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Registered Number: 03769604
England and Wales

 

 

 

COACHWERKS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coachwerks Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Coachwerks Limited, as a body, in accordance with the terms of our engagement letter dated 23 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Coachwerks Limited and state those matters that we have agreed to state to the Board of Directors of Coachwerks Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coachwerks Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Coachwerks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coachwerks Limited. You consider that Coachwerks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Coachwerks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.


Acorn Financial Solutions Limited
99 Brentwood Road
Brighton
East Sussex
BN1 7ET
23 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3   10,547 
  10,547 
Current assets      
Debtors: amounts falling due within one year   3,760 
Cash at bank and in hand 21,839    4,424 
21,839    8,184 
Creditors: amount falling due within one year (23,942)   (1,700)
Net current liabilities (2,103)   6,484 
 
Total assets less current liabilities (2,103)   17,031 
Creditors: amount falling due after more than one year (10,386)   (36,816)
Net liabilities (12,489)   (19,785)
 

Capital and reserves
     
Profit and loss account (12,489)   (19,785)
Members' funds (12,489)   (19,785)
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 November 2023 and were signed on its behalf by:


-------------------------------
Ian Elwick
Director
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General Information
Coachwerks Limited is a private company, limited by guarantee, registered in England and Wales, registration number 03769604, registration address 15-17 Middle Street, Brighton, East Sussex, BN1 1AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is unable to continue and has moved to terminate operations.  It is adopting the net realisable value of all balances.  The Directors are not using the going concern basis for these accounts.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company.  The company is not registered for Value Added Tax.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 April 2022 25,000    25,000 
Additions  
Disposals (25,000)   (25,000)
At 31 March 2023  
Depreciation
At 01 April 2022 14,453    14,453 
Charge for year 4,219    4,219 
On disposals (18,672)   (18,672)
At 31 March 2023  
Net book values
Closing balance as at 31 March 2023  
Opening balance as at 01 April 2022 10,547    10,547 


4.

Events after Balance sheet date

Director Loan Account: Ms Rachel Entwistle and Mr John Anderson

At the year end 31 March 2021, Ms Rachel Entwistle and Mr John Anderson decided to cancel their Director fees for the financial years 2019-20 and 2020-21. Discussions were held between Directors regarding fees and monies owed to all Directors in the following months. In October 2021, Ms Rachel Entwistle, on deeming herself entitled to the fees for the whole time she has been in a position to manage the building of Coachwerks (the past six years) withdrew the equivalent monies of £9,720 per annum,  totalling £58,320. Against this Ms Rachel Entwistle paid monies deemed to be her equivalent rent for these periods of £3,000pa, totalling £18,000.
The result of this action, which was not following the agreed values set in a Directors meeting, is to leave the company unable to meet its current debts for corporation tax, rent and other monies owed to suppliers.
Ms Rachel Entwistle has been asked to repay the net funds over and above that due to her, which amounts to £46,320. This is the value the all parties have confirmed and agreed should be repaid, at the date of signing the 2022 financial accounts.
Ms Rachel Entwistle's appointment as Director, and Mr John Anderson's appointment as Director (being her partner), were both terminated on 11 November 2021 following this action as the remaining Directors felt due process had not been followed and both these Directors had failed in their role as Directors, i.e. in meeting their legal responsibilities to manage the financial position of the company, and maintain its ability to meet all its obligations. Discussions to repay the money are ongoing alongside a Police investigation regarding the illegal withdrawal of the funds by Ms Rachel Entwistle.
At the time of signing the 2022 financial accounts, Ms Rachel Entwistle had still not refunded the company.  Hence a provision for the amount as a bad debt has been raised in these accounts.  Lawyers have been instructed to review and negotiate for payment with Ms Rachel Entwistle.
Equally the amounts due to Mr John Anderson in Director Fees have been written off following discussions and conversations regarding monies owed and due to be refunded.  This amounted to £7,150 being written off against Director Fees in the year.

An agreement was reached with Ms Rachel Entwistle and Mr John Anderson to pay compensation for the surrender of the lease to Mr Ian Elwick and refund the monies extracted from the company funds in October 2021.  The payments were received in February 2023.  This concluded operations for the building in Hollingdean Terrace known as Coachwerks Ltd.

During 2022-23 the company engaged in leasing a new venture for maker spaces in St. James's St Mews in Brighton.  Due to Cost of Living Crisis and a range of issues with the building, the Directors withdrew from the lease of this building and moved all occupants out on 30 June 2023.
5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Creative Werkplaces Ltd15,519 6,408 21,927 6,408 

Loans were made to Coachwerks Limited to finance the operations within buildings it is managing. Outstanding and owing by this company at the year end is £21,927 (2022: £6,408).
3