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REGISTERED NUMBER: 10624605 (England and Wales)











Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 November 2024

for

Colne Valley Mechanical Limited

Colne Valley Mechanical Limited (Registered number: 10624605)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Colne Valley Mechanical Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: P S French
J Brotherton





REGISTERED OFFICE: 5 Grange Way
Colchester
Essex
CO2 8HG





REGISTERED NUMBER: 10624605 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Colne Valley Mechanical Limited (Registered number: 10624605)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
Overview and Market Context
The company has faced a difficult trading year amidst a challenging economic environment. Persistent inflationary pressures, particularly rising material and subcontractor costs, have significantly impacted gross margins across the sector.

Strategic Response and Performance
In response, management has implemented several operational and efficiency changes. The gross profit margin has begun to show a meaningful improvement, and unaudited management accounts for the first half of the 2025 financial year indicate that the company has returned to profitability. This recovery reflects not only better cost control and project selection but also the company's ability to remain competitive and adapt to market conditions.

Operational Focus
The company continues to deliver specialist services to some of the UK's largest housebuilders. Its core operations remain concentrated on residential new-build schemes, including large-scale, multi-occupancy apartment developments, particularly across London and the South East.

Outlook
The directors have a positive outlook for the 2025 financial year. Continued discipline in project selection, coupled with a leaner cost base and established relationships with major clients, positions the business well for sustained improvement in financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The current economic climate continues to place pressure on costs and at times supply and this is particularly the case with regard to labour. The cost of living crisis is also affecting certain elements of the housing market which creates some uncertainty as to future levels of trading. The company does however operate in some specialist areas of the housing market and these projects are showing more resilience than the sector in general.


Colne Valley Mechanical Limited (Registered number: 10624605)

Strategic Report
for the Year Ended 30 November 2024

KEY PERFORMANCE INDICATORS
Financial year 2024 2023
as restated
£ £
Turnover 22,916,944 22,996,579

Gross profit 581,568 2,216,036

Gross profit rate % 2.54% 9.64%

(Loss) / profit before tax (704,026) 1,296,603

Shareholder funds 644,683 1,403,774

The figures shown for 2023 are not directly comparable with those for 2024 as they have been restated following the inclusion of a prior year adjustment. Further details of the adjustment are shown at note 7 to the financial statements.

ON BEHALF OF THE BOARD:





P S French - Director


21 August 2025

Colne Valley Mechanical Limited (Registered number: 10624605)

Directors' Report
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of mechanical installation contractors.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 was £211,572 (2023: £102,911). The directors do not propose a final dividend.

FUTURE DEVELOPMENTS
In addition to its core mechanical installation services, the company is actively expanding its design capabilities. This will enable the company to deliver fully integrated design and installation solutions.

DIRECTORS
P S French has held office during the whole of the period from 1 December 2023 to the date of this report.

Other changes in directors holding office are as follows:

J Brotherton was appointed as a director after 30 November 2024 but prior to the date of this report.

K T Barber ceased to be a director after 30 November 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company utilises within its operations financial instruments such as trade debtors, trade creditors and intercompany loans.

POLITICAL DONATIONS AND EXPENDITURE
No political donations or expenditure were made during the current or prior years.

LIQUIDITY RISK
Liquidity risk is managed by the close daily monitoring of trade payables, trade receivables, amounts recoverable on contracts and bank balances.

INTEREST RATE RISK
The financing of the company's operations is met mainly through retained profits and intercompany loans upon which no interest is charged. The directors therefore consider the company's interest rate risk to be low.

CREDIT RISK
The company's credit risk is primarily attributable to amounts recoverable on contracts. This risk is managed by an
effective credit control function which closely monitors amounts outstanding and takes appropriate recovery action
when necessary. Detailed customer due diligence prior to contract acceptance also mitigates the company's credit risk.


Colne Valley Mechanical Limited (Registered number: 10624605)

Directors' Report
for the Year Ended 30 November 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Knights Lowe Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





P S French - Director


21 August 2025

Independent Auditors' Report to the Members of
Colne Valley Mechanical Limited

Qualified opinion

We have audited the financial statements of Colne Valley Mechanical Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its loss 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 qualified opinion
On 30 November 2023 amounts recoverable on contracts included £442,403 relating to committed on-site materials which were not part of the measured contract valuations. Owing to the nature of the company's records at that time, we were unable to obtain sufficient appropriate audit evidence regarding the quantities of these materials. Consequently, we were unable to determine whether any adjustment to this amount on 30 November 2023 was necessary or whether there was any consequential effect on turnover for the year ended 30 November 2024.

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 qualified 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.

Independent Auditors' Report to the Members of
Colne Valley Mechanical Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the quantities of committed on-site materials included within amounts recoverable on contracts on 30 November 2023. Accordingly, we were unable to conclude whether any amendment to the other information was required in respect of this matter.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to amounts recoverable on contracts, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:
- 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.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, 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.

