| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 30 November 2024 |
| for |
| Colne Valley Mechanical Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Eldo House |
| Kempson Way |
| Suffolk Business Park |
| Bury St Edmunds |
| Suffolk |
| IP32 7AR |
| Colne Valley Mechanical Limited (Registered number: 10624605) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING (LOSS)/PROFIT | 4 | ( |
) |
| Interest receivable and similar income |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 5 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Prior year adjustment | 7 |
| 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 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 11 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 | 1,403,674 |
| SHAREHOLDER FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Prior year adjustment | - |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 November 2024 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 4. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| 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 | ( |
) |
| Deferred tax | ( |
) |
| Tax on (loss)/profit | ( |
) |
| 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 | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| 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 |
| 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 assets | 576,091 |
| Changes to the Statement of Comprehensive Income |
| 2023 adjustment |
| £ |
| Turnover | 748,277 |
| Taxaton | 172,186 |
| Increase in retained earnings | 576,091 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts recoverable on |
| contracts |
| Retentions |
| Other debtors |
| VAT |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 179,158 | 179,158 |
| Accruals |
| 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 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 30 November 2024 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| Ordinary | 1 | 100 | 100 |
| 13. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Prior year adjustment |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 30 November 2024 |
| 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. |