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Company No: 03640162 (England and Wales)

ECOCOAST LTD
(Formerly Bolina Ltd)

Unaudited Financial Statements
For the financial period from 01 April 2023 to 31 December 2023
Pages for filing with the registrar

ECOCOAST LTD

Unaudited Financial Statements

For the financial period from 01 April 2023 to 31 December 2023

Contents

ECOCOAST LTD

COMPANY INFORMATION

For the financial period from 01 April 2023 to 31 December 2023
ECOCOAST LTD

COMPANY INFORMATION (continued)

For the financial period from 01 April 2023 to 31 December 2023
DIRECTORS Mr L Z Jackson
Mrs D M Liparts
REGISTERED OFFICE 85 Great Portland Street
First Floor
London
W1W 7LT
United Kingdom
COMPANY NUMBER 03640162 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
ECOCOAST LTD

BALANCE SHEET

As at 31 December 2023
ECOCOAST LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.03.2023
£ £
Fixed assets
Tangible assets 4 6,749 30,576
6,749 30,576
Current assets
Stocks 34,228 19,428
Debtors 5 585,334 427,709
Cash at bank and in hand 724,292 383,409
1,343,854 830,546
Creditors: amounts falling due within one year 6 ( 1,098,717) ( 645,139)
Net current assets 245,137 185,407
Total assets less current liabilities 251,886 215,983
Provision for liabilities ( 1,300) ( 7,300)
Net assets 250,586 208,683
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 250,584 208,681
Total shareholder's funds 250,586 208,683

For the financial period 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 Ecocoast Ltd (registered number: 03640162) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

Mr L Z Jackson
Director
ECOCOAST LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 December 2023
ECOCOAST LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 December 2023
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 year, unless otherwise stated.

General information and basis of accounting

EcoCoast 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 85 Great Portland Street, First Floor, London, W1W 7LT, United Kingdom. The principal place of business is 506-507, CEO Building, Dubai Investment Park 1, Dubai, UAE.

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 £.

Reporting period length

The financial year end of the Company was changed from 31 March to 31 December so the current financial statements are prepared for 9 months from 1 April 2023 to 31 December 2023 and as a result, the comparative figures stated in the statement of income and retained earnings and the related notes are not comparable.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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:

Goodwill 10 years straight line
Website costs 4 years straight line
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 basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery 5 years straight line
Office equipment 2 years straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

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 reviewed for impairment. If stocks are impaired, the carrying amount is reduced to complete and sell; the impairment loss is recognised immediately in profit or loss.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments:
Classification:
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

2. Employees

Period from
01.04.2023 to
31.12.2023
Year ended
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 1 1

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 28,000 15,840 43,840
At 31 December 2023 28,000 15,840 43,840
Accumulated amortisation
At 01 April 2023 28,000 15,840 43,840
At 31 December 2023 28,000 15,840 43,840
Net book value
At 31 December 2023 0 0 0
At 31 March 2023 0 0 0

4. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 April 2023 64,244 46,353 4,884 115,481
Disposals ( 64,244) 0 0 ( 64,244)
At 31 December 2023 0 46,353 4,884 51,237
Accumulated depreciation
At 01 April 2023 42,712 38,610 3,583 84,905
Charge for the financial period 2,409 1,622 673 4,704
Disposals ( 45,121) 0 0 ( 45,121)
At 31 December 2023 0 40,232 4,256 44,488
Net book value
At 31 December 2023 0 6,121 628 6,749
At 31 March 2023 21,532 7,743 1,301 30,576

5. Debtors

31.12.2023 31.03.2023
£ £
Trade debtors 383,992 181,787
Prepayments and accrued income 139,758 218,427
VAT recoverable 57,994 23,554
Corporation tax 3,590 3,465
Other debtors 0 476
585,334 427,709

6. Creditors: amounts falling due within one year

31.12.2023 31.03.2023
£ £
Trade creditors 231,245 57,154
Amounts owed to Group undertakings 512,779 473,625
Accruals and deferred income 334,944 113,528
Taxation and social security 19,622 0
Other creditors 127 832
1,098,717 645,139

7. Called-up share capital

31.12.2023 31.03.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

31.12.2023 31.03.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 480

9. Ultimate controlling party

Parent Company:

Ecocoast Holdings Limited
506-507, CEO Building
Dubai Investment Park 1
Dubai, UAE

The company is a 100% owned subsidiary of Ecocoast Holdings Limited.