Company registration number 02433054 (England and Wales)
Coates & Co. Limited
Unaudited
financial statements
for the year ended 31 October 2023
PAGES FOR FILING WITH REGISTRAR
Coates & Co. Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Coates & Co. Limited
Balance sheet
as at 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,265
-
0
Investment properties
4
414,000
454,000
415,265
454,000
Current assets
Cash at bank and in hand
117,307
84,158
Creditors: amounts falling due within one year
5
(22,356)
(19,099)
Net current assets
94,951
65,059
Total assets less current liabilities
510,216
519,059
Provisions for liabilities
(32,436)
(18,660)
Net assets
477,780
500,399
Capital and reserves
Called up share capital
100
100
Fair value reserve
185,777
179,255
Profit and loss reserves
291,903
321,044
Total equity
477,780
500,399

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his 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 and signed by the director and authorised for issue on 3 April 2024
Mr D Coates
Director
Company Registration No. 02433054
Coates & Co. Limited
Notes to the financial statements
for the year ended 31 October 2023
- 2 -
1
Accounting policies
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Computers
3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Coates & Co. Limited
Notes to the financial statements (continued)
for the year ended 31 October 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.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Computers
£
Cost
At 1 November 2022
470
Additions
1,897
Disposals
(470)
At 31 October 2023
1,897
Depreciation and impairment
At 1 November 2022
470
Depreciation charged in the year
632
Eliminated in respect of disposals
(470)
At 31 October 2023
632
Carrying amount
At 31 October 2023
1,265
At 31 October 2022
-
0
Coates & Co. Limited
Notes to the financial statements (continued)
for the year ended 31 October 2023
- 4 -
4
Investment property
2023
£
Fair value
At 1 November 2022
454,000
Disposals
(60,298)
Revaluations
20,298
At 31 October 2023
414,000

Investment property comprises various rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
7,076
3,973
Other creditors
15,280
15,126
22,356
19,099
6
Company information

Coates & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Lindley Farm, Cinder Lane, Leathley, North Yorkshire, England, LS21 2QN.

 

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