Company registration number 07261414 (England and Wales)
COAST 2 COAST BUILDING CONTROL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
COAST 2 COAST BUILDING CONTROL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
COAST 2 COAST BUILDING CONTROL LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,411
3,121
Current assets
Debtors
4
236,876
265,804
Cash at bank and in hand
372,111
470,776
608,987
736,580
Creditors: amounts falling due within one year
5
(98,307)
(157,332)
Net current assets
510,680
579,248
Total assets less current liabilities
515,091
582,369
Provisions for liabilities
(1,103)
(479)
Net assets
513,988
581,890
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
513,888
581,790
Total equity
513,988
581,890
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
Mr N Walton
Director
Company registration number 07261414 (England and Wales)
COAST 2 COAST BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Coast 2 Coast Building Control Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Moorlands Road, Bridgend, United Kingdom, CF31 3DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the provision of building inspector services is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15 years straight line
Computer equipment
20% on cost
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COAST 2 COAST BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
COAST 2 COAST BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2022
12,695
12,695
Additions
2,300
2,300
At 31 May 2023
2,300
12,695
14,995
Depreciation and impairment
At 1 June 2022
9,574
9,574
Depreciation charged in the year
1,010
1,010
At 31 May 2023
10,584
10,584
Carrying amount
At 31 May 2023
2,300
2,111
4,411
At 31 May 2022
3,121
3,121
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
147,309
185,910
Other debtors
50,241
45,461
Prepayments and accrued income
39,326
34,433
236,876
265,804
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,635
4,073
Amounts owed to group undertakings
367
Taxation and social security
85,137
132,037
Other creditors
10,168
21,222
98,307
157,332
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
COAST 2 COAST BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
71,202
29,898
8
Related party transactions
At the year end, an amount of £50,241 (2022 - £45,461) was owed from Coast 2 Coast Consultants Limited which is an 80% subsidiary of Coast 2 Coast Holdings Limited, the ultimate parent company of Coast 2 Coast Building Control Limited.
At the year end, an amount of £367 (2022 - £nil) was owed to Coast 2 Coast Holdings Limited, the ultimate parent company of Coast 2 Coast Building Control Limited.
9
Parent company
The parent company is Coast 2 Coast Holdings Ltd, whose registered office address is 7 Moorlands Road, Bridgend, United Kingdom, CF31 3DR.
10
Directors' transactions
Dividends totalling £0 (2022 - £130,263) were paid in the year in respect of shares held by the company's directors.
The directors operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end, the company owed £nil (2022 - £367) to the directors. These amounts are included in creditors: amounts falling due within one year.