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Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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Colne Valley Mechanical Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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Colne Valley Mechanical Limited |
Colne Valley Mechanical Limited (Registered number: 10624605) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Colne Valley Mechanical Limited |
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Company Information |
for the Year Ended 30 November 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Crane Court |
302 London Road |
Ipswich |
Suffolk |
IP2 0AJ |
Colne Valley Mechanical Limited (Registered number: 10624605) |
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Balance Sheet |
30 November 2018 |
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30.11.18 | 30.11.17 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Colne Valley Mechanical Limited (Registered number: 10624605) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2018 |
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1. | STATUTORY INFORMATION |
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Colne Valley Mechanical Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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The company made a loss for the year after tax of £881,209 and at the 30 November 2018 had net liabilities of |
£735,724. However included within creditors due within one year is an intercompany loan from the company's |
parent company, Colne Valley Electrical Limited, who has undertaken to provide continuing financial support |
so that the company can pay its debts as they fall due. |
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The trading result for the year was expected by the directors as the company sought to establish itself within the |
marketplace. The gross margin being achieved on more recent contracts is showing considerable signs of |
improvement and the directors are budgeting for a break even position for the 2019 Financial Year. |
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In view of the above, the directors have a reasonable expectation that the company will continue in operational |
existence for the foreseeable future and the company therefore continues to adopt the going concern basis in |
preparing its financial statements. |
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Turnover |
Turnover represents the fair value of services provided under contracts with customers to the extent that there is |
right to consideration. It is measured at the fair value of the consideration due. Services which have been |
measured yet not recovered at the Statement of Financial Position date are included as amounts recoverable on |
contracts. |
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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. |
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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. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
Colne Valley Mechanical Limited (Registered number: 10624605) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade debtors |
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Amounts recoverable on |
contracts |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Colne Valley Mechanical Limited (Registered number: 10624605) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the year ended 30 November 2018 and the |
period ended 30 November 2017: |
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30.11.18 | 30.11.17 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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8. | CONTROLLING PARTY |
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The controlling party is Colne Valley Electrical Limited whose registered office is at 5 Grange Way, |
Colchester, Essex, CO2 8HG. |