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Company No: 13964117 (England and Wales)

COASTAL INVESTMENTS LTD

Unaudited Financial Statements
For the financial period ended 31 March 2024
Pages for filing with the registrar

COASTAL INVESTMENTS LTD

Unaudited Financial Statements

For the financial period ended 31 March 2024

Contents

COASTAL INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
COASTAL INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 144,758 144,758
144,758 144,758
Current assets
Cash at bank and in hand 51,105 46,542
51,105 46,542
Creditors: amounts falling due within one year 4 ( 181,508) ( 183,411)
Net current liabilities (130,403) (136,869)
Total assets less current liabilities 14,355 7,889
Net assets 14,355 7,889
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 14,353 7,887
Total shareholders' funds 14,355 7,889

For the financial period ending 31 March 2024 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 Investments Ltd (registered number: 13964117) were approved and authorised for issue by the Board of Directors on 23 July 2024. They were signed on its behalf by:

William Johann Litherland
Director
COASTAL INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
COASTAL INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Coastal Investments Ltd (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 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is 49 Fore Street, Brixham, Devon, TQ5 8AG.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

As the prior year financial statements covered the first financial period from the company's incorporation, the reporting period length was longer than 12 months. Therefore, they are not entirely comparable the the financial statements for this year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Impairment of assets

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

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 144,758
At 31 March 2024 144,758
Carrying value at 31 March 2024 144,758
Carrying value at 31 March 2023 144,758

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 10,972 8,536
Amounts owed to directors 168,786 173,125
Accruals 1,750 1,750
181,508 183,411

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

6. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed to subsidiaries 10,972 8,536

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 168,786 173,125

During the year, dividends were voted totalling £60,000 (2023: £60,000).