Coastal Workboats Scotland Ltd SC593669 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is specialist fabrication of steel and aluminium commercial workboats. Digita Accounts Production Advanced 6.30.9574.0 true true SC593669 2022-07-01 2023-06-30 SC593669 2023-06-30 SC593669 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC593669 core:ShareCapital 2023-06-30 SC593669 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 SC593669 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 SC593669 core:CurrentFinancialInstruments 2023-06-30 SC593669 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC593669 core:Non-currentFinancialInstruments 2023-06-30 SC593669 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC593669 core:MotorVehicles 2023-06-30 SC593669 core:OtherPropertyPlantEquipment 2023-06-30 SC593669 bus:SmallEntities 2022-07-01 2023-06-30 SC593669 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC593669 bus:FullAccounts 2022-07-01 2023-06-30 SC593669 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC593669 bus:RegisteredOffice 2022-07-01 2023-06-30 SC593669 bus:Director1 2022-07-01 2023-06-30 SC593669 bus:Director2 2022-07-01 2023-06-30 SC593669 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC593669 core:MotorVehicles 2022-07-01 2023-06-30 SC593669 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 SC593669 core:PlantMachinery 2022-07-01 2023-06-30 SC593669 countries:Scotland 2022-07-01 2023-06-30 SC593669 2022-06-30 SC593669 core:MotorVehicles 2022-06-30 SC593669 core:OtherPropertyPlantEquipment 2022-06-30 SC593669 2021-07-01 2022-06-30 SC593669 2022-06-30 SC593669 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 SC593669 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 SC593669 core:CurrentFinancialInstruments 2022-06-30 SC593669 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 SC593669 core:Non-currentFinancialInstruments 2022-06-30 SC593669 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 SC593669 core:MotorVehicles 2022-06-30 SC593669 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: SC593669

Coastal Workboats Scotland Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Coastal Workboats Scotland Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Coastal Workboats Scotland Ltd

Company Information

Directors

Mrs J Pogson

B Pogson

Registered office

Marine Engineering Workshop
Goat Island
Stornoway
Isle of Lewis
HS1 2RS

Accountants

M.J. Smith & Co Limited
Chartered Accountants
Woodbury House
Green Lane
Exton
Exeter
Devon
EX3 0PW

 

Coastal Workboats Scotland Ltd

(Registration number: SC593669)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

6

52,015

10,702

Current assets

 

stocks

7

312,409

-

Debtors

8

592,067

1,011,442

Cash at bank and in hand

 

-

157

 

904,476

1,011,599

Creditors: Amounts falling due within one year

9

(803,171)

(637,679)

Net current assets

 

101,305

373,920

Total assets less current liabilities

 

153,320

384,622

Creditors: Amounts falling due after more than one year

9

(130,783)

(372,316)

Net assets

 

22,537

12,306

capital and reserves

 

Called up share capital

2

2

Profit and loss account

22,535

12,304

Total equity

 

22,537

12,306

For the financial year ending 30 June 2023 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

 

Coastal Workboats Scotland Ltd

(Registration number: SC593669)
Balance Sheet as at 30 June 2023

.........................................
Mrs J Pogson
Director

 

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Marine Engineering Workshop
Goat Island
Stornoway
Isle of Lewis
HS1 2RS

These financial statements were authorised for issue by the Board on 6 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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 & machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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 Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

17,077

3,568

5

Taxation on profits on ordinary activities

Note

2023
£

2022
 £

Tax reconciliation

 

UK corporation tax

 

-

708

 

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 July 2022

-

15,395

15,395

Additions

56,372

2,017

58,389

At 30 June 2023

56,372

17,412

73,784

Depreciation

At 1 July 2022

-

4,693

4,693

Charge for the year

14,093

2,983

17,076

At 30 June 2023

14,093

7,676

21,769

Carrying amount

At 30 June 2023

42,279

9,736

52,015

At 30 June 2022

-

10,702

10,702

7

Stocks

2023
£

2022
£

Other inventories

312,409

-

8

Debtors

Current

2023
£

2022
£

Trade debtors

278,847

833,968

Prepayments

7,497

-

Other debtors

305,723

177,474

 

592,067

1,011,442

9

Creditors

Creditors: amounts falling due within one year

 

Coastal Workboats Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

148,821

42,278

trade creditors

 

643,546

573,744

Accruals and deferred income

 

5,727

3,179

Other creditors

 

708

17,734

Director's current account

 

4,369

744

 

803,171

637,679

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

130,783

372,316

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

113,889

347,222

Hire purchase contracts

16,894

25,094

130,783

372,316

2023
£

2022
£

Current loans and borrowings

Bank borrowings

110,256

33,333

Bank overdrafts

29,620

-

Hire purchase contracts

8,945

8,945

148,821

42,278