Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A E Jenner 10/12/2008 B Jenner 01/11/2015 J Jenner 10/12/2008 L Jenner 10/12/2008 W Jenner 10/12/2008 22 April 2024 The principal activity of the Company during the financial year was that of retail and wholesale of ironmongery and associated products 06770364 2023-12-31 06770364 bus:Director1 2023-12-31 06770364 bus:Director2 2023-12-31 06770364 bus:Director3 2023-12-31 06770364 bus:Director4 2023-12-31 06770364 bus:Director5 2023-12-31 06770364 2022-12-31 06770364 core:CurrentFinancialInstruments 2023-12-31 06770364 core:CurrentFinancialInstruments 2022-12-31 06770364 core:Non-currentFinancialInstruments 2023-12-31 06770364 core:Non-currentFinancialInstruments 2022-12-31 06770364 core:ShareCapital 2023-12-31 06770364 core:ShareCapital 2022-12-31 06770364 core:RetainedEarningsAccumulatedLosses 2023-12-31 06770364 core:RetainedEarningsAccumulatedLosses 2022-12-31 06770364 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06770364 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06770364 core:LandBuildings 2022-12-31 06770364 core:LeaseholdImprovements 2022-12-31 06770364 core:PlantMachinery 2022-12-31 06770364 core:Vehicles 2022-12-31 06770364 core:FurnitureFittings 2022-12-31 06770364 core:ComputerEquipment 2022-12-31 06770364 core:LandBuildings 2023-12-31 06770364 core:LeaseholdImprovements 2023-12-31 06770364 core:PlantMachinery 2023-12-31 06770364 core:Vehicles 2023-12-31 06770364 core:FurnitureFittings 2023-12-31 06770364 core:ComputerEquipment 2023-12-31 06770364 bus:OrdinaryShareClass1 2023-12-31 06770364 bus:OrdinaryShareClass2 2023-12-31 06770364 bus:OrdinaryShareClass3 2023-12-31 06770364 bus:OrdinaryShareClass4 2023-12-31 06770364 bus:OrdinaryShareClass5 2023-12-31 06770364 2023-01-01 2023-12-31 06770364 bus:FilletedAccounts 2023-01-01 2023-12-31 06770364 bus:SmallEntities 2023-01-01 2023-12-31 06770364 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06770364 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06770364 bus:Director1 2023-01-01 2023-12-31 06770364 bus:Director2 2023-01-01 2023-12-31 06770364 bus:Director3 2023-01-01 2023-12-31 06770364 bus:Director4 2023-01-01 2023-12-31 06770364 bus:Director5 2023-01-01 2023-12-31 06770364 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 06770364 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06770364 core:LandBuildings 2023-01-01 2023-12-31 06770364 core:LeaseholdImprovements 2023-01-01 2023-12-31 06770364 core:PlantMachinery 2023-01-01 2023-12-31 06770364 core:Vehicles 2023-01-01 2023-12-31 06770364 core:FurnitureFittings 2023-01-01 2023-12-31 06770364 core:ComputerEquipment 2023-01-01 2023-12-31 06770364 2022-01-01 2022-12-31 06770364 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06770364 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06770364 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06770364 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 06770364 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 06770364 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 06770364 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 06770364 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 06770364 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 06770364 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06770364 (England and Wales)

COASTAL SPECIALIST IRONMONGERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COASTAL SPECIALIST IRONMONGERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COASTAL SPECIALIST IRONMONGERY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
COASTAL SPECIALIST IRONMONGERY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS A E Jenner
B Jenner
J Jenner
L Jenner
W Jenner
REGISTERED OFFICE Global House 3 Bojea Industrial Estate
Trethowel
St. Austell
PL25 5RJ
United Kingdom
COMPANY NUMBER 06770364 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
COASTAL SPECIALIST IRONMONGERY LIMITED

