Company registration number 02742688 (England and Wales)
COASTLINE COURT MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
COASTLINE COURT MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COASTLINE COURT MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6
8
Current assets
Debtors
5
15,239
8,865
Cash at bank and in hand
29,568
47,280
44,807
56,145
Creditors: amounts falling due within one year
6
(5,162)
(3,371)
Net current assets
39,645
52,774
Total assets less current liabilities
39,651
52,782
Capital and reserves
Called up share capital
30
30
Share premium
2,255
2,255
Capital maintenance reserve
37,366
50,497
Shareholders' Funds
39,651
52,782

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
M Willetts
Director
Company Registration No. 02742688
COASTLINE COURT MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information

Coastline Court Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Daniell House, Falmouth Road, Truro, Cornwall, United Kingdom, TR1 2HX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the maintenance fees receivable for the upkeep and maintenance of Coastline Court apartments.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

COASTLINE COURT MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Taxation

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 5 April 2024 nor for the year ended 5 April 2023.

COASTLINE COURT MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
449
305
754
Depreciation and impairment
At 6 April 2023
447
299
746
Depreciation charged in the year
1
1
2
At 5 April 2024
448
300
748
Carrying amount
At 5 April 2024
1
5
6
At 5 April 2023
2
6
8

The management company owns the freehold of the entire building, common areas and associated land on behalf of the members.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Maintenance charges in arrears
11,874
5,739
Other debtors
3,365
3,126
15,239
8,865
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,112
1,293
Other creditors
1,554
-
0
Maintenance charges in advance
975
785
Accruals
1,521
1,293
5,162
3,371
7
Reserves

Maintenance fees receivable by this company are taken as capital receipts and transfers will be made to and from the capital maintenance reserve each year to cover the year's actual expenses.

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