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REGISTERED NUMBER: 07836953 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

East Coast Insulations Limited

East Coast Insulations Limited (Registered number: 07836953)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


East Coast Insulations Limited (Registered number: 07836953)

Balance Sheet
31 March 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 250,000 250,000
Tangible assets 5 129,387 161,944
379,387 411,944

Current assets
Stocks 162,348 89,500
Debtors 6 53,323 135,422
Cash at bank 14,449 22,056
230,120 246,978
Creditors
Amounts falling due within one year 7 (351,184 ) (321,320 )
Net current liabilities (121,064 ) (74,342 )
Total assets less current liabilities 258,323 337,602

Creditors
Amounts falling due after more than one
year

8

(34,726

)

(39,500

)

Provisions for liabilities (32,347 ) (40,486 )
Net assets 191,250 257,616

Capital and reserves
Called up share capital 10 10
Retained earnings 191,240 257,606
Shareholders' funds 191,250 257,616

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.

East Coast Insulations Limited (Registered number: 07836953)

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.

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 13 November 2024 and were signed on its behalf by:




Mr C P Boast - Director



Mr J P Boast - Director


East Coast Insulations Limited (Registered number: 07836953)

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


1. 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.

2. Accounting policies

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

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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
The goodwill purchased in 2013 is not being amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 15% on reducing balance
Fixtures and fittings 15% on reducing balance
Property improvements 15% on reducing balance

Freehold property is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

East Coast Insulations Limited (Registered number: 07836953)

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


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


East Coast Insulations Limited (Registered number: 07836953)

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


2. Accounting policies - continued
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.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

3. Employees and directors

The average number of employees during the year was 26 (2023 - 24 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
and 31 March 2024 250,000
Net book value
At 31 March 2024 250,000
At 31 March 2023 250,000

East Coast Insulations Limited (Registered number: 07836953)

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


5. Tangible fixed assets
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
Cost
At 1 April 2023 7,000 23,645 13,436
Additions - 2,458 -
Disposals - - -
At 31 March 2024 7,000 26,103 13,436
Depreciation
At 1 April 2023 3,575 11,761 6,391
Charge for year 856 3,093 1,761
Eliminated on disposal - - -
At 31 March 2024 4,431 14,854 8,152
Net book value
At 31 March 2024 2,569 11,249 5,284
At 31 March 2023 3,425 11,884 7,045

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 April 2023 262,386 11,283 317,750
Additions 39,831 1,544 43,833
Disposals (50,644 ) - (50,644 )
At 31 March 2024 251,573 12,827 310,939
Depreciation
At 1 April 2023 127,786 6,293 155,806
Charge for year 30,567 1,443 37,720
Eliminated on disposal (11,974 ) - (11,974 )
At 31 March 2024 146,379 7,736 181,552
Net book value
At 31 March 2024 105,194 5,091 129,387
At 31 March 2023 134,600 4,990 161,944

East Coast Insulations Limited (Registered number: 07836953)

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


6. Debtors: amounts falling due within one year

The company has a factoring arrangement with Lloyds Bank Commercial Finance Ltd. At the 31 March 2024, Lloyds Bank had advanced an amount of £207,654 in respect of unpaid sales invoices. This advance has been netted off trade debtors above. As security in respect of these advances, Lloyds Bank Commercial Finance Ltd hold a fixed and floating charge over the company's assets.

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 40,136
Hire purchase contracts 14,733 26,408
Trade creditors 177,243 121,444
Taxation and social security 142,829 128,002
Other creditors 6,379 5,330
351,184 321,320

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 11,666 21,666
Hire purchase contracts 23,060 17,834
34,726 39,500