BALANCE SHEET

As at 31 December 2023
COASTAL SPECIALIST IRONMONGERY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,039,974 962,485
1,039,974 962,485
Current assets
Stocks 5 1,549,461 1,603,967
Debtors 6 1,358,093 1,538,227
Cash at bank and in hand 7 1,303,029 1,191,678
4,210,583 4,333,872
Creditors: amounts falling due within one year 8 ( 882,637) ( 929,057)
Net current assets 3,327,946 3,404,815
Total assets less current liabilities 4,367,920 4,367,300
Creditors: amounts falling due after more than one year 9 ( 2,380) ( 4,747)
Provision for liabilities 10 ( 68,161) ( 52,838)
Net assets 4,297,379 4,309,715
Capital and reserves
Called-up share capital 11 4 4
Profit and loss account 4,297,375 4,309,711
Total shareholder's funds 4,297,379 4,309,715

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Coastal Specialist Ironmongery Limited (registered number: 06770364) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

A E Jenner
Director
COASTAL SPECIALIST IRONMONGERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COASTAL SPECIALIST IRONMONGERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Coastal Specialist Ironmongery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Global House 3 Bojea Industrial Estate, Trethowel, St. Austell, PL25 5RJ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the retail sale of hardware, paints and glass in specialist stores and wholesale of hardware, plumbing and heating equipment and supplies. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years, which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Land and buildings 2.5 % reducing balance
Leasehold improvements 2.5 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 46

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 6,826 6,826
At 31 December 2023 6,826 6,826
Accumulated amortisation
At 01 January 2023 6,826 6,826
At 31 December 2023 6,826 6,826
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 January 2023 700,957 64,086 80,102 311,854 248,915 78,372 1,484,286
Additions 8,019 53,665 10,379 94,000 20,294 24,846 211,203
Disposals 0 0 0 ( 67,799) ( 6,741) ( 14,611) ( 89,151)
At 31 December 2023 708,976 117,751 90,481 338,055 262,468 88,607 1,606,338
Accumulated depreciation
At 01 January 2023 150,892 4,687 33,645 134,535 160,312 37,730 521,801
Charge for the financial year 13,844 2,552 10,917 48,366 18,663 11,877 106,219
Disposals 0 0 0 ( 44,775) ( 6,171) ( 10,710) ( 61,656)
At 31 December 2023 164,736 7,239 44,562 138,126 172,804 38,897 566,364
Net book value
At 31 December 2023 544,240 110,512 45,919 199,929 89,664 49,710 1,039,974
At 31 December 2022 550,065 59,399 46,457 177,319 88,603 40,642 962,485

5. Stocks

2023 2022
£ £
Stocks 1,549,461 1,603,967

6. Debtors

2023 2022
£ £
Trade debtors 1,105,398 1,181,592
Other debtors 252,695 356,635
1,358,093 1,538,227

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 238,851 219,384
Short-term deposits 1,064,178 972,294
1,303,029 1,191,678

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 273,482 369,270
Amounts owed to directors 0 45,629
Accruals 107,836 48,203
Taxation and social security 395,248 428,515
Obligations under finance leases and hire purchase contracts 2,155 2,155
Other creditors 103,916 35,285
882,637 929,057

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 2,380 4,747

10. Provision for liabilities

2023 2022
£ £
Deferred tax 68,161 52,838

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
59 A ordinary shares of £ 0.01 each 0.59 0.59
59 B ordinary shares of £ 0.01 each 0.59 0.59
112 C ordinary shares of £ 0.01 each 1.12 1.12
104 D ordinary shares of £ 0.01 each 1.04 1.04
66 E ordinary shares of £ 0.01 each 0.66 0.66
4.00 4.00

12. Financial commitments

Commitments

Other financial commitments

2023 2022
£ £
Commitments in respect to operating leases 318,176 366,023

13. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Interest free loans, repayable on demand 86,871 116,781

Advances

An advance was made to B Jenner on 31 December 2023 for £4,078, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.

An advance was made to L Jenner on 31 December 2023 for £30,993, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.

An advance made to W Jenner on 31 December 2023 for £30,021, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.

An advance made to A Jenner on 31 December 2023 for £21,779, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.

The total amounts advanced was £86,871, the total amount repaid was £nil.

14. Ultimate controlling party

Parent Company:

Future-Form Holding Ltd
Global House 3 Bojea Industrial Estate,
Trethowel, St. Austell,
Cornwall
PL25 5RJ