Independent Auditors' Report to the Members of
Colne Valley Mechanical 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 an Auditors' Report 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and through discussions with directors and management identified laws and regulations that could reasonably be expected to have a material effect on the financial statements. The outcomes of these discussions were shared with the audit team and consideration given as to where and how fraud may occur in the company.

The laws and regulations considered as being significant to the company included UK company law and financial reporting standards, Gas Safety Regulations, Health and Safety regulations and ISO 9001 certification.

We undertook audit procedures in response to the potential risks relating to irregularities which include risks of fraud and non-compliance with laws and regulations. These procedures included enquiry of management concerning any actual or potential claims or litigation, review of licences, review and testing of both journal and other entries in the nominal ledger, and review of transactions around the end of the accounting period, together with undertaking analytical procedures to assist in identifying any unexpected amounts and variances within the financial statements that may be an indication of fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are however inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting irregularities resulting from fraud is higher than the risk of not detecting irregularities resulting from an error, as fraud may involve deliberate concealment. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been undertaken in accordance with applicable auditing standards.

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 Auditors' Report.

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 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.




Michael Mortimer FCA FCCA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

21 August 2025

Colne Valley Mechanical Limited (Registered number: 10624605)

Statement of Comprehensive
Income
for the Year Ended 30 November 2024

2024 2023
as restated
Notes £    £   

TURNOVER 22,916,944 22,996,579

Cost of sales 22,335,376 20,780,543
GROSS PROFIT 581,568 2,216,036

Administrative expenses 1,286,326 919,613
OPERATING (LOSS)/PROFIT 4 (704,758 ) 1,296,423

Interest receivable and similar income 732 180
(LOSS)/PROFIT BEFORE TAXATION (704,026 ) 1,296,603

Tax on (loss)/profit 5 (156,507 ) 303,189
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (547,519 ) 993,414

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(547,519

)

993,414
Prior year adjustment 7 576,091
TOTAL COMPREHENSIVE INCOME SINCE LAST
ANNUAL REPORT

28,572

Colne Valley Mechanical Limited (Registered number: 10624605)

Statement of Financial Position
30 November 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 97,242 100,803

CURRENT ASSETS
Debtors 9 10,109,471 6,339,257
Cash at bank 32,972 1,053,116
10,142,443 7,392,373
CREDITORS
Amounts falling due within one year 10 9,570,691 6,064,201
NET CURRENT ASSETS 571,752 1,328,172
TOTAL ASSETS LESS CURRENT LIABILITIES 668,994 1,428,975

PROVISIONS FOR LIABILITIES 11 24,311 25,201
NET ASSETS 644,683 1,403,774

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 644,583 1,403,674
SHAREHOLDER FUNDS 644,683 1,403,774

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2025 and were signed on its behalf by:





P S French - Director


Colne Valley Mechanical Limited (Registered number: 10624605)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 513,171 513,271

Changes in equity
Dividends - (102,911 ) (102,911 )
Total comprehensive income - 417,323 417,323
Balance at 30 November 2023 100 827,583 827,683
Prior year adjustment - 576,091 576,091
As restated 100 1,403,674 1,403,774

Changes in equity
Dividends - (211,572 ) (211,572 )
Total comprehensive income - (547,519 ) (547,519 )
Balance at 30 November 2024 100 644,583 644,683

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Colne Valley Mechanical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis. The company experienced a decline in trading performance during the year ended 30 November 2024, resulting in a reduction in net current assets to £571,752 (2023: £1,328,172). However, creditors falling due within one year include amounts owed to group undertakings of £4,714,416 (2023: £2,779,241). This intra-group financial support remains available and is not expected to be withdrawn for the foreseeable future.

Management accounts for the first half of the 2025 financial year indicate that trading performance has improved, with gross margin showing a good recovery compared to the prior year. The company has returned to profitability during this period.

In consideration of the continued group support and the improved trading performance, the directors believe that the company will have adequate resources to meet its obligations as they fall due. Accordingly, the directors consider the going concern basis of preparation to be appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Colne Valley Electrical Limited, a copy of which can be obtained from the directors at 5 Grange Way, Colchester, Essex, CO2 8HG. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of key management personnel.

Significant judgements
In preparing these financial statements the directors have made the following significant judgements and estimates:-

Amounts recoverable on contracts
In determining the carrying value of amounts recoverable on contracts, the directors regularly review each contract using their experience and detailed contract data in order to determine whether any amounts are considered irrecoverable. Such amounts are written off as identified.

Changes in accounting policies
The accounting policy in respect of the recognition of retention amounts has been modified. Where the recoverability of a retention amount is dependent upon the completion of a contract rather than a defects period, the retention amount is now recognised at the time of contract performance. All other retention amounts continue to be recognised only where there is no uncertainty surrounding their collection.

