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REGISTERED NUMBER: 07293707 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Coast VW Ltd

Coast VW Ltd (Registered number: 07293707)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Coast VW Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs P Vipond
Mr J M Vipond





REGISTERED OFFICE: Horsepond Meadow
South Molton
Devon
EX36 4EJ





REGISTERED NUMBER: 07293707 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Coast VW Ltd (Registered number: 07293707)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 4,500 5,250
Tangible assets 6 66,057 37,651
70,557 42,901

CURRENT ASSETS
Stocks 76,927 73,568
Debtors 48,512 15,993
125,439 89,561
CREDITORS
Amounts falling due within one year 97,894 118,481
NET CURRENT ASSETS/(LIABILITIES) 27,545 (28,920 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

98,102

13,981

CREDITORS
Amounts falling due after more than one
year

(62,703

)

(39,124

)

PROVISIONS FOR LIABILITIES (16,514 ) (9,978 )
NET ASSETS/(LIABILITIES) 18,885 (35,121 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 18,883 (35,123 )
SHAREHOLDERS' FUNDS 18,885 (35,121 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Coast VW Ltd (Registered number: 07293707)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:




Mrs P Vipond - Director



Mr J M Vipond - Director


Coast VW Ltd (Registered number: 07293707)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Coast VW Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful economic life of 20 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 5 years
Plant and machinery - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.


Coast VW Ltd (Registered number: 07293707)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

Coast VW Ltd (Registered number: 07293707)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 15,000
AMORTISATION
At 1 April 2023 9,750
Amortisation for year 750
At 31 March 2024 10,500
NET BOOK VALUE

At 31 March 2024 4,500
At 31 March 2023 5,250

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 97,929
Additions 55,664
At 31 March 2024 153,593
DEPRECIATION
At 1 April 2023 60,278
Charge for year 27,258
At 31 March 2024 87,536
NET BOOK VALUE
At 31 March 2024 66,057
At 31 March 2023 37,651


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 24,600 10,670
Between one and five years 70,000 3,600
94,600 14,270

Coast VW Ltd (Registered number: 07293707)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr J M Vipond and Mrs P Vipond
Balance outstanding at start of year - 152
Amounts advanced 48,731 34,117
Amounts repaid (16,132 ) (34,269 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,599 -

The maximum overdrawn balance during the year was £33,024.

Interest was charged on loans that exceeded £10,000 during the year at the official interest rate.