COMPANY REGISTRATION NUMBER:
11852329
Filleted Unaudited Financial Statements |
|
Year ended 29 February 2024
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Coin Clear Limited |
|
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coin Clear Limited for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
CLAY SHAW THOMAS LTD
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
22 April 2024
Statement of Financial Position |
|
29 February 2024
Fixed assets
Tangible assets |
4 |
|
228 |
797 |
|
|
|
|
|
Current assets
Debtors |
5 |
630 |
|
(
1,792) |
Cash at bank and in hand |
557 |
|
2,233 |
|
------- |
|
------- |
|
1,187 |
|
441 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
1,821 |
|
3,789 |
|
------- |
|
------- |
Net current liabilities |
|
634 |
3,348 |
|
|
---- |
------- |
Total assets less current liabilities |
|
(
406) |
(
2,551) |
|
|
---- |
------- |
Net liabilities |
|
(
406) |
(
2,551) |
|
|
---- |
------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
(
407) |
(
2,552) |
|
|
---- |
------- |
Shareholders deficit |
|
(
406) |
(
2,551) |
|
|
---- |
------- |
|
|
|
|
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 April 2024
, and are signed on behalf of the board by:
Company registration number:
11852329
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Dunraven Place, Bridgend, CF31 1JD, Wales.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured on amounts received for services rendered during the period, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
|
|
------- |
Depreciation |
|
At 1 March 2023 |
|
Charge for the year |
|
|
------- |
At 29 February 2024 |
|
|
------- |
Carrying amount |
|
At 29 February 2024 |
|
|
------- |
At 28 February 2023 |
|
|
------- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
630 |
(
1,792) |
|
---- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
568 |
2,536 |
Other creditors |
1,253 |
1,253 |
|
------- |
------- |
|
1,821 |
3,789 |
|
------- |
------- |
|
|
|
7.
Related party transactions
Coin Clear Limited
is a 100% subsidiary of Guardian Trading Limited, and as such has taken advantage of the exemption stated in FRS 102 which does not require the disclosure of transactions between group companies if at least 100% of the voting rights are controlled within the group. During the year the company invoiced £24,326 (2023 : £18,764) for management recharges and purchases of £nil (2022 : £nil) were made to/from STS Commercial Limited. At the year end the amount owed from STS Commercial Limited was £630. STS Commercial Limited is related due to common ownership and control. During the year the company purchased £nil (2023 : £nil) from United Commercial Investments Limited. At the period end there was £nil (2023 : £nil) due to United Commercial Investments Limited. United Commercial Investments Limited is related due to common ownership and control.