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. Services which have been measured yet not invoiced at the Statement of Financial Position date are included as amounts recoverable on contracts. Contract amounts considered irrecoverable are written off as identified. Retention monies are included in turnover only to the extent that there is no significant uncertainty surrounding their collection.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 4 years straight line
Computer equipment - 4 years straight line

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 accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 914,714 749,068
Social security costs 80,695 71,670
Other pension costs 73,304 115,764
1,068,713 936,502

The average number of employees during the year was as follows:
2024 2023
as restated

Directors 1 1
Administration 12 10
Plumbing and heating engineers 14 12
27 23

2024 2023
as restated
£    £   
Directors' remuneration 12,000 30,357
Directors' pension contributions to money purchase schemes 60,000 100,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
as restated
£    £   
Depreciation - owned assets 43,913 31,230
Loss on disposal of fixed assets 1,731 -

The audit fee of £8,000 (2023 £7,500) for the audit of these financial statements was paid by the parent company. No separate charge has been made to the company for this service.

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax (155,617 ) 296,966

Deferred tax (890 ) 6,223
Tax on (loss)/profit (156,507 ) 303,189

UK corporation tax has been charged at 25% (2023 - 23%).

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
(Loss)/profit before tax (704,026 ) 1,296,603
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

(176,007

)

324,151

Effects of:
Expenses not deductible for tax purposes 4,616 4,707
Marginal relief - (25,669 )
Effect of removal of marginal relief on prior year adjustment 14,884 -
Total tax (credit)/charge (156,507 ) 303,189

6. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of 1 each
Interim 211,572 102,911

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

7. PRIOR YEAR ADJUSTMENT

In accordance with the change of accounting policy described at note 2, retention amounts relating to the completion of a contract are now recognised at the time of contract performance. Accordingly, both turnover and debtors have been increased in the prior year by £748,277. The tax effect of this adjustment has been to increase the prior year tax charge by £172,186.

It should be noted that the restated 2023 amounts for both turnover and gross profit are not entirely comparable with those for 2024. This is because the 2023 turnover figure does not include any adjustment which may have been necessary due to the existence of relevant retention amounts relating to 2022 or earlier. The directors consider that it is not practicable on the grounds of undue cost and delay to determine any adjustment relating to 2022 and earlier.

A summary of the line items increased are: -


Changes to the Statement of Financial Position
2023 adjustment
£
Current assets
Debtors - retentions receivable 748,277

Creditors due before one year
Taxation 172,186
Increase in net assets576,091

Changes to the Statement of Comprehensive Income
2023 adjustment
£

Turnover748,277
Taxaton172,186
Increase in retained earnings576,091


Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

8. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 4,085 161,844 6,009 171,938
Additions - 43,178 1,305 44,483
Disposals - (7,626 ) - (7,626 )
At 30 November 2024 4,085 197,396 7,314 208,795
DEPRECIATION
At 1 December 2023 2,361 66,813 1,961 71,135
Charge for year 431 42,143 1,339 43,913
Eliminated on disposal - (3,495 ) - (3,495 )
At 30 November 2024 2,792 105,461 3,300 111,553
NET BOOK VALUE
At 30 November 2024 1,293 91,935 4,014 97,242
At 30 November 2023 1,724 95,031 4,048 100,803

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 2,904,925 1,986,117
Amounts recoverable on
contracts 5,616,472 2,938,138
Retentions 852,329 748,277
Other debtors 366,695 284,488
VAT 317,078 352,957
Prepayments 51,972 29,280
10,109,471 6,339,257

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 4,234,432 2,457,740
Amounts owed to group undertakings 4,714,416 2,779,241
Corporation tax 16,569 296,966
Social security and other taxes 146,408 99,121
Other creditors 2,713 -
Directors' current accounts 179,158 179,158
Accruals 276,995 251,975
9,570,691 6,064,201

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

11. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 24,311 25,201

Deferred
tax
£   
Balance at 1 December 2023 25,201
Credit to Statement of Comprehensive Income during year (890 )
Balance at 30 November 2024 24,311

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
100 Ordinary 1 100 100

13. RESERVES
Retained
earnings
£   

At 1 December 2023 827,583
Prior year adjustment 576,091
1,403,674
Deficit for the year (547,519 )
Dividends (211,572 )
At 30 November 2024 644,583

14. 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.

During the year, total dividends of £105,786 (2023 - £58,505) were paid to the directors .

Colne Valley Mechanical Limited (Registered number: 10624605)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

14. RELATED PARTY DISCLOSURES - continued

Included within other creditors at the statement of financial position date is a balance of £179,158 (2023: £179,158) owed to a director. This balance is interest free and repayable on demand.

As at 30 November 2024 £1,000,185 (2023: £1,002,772) was owed to Colne Valley Electrical Limited by the company.

As at 30 November 2024 £3,714,231 (2023: £1,776,469) was owed to Colne Valley Electrical (South) Limited by the company.

The company receives management and administrative services from its parent undertaking, Colne Valley Electrical Limited, at no charge. Furthermore, certain overhead and operational costs incurred by Colne Valley Electrical Limited on behalf of the company are not recharged. These arrangements reflect the ongoing support provided by the parent in recognition of the strategic importance of the company to the wider group.

The ultimate parent company is Colne Valley Holdings Limited.

The controlling party which prepares group financial statements is Colne Valley Electrical Limited whose registered office is at 5 Grange Way, Colchester, Essex, CO2 8HG.