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Registration number: 03612568

Coates Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Coates Marine Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Coates Marine Limited

Company Information

Directors

Mr R Gould

Mr B Gould

Mrs C B Gould

Registered office

Marina Boatyard
Whitby
North Yorkshire
YO21 1EU

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Coates Marine Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coates Marine Limited for the year ended 30 November 2023 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Coates Marine Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Coates Marine Limited and state those matters that we have agreed to state to the Board of Directors of Coates Marine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coates Marine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Coates Marine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coates Marine Limited. You consider that Coates Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Coates Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

21 August 2024

 

Coates Marine Limited

(Registration number: 03612568)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

62,111

72,463

Tangible assets

5

267,799

268,774

 

329,910

341,237

Current assets

 

Stocks

6

102,473

91,842

Debtors

7

84,928

77,167

Cash at bank and in hand

 

14,393

12,172

 

201,794

181,181

Creditors: Amounts falling due within one year

8

(62,576)

(53,561)

Net current assets

 

139,218

127,620

Total assets less current liabilities

 

469,128

468,857

Provisions for liabilities

(1,922)

(1,329)

Net assets

 

467,206

467,528

Capital and reserves

 

Called up share capital

260,000

260,000

Revaluation reserve

192,330

192,402

Retained earnings

14,876

15,126

Shareholders' funds

 

467,206

467,528

 

Coates Marine Limited

(Registration number: 03612568)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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 21 August 2024 and signed on its behalf by:
 

.........................................
Mr B Gould
Director

 

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Marina Boatyard
Whitby
North Yorkshire
YO21 1EU

These financial statements were authorised for issue by the Board on 21 August 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.

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, based on their estimated residual values, as follows:

Asset class

Depreciation method and rate

Plant and machinery

0%

Motor vehicles

25% reducing balance

Office equipment

33% reducing balance

Long leasehold property

4% straight line

Fixtures and fittings

10% reducing balance

 

Coates Marine Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

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.

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.

 

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

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 6 (2022 - 7).

 

Coates Marine Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

103,518

103,518

At 30 November 2023

103,518

103,518

Amortisation

At 1 December 2022

31,055

31,055

Amortisation charge

10,352

10,352

At 30 November 2023

41,407

41,407

Carrying amount

At 30 November 2023

62,111

62,111

At 30 November 2022

72,463

72,463

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

70,832

261,997

6,867

339,696

Additions

-

3,588

-

3,588

At 30 November 2023

70,832

265,585

6,867

343,284

Depreciation

At 1 December 2022

11,333

52,933

6,656

70,922

Charge for the year

2,833

1,677

53

4,563

At 30 November 2023

14,166

54,610

6,709

75,485

Carrying amount

At 30 November 2023

56,666

210,975

158

267,799

At 30 November 2022

59,499

209,064

211

268,774

Included within the net book value of land and buildings above is £56,666 (2022 - £59,499) in respect of freehold land and buildings.
 

 

Coates Marine Limited

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

Revaluation

The fair value of the company's Motor vehicles was revalued on 30 November 2019. An independent valuer was not involved.
The motor vehicles were revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £325 (2022 - £434).

The fair value of the company's Plant and machinery was revalued on 30 November 2019. An independent valuer was not involved.
The plant and machinery was revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £11,399 (2022 - £11,399).

The fair value of the company's Office equipment was revalued on 30 November 2019. An independent valuer was not involved.
The office equipment was revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £25 (2022 - £38).

Included within the plant and equipment, a specific asset was revalued by the director at 30 November 2022 at market value of £150,000.
 

6

Stocks

2023
£

2022
£

Work in progress

12,975

12,856

Other inventories

89,498

78,986

102,473

91,842

7

Debtors

2023
£

2022
£

Trade debtors

8,063

27,231

Prepayments

4,666

5,070

Other debtors

72,199

44,866

84,928

77,167

 

Coates Marine Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

9,609

8,967

Taxation and social security

25,897

26,749

Accruals and deferred income

27,070

17,392

Other creditors

-

453

62,576

53,561

9

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr R Gould

R & C Gould

12,047

25,937

(13,382)

24,602

Mr B Gould

12,819

28,670

(13,892)

27,597

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr R Gould

R & C Gould

22,604

12,825

(23,382)

12,047

Mr B Gould

5,192

21,009

(13,382)

12,819

The loans are unsecured, repayable on demand and interest is charged at the official rate.