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Registration number: 06470032

Coastal Asphalts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Coastal Asphalts Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Coastal Asphalts Limited

Company Information

Directors

Mr LS Oliver

Mr T L K Pitman

Registered office

78a Springdale Road
Broadstone
Poole
Dorset
BH18 9BY

Accountants

Harney & Co Limited
Chartered Certified Accountants
21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

Coastal Asphalts Limited

(Registration number: 06470032)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

265,527

299,074

Current assets

 

Stocks

4

150

150

Debtors

5

649,072

938,073

Cash at bank and in hand

 

22,834

41,293

 

672,056

979,516

Creditors: Amounts falling due within one year

7

(992,728)

(1,060,242)

Net current liabilities

 

(320,672)

(80,726)

Total assets less current liabilities

 

(55,145)

218,348

Creditors: Amounts falling due after more than one year

7

(102,814)

(173,893)

Provisions for liabilities

(37,598)

(43,972)

Net (liabilities)/assets

 

(195,557)

483

Capital and reserves

 

Called up share capital

9

7

7

Retained earnings

(195,564)

476

Shareholders' (deficit)/funds

 

(195,557)

483

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................

Mr LS Oliver
Director

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
78a Springdale Road
Broadstone
Poole
Dorset
BH18 9BY

These financial statements were authorised for issue by the Board on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, at a rate of 25% on a reducing balance basis across all classes of tangible fixed asset, other than property improvements which is not depreciated.

Asset class

Depreciation method and rate

Tangible Fixed Assets (other than land & buildings)

25% on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022: 17).

4

Stocks

2023
£

2022
£

Raw materials

150

150

5

Debtors

2023
£

2022
£

Trade debtors

616,725

793,938

Prepayments

1,595

21,656

Other debtors

30,752

122,479

649,072

938,073

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

6

Tangible assets

Freehold property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Equipment
£

Total
£

Cost or valuation

At 1 February 2022

67,642

16,346

150,434

476,883

711,305

Additions

-

2,105

-

25,055

27,160

Disposals

-

-

-

(16,884)

(16,884)

At 31 January 2023

67,642

18,451

150,434

485,054

721,581

Depreciation

At 1 February 2022

-

11,897

42,208

358,126

412,231

Charge for the year

-

1,164

26,661

28,429

56,254

Eliminated on disposal

-

-

-

(12,431)

(12,431)

At 31 January 2023

-

13,061

68,869

374,124

456,054

Carrying amount

At 31 January 2023

67,642

5,390

81,565

110,930

265,527

At 31 January 2022

67,642

4,449

108,226

118,757

299,074

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

84,324

104,526

trade creditors

 

556,280

576,310

Taxation and social security

 

137,945

55,492

Accruals and deferred income

 

14,137

15,075

Other creditors

 

200,042

308,839

 

992,728

1,060,242

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

102,814

173,893

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

39,808

37,391

Finance lease liabilities

44,516

67,135

84,324

104,526

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

71,829

111,637

Finance lease liabilities

30,985

62,256

102,814

173,893

9

Share capital

Allotted, called up and fully paid shares

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

9

Share capital (continued)

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

7

7

7

7

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022: £7,935). This financial commitment relates to the 3 year operating lease of a vehicle started on 02/09/2020.

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2022: £452,566). Included in this amount is factoring debt of £303,538 (2001: £284,554) which is secured by an all asset debenture, by way of a first fixed and floating charge, in favour of Factor 21 PLC (eCapital Commercial Finance Limited) created on 21 September 2012.

11

Transactions with directors

Interest on the overdrawn director's current account has been charged at the official rate and is shown in the Profit and Loss account.

2023

At 1 February 2022
£

At 31 January 2023
£

Mr LS Oliver

Transactions during the year

80,853

80,853

     
   

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr LS Oliver

Transactions during the year

7,300

102,353

(28,800)

80,853

         
       

 

 

Coastal Asphalts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

11

Transactions with directors (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

205,560

8,060

Contributions paid to money purchase schemes

30,000

30,000

235,560

38,060

Dividends paid to directors

   

2023
£

 

2022
£

Mr LS Oliver

       

Total amount of dividends paid to the director

 

-

 

28,800