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Registration number: 07438561

Coastal Holiday Lets Limited

Annual Report and Unaudited Financial Statements

for the Period from 27 November 2021 to 25 November 2022

 

Coastal Holiday Lets Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Coastal Holiday Lets Limited

(Registration number: 07438561)
Balance Sheet as at 25 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

258,080

254,647

Current assets

 

Debtors

5

705

3,000

Cash at bank and in hand

 

403

7,469

 

1,108

10,469

Creditors: Amounts falling due within one year

6

(88,347)

(99,857)

Net current liabilities

 

(87,239)

(89,388)

Total assets less current liabilities

 

170,841

165,259

Provisions for liabilities

(14,018)

(13,936)

Net assets

 

156,823

151,323

Capital and reserves

 

Called up share capital

7

300

300

Revaluation reserve

86,864

86,864

Retained earnings

69,659

64,159

Shareholders' funds

 

156,823

151,323

For the financial period ending 25 November 2022 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 period 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 and in accordance with provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors report have not been delivered in accordance with the special provisons applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M Pemberton
Director

 

Coastal Holiday Lets Limited

Notes to the Financial Statements for the Period from 27 November 2021 to 25 November 2022

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:
24 The Hazels
Wilpshire
Blackburn
Lancashire
BB1 9HZ
England

These financial statements were authorised for issue by the Board on 24 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 presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The directors, having made reasonable enquiries, consider that the company will have sufficient resources to continue trading for the forseeable future. As a result the directors have continued to adopt the going conern basis in preparing the financial statements.

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.

Government grants

The company has received revenue grants in the form of small business rate relief.

 

Coastal Holiday Lets Limited

Notes to the Financial Statements for the Period from 27 November 2021 to 25 November 2022

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 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.

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.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and equipment

15% reducing balance

Freehold property

not depreciated because it is subject to an extensive and continual maintenance programme

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Coastal Holiday Lets Limited

Notes to the Financial Statements for the Period from 27 November 2021 to 25 November 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2021 - 3).

4

Tangible assets

Freehold property
£

Plant and equipment
£

Total
£

Cost or valuation

At 27 November 2021

250,000

12,260

262,260

Additions

3,000

1,330

4,330

At 25 November 2022

253,000

13,590

266,590

Depreciation

At 27 November 2021

-

7,613

7,613

Charge for the period

-

897

897

At 25 November 2022

-

8,510

8,510

Carrying amount

At 25 November 2022

253,000

5,080

258,080

At 26 November 2021

250,000

4,647

254,647


 

 

Coastal Holiday Lets Limited

Notes to the Financial Statements for the Period from 27 November 2021 to 25 November 2022

Revaluation

The fair value of the company's land and buildings was revalued on 30 November 2014 by an independent valuer.
The basis of valuation was market value. The name and qualification of the independent valuer are Tom Parry & Co Chartered Surveyors, Auctioneers, Valuers and Estate Agents who are external to the company.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £153,083 ( 2021 £150,083).

5

Debtors

2022
£

2021
£

Prepayments

705

3,000

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

1,208

5,143

Accruals and deferred income

990

900

Other creditors

86,149

93,814

88,347

99,857

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300