Registered number
09221552
Coast IOW Ltd
Filleted Accounts
30 September 2018
Coast IOW Ltd
Registered number: 09221552
Balance Sheet
as at 30 September 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 2,000 4,000
Tangible assets 4 21,252 26,419
23,252 30,419
Current assets
Stocks 12,000 12,000
Debtors 5 12,040 4,917
Cash at bank and in hand (254) 41,200
23,786 58,117
Creditors: amounts falling due within one year 6 (82,786) (85,341)
Net current liabilities (59,000) (27,224)
Total assets less current liabilities (35,748) 3,195
Creditors: amounts falling due after more than one year 7 - (2,212)
Net (liabilities)/assets (35,748) 983
Capital and reserves
Called up share capital 100 100
Profit and loss account (35,848) 883
Shareholders' funds (35,748) 983
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B Davies
Director
Approved by the board on 13 November 2018
Coast IOW Ltd
Notes to the Accounts
for the year ended 30 September 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicle 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2017 10,000
At 30 September 2018 10,000
Amortisation
At 1 October 2017 6,000
Provided during the year 2,000
At 30 September 2018 8,000
Net book value
At 30 September 2018 2,000
At 30 September 2017 4,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2017 8,784 34,138 42,922
Additions 1,917 - 1,917
At 30 September 2018 10,701 34,138 44,839
Depreciation
At 1 October 2017 4,817 11,686 16,503
Charge for the year 1,471 5,613 7,084
At 30 September 2018 6,288 17,299 23,587
Net book value
At 30 September 2018 4,413 16,839 21,252
At 30 September 2017 3,967 22,452 26,419
5 Debtors 2018 2017
£ £
Trade debtors 12,000 4,917
Other debtors 40 -
12,040 4,917
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 2,213 2,340
Trade creditors 2,672 3,193
Taxation and social security costs 4,689 19,709
Directors loan 71,350 58,291
Other creditors 1,862 1,808
82,786 85,341
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans - 2,212
8 Other information
Coast IOW Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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