost base. The Directors continue to undertake regular assessments of the business and therefore the directors are confident that Colorado Construction & Engineering Ltd remains focused on maintaining existing customer relationships, developing new ones and new income streams whilst ensuring a robust and profitable workload.
Further business risks are those related to the ongoing uncertain economic conditions associated with the war in Ukraine and any tariff impacts from the USA, especially steel. The Directors do not believe that these issues will have a direct impact on the Company’s operations; however, there continues to be uncertainty regarding their economic and political impact on the wider economy. The Directors continue to closely monitor the unfolding developments. In summary, the business strategy of concentrating on core customers, looking to innovate, and strengthening its areas of core competence has proved a sound basis for the company to remain profitable and competent in delivering beyond its customer’s requirements.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
In overall summary, building on a reputation based on high profile, successfully completed projects, Colorado Construction’s future business includes an enviable client portfolio with the core of work coming from an area of significant growth in the Scottish and UK economy. This principal source of work with a future secured volume for the next 5 years with existing clients, will enable the business to develop a further future workload in our other areas of core competence. This coming through referrals from existing clients and through opening the business up to new customers wishing to engage our services. Colorado Construction has a loyal, highly competent and motivated team to ensure effective delivery of this workload. The Board expects the business’s proven profitability to continue.
This report was approved by the board and signed on its behalf.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £873,942 (2023 - £396,366).
The Directors declared a dividend of £1,600,000 in the current year (2023 - £Nil).
The directors who served during the year were:
The Company continues to secure major projects in its areas of expertise including distilleries, maturation warehouses, and other drinks and food production facility construction projects. Given the recent trade deals with India, the world’s biggest market for whisky, the Directors see the whisky market continuing to be strong. Colorado Construction and Engineering continues to construct individual high-value homes, and future project opportunities in these fields continue in 2025 and beyond. Colorado Construction and Engineering Ltd has secured its reputation in the restoration and upgrade of listed buildings and continues to seek opportunities to develop further in this field.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
The Company's business review and principal activities, principal risks and uncertainties and key financial performance indicators are disclosed within the Strategic Report.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO CONSTRUCTION & ENGINEERING LIMITED
We have audited the financial statements of Colorado Construction & Engineering Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO CONSTRUCTION & ENGINEERING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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 an Auditors' Report that includes our
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO CONSTRUCTION & ENGINEERING LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations. • we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK health and safety legislation; • we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; • tested journal entries recorded on the Company’s finance system to identify unusual transactions that may indicate override of controls; • reviewed key judgements and estimates for any evidence of management bias. • reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation and • enquiring of management to identify actual and potential litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO CONSTRUCTION & ENGINEERING LIMITED (CONTINUED)
Auditors' 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 an Auditors' Report 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
Chartered Accountants and Statutory Auditors
Glasgow
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
REGISTERED NUMBER: SC311182
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Colorado Construction & Engineering Limited is a private company limited by shares registered in
Scotland. Registered number SC311182. The Company's registered office and principal place of business is Colorado House, 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, EH54 8AS.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is GBP and amounts are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Colorado Group Limited as at 30 November 2024 and these financial statements may be obtained from Crown Way, Cardiff, CF14 3UZ.
In making their going concern assessment the Directors have prepared financial forecasts which
extend to 31 August 2026. These show that the business is expected to have sufficient cash reserves to meet its liabilities as they fall due for a period of at least one year from the date the financial statements are signed. Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Where contractual obligations are performed gradually over time, the revenue is recognised as contract activity progresses to reflect the partial performance of these obligations.
The progress of the contract is determined through monthly site surveys attended by representatives of the company and the specific customer at which measurements are taken and agreed between the two parties. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to the value of the work performed.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The calculation of accruals and provisions contains an inherent level of subjectivity. The Directors consider that the current level of accruals and provisions represents the best estimate of the likely exposure. Key judgements are also made regarding the valuation of construction projects at the year end, which impacts revenue, where agreed third party valuations are performed in advance of this date. The Directors consider that internal valuations of the work performed in this period are accurate given the experience of and knowledge of the quantity surveyors employed.
Analysis of turnover by country of destination:
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Profit and loss account
dividends paid.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
The Company makes payments to a defined contribution pension scheme. The assets of the scheme are
held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £296,240 (2023 -£196,650). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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COLORADO CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
The Company's immediate and ultimate parent undertaking is
registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Colorado Group Limited's registered office and principal place of business is the financial statements of Colorado Group Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ, In the opinion of the Directors,
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