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Company No: 12744137 (England and Wales)

COALESCENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

COALESCENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

COALESCENT LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
COALESCENT LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
DIRECTORS G D Giles (Resigned 07 June 2024)
L M Hawkins
J P Latham
REGISTERED OFFICE Granary Court House Bank Street
Bishops Waltham
Southampton
SO32 1AE
United Kingdom
COMPANY NUMBER 12744137 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
SM2 5DA
COALESCENT LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
COALESCENT LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,142 1,736
1,142 1,736
Current assets
Debtors 5 51,802 78,604
Cash at bank and in hand 6 16,589 53,912
68,391 132,516
Creditors: amounts falling due within one year 7 ( 506,927) ( 409,161)
Net current liabilities (438,536) (276,645)
Total assets less current liabilities (437,394) (274,909)
Net liabilities ( 437,394) ( 274,909)
Capital and reserves
Called-up share capital 8 125 125
Profit and loss account ( 437,519 ) ( 275,034 )
Total shareholders' deficit ( 437,394) ( 274,909)

For the financial year ending 31 July 2024 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 Coalescent Limited (registered number: 12744137) were approved and authorised for issue by the Board of Directors on 10 January 2025. They were signed on its behalf by:

L M Hawkins
Director
COALESCENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
COALESCENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Coalescent 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 Granary Court House Bank Street, Bishops Waltham, Southampton, SO32 1AE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services rendered in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. Critical accounting judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
The average number of persons employed by the Company during the year, including directors 6 6

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 3,061 3,061
Additions 322 322
At 31 July 2024 3,383 3,383
Accumulated depreciation
At 01 August 2023 1,325 1,325
Charge for the financial year 916 916
At 31 July 2024 2,241 2,241
Net book value
At 31 July 2024 1,142 1,142
At 31 July 2023 1,736 1,736

5. Debtors

2024 2023
£ £
Trade debtors 32 4,863
Corporation tax 48,194 68,380
Other taxation and social security 1,501 2,937
Other debtors 2,075 2,424
51,802 78,604

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 16,589 53,912

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,221 55,806
Amounts owed to Group undertakings 409,705 321,705
Other creditors 84,001 31,650
506,927 409,161

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
105 Ordinary A Shares £1 each shares of £ 1.00 each 105 105
5 Ordinary B Shares £1 each shares of £ 1.00 each 5 5
15 Growth Share B £1 each ordinary shares of £ 1.00 each 15 15
125 125