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Registration number: 06696950

P H Coate & Son Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

P H Coate & Son Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

P H Coate & Son Ltd

(Registration number: 06696950)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

128,582

129,733

Current assets

 

Stocks

148,011

188,601

Debtors

153,989

222,389

Cash at bank and in hand

 

78,732

79,394

 

380,732

490,384

Creditors: Amounts falling due within one year

(245,692)

(268,858)

Net current assets

 

135,040

221,526

Total assets less current liabilities

 

263,622

351,259

Creditors: Amounts falling due after more than one year

5

(21,667)

(33,367)

Provisions for liabilities

(18,834)

(18,375)

Net assets

 

223,121

299,517

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

223,021

299,417

Total equity

 

223,121

299,517

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

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

P H Coate & Son Ltd

(Registration number: 06696950)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

Mr C B Coate

Director

Mrs M A Coate

Director

Mr J Coate

Director

Mrs N Coate

Director

 

P H Coate & Son Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Meare Green Court
Stoke St Gregory
Taunton
Somerset
TA3 6HY

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

P H Coate & Son Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Office equipment

33% straight line

Plant and machinery

25% reducing balance

PV System

4% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 33).

 

P H Coate & Son Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

355,498

Additions

39,308

Disposals

(9,000)

At 31 March 2023

385,806

Depreciation

At 1 April 2022

225,765

Charge for the year

32,183

Eliminated on disposal

(724)

At 31 March 2023

257,224

Carrying amount

At 31 March 2023

128,582

At 31 March 2022

129,733

5

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £21,667 (2022 - £33,367).

Bank borrowings

Bank loans and overdrafts have a carrying amount at year end of £31,667 (2022 - £41,667).

The borrowings relate to a Bounce Back loan of £50,000 received in 2021. The UK Government has provided a full guarantee in respect of the loan.

6

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 £6,795 (2022 - £9,343).