Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01true1The principal activity of the LLP is to provide passenger transport by boat.1true SO302694 2023-04-01 2024-03-31 SO302694 2022-04-01 2023-03-31 SO302694 2024-03-31 SO302694 2023-03-31 SO302694 c:PlantMachinery 2023-04-01 2024-03-31 SO302694 c:PlantMachinery 2024-03-31 SO302694 c:PlantMachinery 2023-03-31 SO302694 c:MotorVehicles 2023-04-01 2024-03-31 SO302694 c:MotorVehicles 2024-03-31 SO302694 c:MotorVehicles 2023-03-31 SO302694 c:FurnitureFittings 2023-04-01 2024-03-31 SO302694 c:FurnitureFittings 2024-03-31 SO302694 c:FurnitureFittings 2023-03-31 SO302694 c:OfficeEquipment 2023-04-01 2024-03-31 SO302694 c:OfficeEquipment 2024-03-31 SO302694 c:OfficeEquipment 2023-03-31 SO302694 c:CurrentFinancialInstruments 2024-03-31 SO302694 c:CurrentFinancialInstruments 2023-03-31 SO302694 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 SO302694 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 SO302694 d:EntityNoLongerTradingButTradedInPast 2023-04-01 2024-03-31 SO302694 d:FRS102 2023-04-01 2024-03-31 SO302694 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SO302694 d:FullAccounts 2023-04-01 2024-03-31 SO302694 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO302694 d:PartnerLLP1 2023-04-01 2024-03-31 SO302694 d:PartnerLLP2 2023-04-01 2024-03-31 SO302694 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 SO302694 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 iso4217:GBP xbrli:pure
Registered number: SO302694










COASTAL CONNECTION OLDCO LLP

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
COASTAL CONNECTION OLDCO LLP
REGISTERED NUMBER:SO302694

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
-
830,576

Current assets
  

Stocks
 4 
-
86,000

Debtors: amounts falling due within one year
 5 
-
86,415

Bank and cash balances
  
-
63,345

  
-
235,760

Creditors: Amounts Falling Due Within One Year
 6 
-
(84,588)

Net current assets
  
 
 
-
 
 
151,172

Total assets less current liabilities
  
-
981,748

  

Net assets
  
-
981,748


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
-
786,517

Members' other interests
  

Members' capital classified as equity
  
-
195,231

  
 
-
 
195,231

  
-
981,748


Total members' interests
  

Loans and other debts due to members
 7 
-
786,517

Members' other interests
  
-
195,231

  
-
981,748


Page 1

 
COASTAL CONNECTION OLDCO LLP
REGISTERED NUMBER:SO302694

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 480 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the Members and were signed on their behalf by: 




C Smith
S Smith
Designated Member
Designated Member


Date: 11 January 2025
Date: 11 January 2025

The notes on pages 4 to 10 form part of these financial statements.

Coastal Connection OldCo LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
COASTAL CONNECTION OLDCO LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Total
Other amounts
Total
Total

£
£
£
£
£

Members' interests after profit for the year
195,231
195,231
629,961
629,961
825,192

Other division of profits
-
-
221,400
221,400
221,400

Movement in reserves
-
-
-
-
-

Amounts introduced by members
-
-
9,212
9,212
9,212

Drawings on account and distribution of profit
 
-
-
(74,056)
(74,056)
(74,056)

Amounts due to members
 


786,517
786,517


Balance at 31 March 2023
 
195,231
195,231
786,516
786,516
981,747

Members' interests after profit for the year
195,231
195,231
786,516
786,516
981,747

Amounts introduced by members
(195,231)
(195,231)
-
-
(195,231)

Drawings on account and distribution of profit
 
-
-
(786,516)
(786,516)
(786,516)

Balance at 31 March 2024 
-
-
-
-
-

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
COASTAL CONNECTION OLDCO LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Coastal Connection LLP is a limited liability partnership incorporated in Scotland, registration number SO302694. The registered office is Shiol, Ardentallen, Oban, Argyll, PA34 4SF.
The limited liability partnership's principal activity is disclosed in the Members' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The financial statements are presented in sterling, which is the functional currency of the limited liability partnership and rounded to the nearest £.

  
2.2

Compliance with standard

The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
COASTAL CONNECTION OLDCO LLP
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the appropriate method.

Depreciation is provided on the following basis:

Plant and machinery
-
5%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
straight line
Office equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
COASTAL CONNECTION OLDCO LLP
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
COASTAL CONNECTION OLDCO LLP
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Page 7

 
COASTAL CONNECTION OLDCO LLP
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 8

 
COASTAL CONNECTION OLDCO LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
1,114,537
52,797
56,876
1,983
1,226,193


Transfers intra group
(1,114,537)
(52,797)
(56,876)
(1,983)
(1,226,193)



At 31 March 2024

-
-
-
-
-



Accumulated depreciation


At 1 April 2023
349,768
37,462
8,388
-
395,618


Transfers intra group
(349,768)
(37,462)
(8,388)
-
(395,618)



At 31 March 2024

-
-
-
-
-



Net book value



At 31 March 2024
-
-
-
-
-



At 31 March 2023
764,769
15,335
48,489
1,983
830,576


4.


Stocks

2024
2023
£
£

Finished goods and goods for resale
-
86,000



5.


Debtors

2024
2023
£
£


Trade debtors
-
46,291

Other debtors
-
24,498

Prepayments and accrued income
-
15,625

-
86,414


Page 9

 
COASTAL CONNECTION OLDCO LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
64,233

Other creditors
-
17,605

Accruals and deferred income
-
2,750

-
84,588



7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
-
(786,517)

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due after more than one year
-
(786,517)

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


Page 10