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COMPANY REGISTRATION NUMBER: 06281583
Coastal Charters Limited
Filleted Unaudited Abridged Financial Statements
31 January 2023
Coastal Charters Limited
Abridged Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,463,411
1,464,297
Current assets
Debtors
289
15,267
Cash at bank and in hand
11,220
11,649
--------
--------
11,509
26,916
Prepayments and accrued income
1,562
927
Creditors: amounts falling due within one year
5
292,373
285,791
---------
---------
Net current liabilities
279,302
257,948
------------
------------
Total assets less current liabilities
1,184,109
1,206,349
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
12,901
19,037
------------
------------
Net assets
1,171,208
1,187,312
------------
------------
Coastal Charters Limited
Abridged Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,393,543
1,393,543
Profit and loss account
( 222,435)
( 206,331)
------------
------------
Shareholders funds
1,171,208
1,187,312
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st January 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 5 October 2023 , and are signed on behalf of the board by:
Mr S J Beadsmoore
Director
Company registration number: 06281583
Coastal Charters Limited
Notes to the Abridged Financial Statements
Year ended 31st January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O S B Engineering Limited, Joseph Noble Road, Lillyhall Industrial Estate, Lillyhall, CA14 4JX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the going concern basis on the understanding that the directors and the bank will continue to support the business.
(b) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
(d) Taxation
Deferred tax is provided on the liability method in respect of all timing differences that have originated but not reversed at the balance sheet date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) Financial instruments
The only financial instruments in issue are ordinary shares which are classified as equity .
4. Tangible assets
£
Cost
At 1st February 2022 and 31st January 2023
1,484,922
------------
Depreciation
At 1st February 2022
20,625
Charge for the year
886
------------
At 31st January 2023
21,511
------------
Carrying amount
At 31st January 2023
1,463,411
------------
At 31st January 2022
1,464,297
------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
1,617
Accruals and deferred income
780
1,424
Director loan accounts
227,571
227,571
Other creditors
45,999
46,000
Intercompany loan -SB Engineering Ltd
12,023
3,179
---------
---------
292,373
285,791
---------
---------
6. Related party transactions