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Registration number: 07569031

Coastal Workboats Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Coastal Workboats Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Coastal Workboats Ltd

Company Information

Directors

B Pogson

Mrs J Pogson

Registered office

Units 1 2 & 3
Gabriel's Wharf Water Lane
Exeter
Devon
EX2 8BG

Accountants

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

 

Coastal Workboats Ltd

(Registration number: 07569031)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

fixed assets

 

Intangible assets

6

9,450

12,456

tangible assets

7

118,982

66,798

 

128,432

79,254

Current assets

 

stocks

8

10,000

10,000

Debtors

9

487,417

456,848

Cash at bank and in hand

 

1,699

87

 

499,116

466,935

Creditors: Amounts falling due within one year

10

(563,031)

(653,461)

Net current liabilities

 

(63,915)

(186,526)

Total assets less current liabilities

 

64,517

(107,272)

Creditors: Amounts falling due after more than one year

10

(27,831)

(37,062)

Net assets/(liabilities)

 

36,686

(144,334)

capital and reserves

 

Called up share capital

100

100

Profit and loss account

36,586

(144,434)

Total equity

 

36,686

(144,334)

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.

 

Coastal Workboats Ltd

(Registration number: 07569031)
Balance Sheet as at 30 June 2023

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

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

 

Coastal Workboats 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 England and Wales .

The address of its registered office is:
Units 1 2 & 3
Gabriel's Wharf Water Lane
Exeter
Devon
EX2 8BG

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.

Tax

The tax expense for the period comprises current 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.

 

Coastal Workboats Ltd

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

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 and machinery

10% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

10 years

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.

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.

 

Coastal Workboats Ltd

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 22).

4

Profit before tax

Arrived at after charging/(crediting)

 

Coastal Workboats Ltd

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

2023
£

2022
£

Depreciation expense

10,328

7,421

Amortisation expense

3,006

2,979

5

Taxation on profits on ordinary activities

Note

2023
£

2022
 £

Tax reconciliation

 

UK corporation tax

 

(91,810)

(50,000)

UK corporation tax adjustment to prior periods

 

(49,854)

-

 

(141,664)

(50,000)

 

Coastal Workboats Ltd

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

6

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

30,060

30,060

At 30 June 2023

30,060

30,060

Amortisation

At 1 July 2022

17,604

17,604

Amortisation charge

3,006

3,006

At 30 June 2023

20,610

20,610

Carrying amount

At 30 June 2023

9,450

9,450

At 30 June 2022

12,456

12,456

7

Tangible assets

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 July 2022

159,276

159,276

Additions

62,512

62,512

At 30 June 2023

221,788

221,788

Depreciation

At 1 July 2022

92,478

92,478

Charge for the year

10,328

10,328

At 30 June 2023

102,806

102,806

Carrying amount

At 30 June 2023

118,982

118,982

At 30 June 2022

66,798

66,798

 

Coastal Workboats Ltd

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

8

Stocks

2023
£

2022
£

Other inventories

10,000

10,000

9

Debtors

Current

2023
£

2022
£

Trade debtors

152,894

115,676

Prepayments

68,512

18,750

Other debtors

266,011

322,422

 

487,417

456,848

 

Coastal Workboats Ltd

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

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

285,619

407,790

trade creditors

 

223,226

93,421

Taxation and social security

 

36,281

94,322

Accruals and deferred income

 

17,905

13,668

Other creditors

 

-

44,260

 

563,031

653,461

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

27,831

37,062

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,831

37,062

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,289

40,428

Bank overdrafts

82,903

171,934

Other borrowings

190,427

195,428

285,619

407,790

12

Related party transactions

 

Coastal Workboats Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

98,566

94,215