Company registration number 12089923 (England and Wales)
COAST PROJECTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
COAST PROJECTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COAST PROJECTS LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,378
24,934
Current assets
Stocks
58,327
1,999
Debtors
4
83,297
61,798
Investments
5
40,000
40,000
Cash at bank and in hand
50,998
48,647
232,622
152,444
Creditors: amounts falling due within one year
6
(204,412)
(149,365)
Net current assets
28,210
3,079
Total assets less current liabilities
55,588
28,013
Creditors: amounts falling due after more than one year
7
(13,990)
(24,280)
Net assets
41,598
3,733
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
41,498
3,633
Total equity
41,598
3,733

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

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and signed by the director and authorised for issue on 24 January 2025
Mr J G Hannington
Director
Company registration number 12089923 (England and Wales)
COAST PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Coast Projects Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 64 High Street, Broadstairs, Kent, England, CT10 1JT.

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

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets

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

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

Plant and equipment
20% on reducing balance
Computers
20% on reducing balance
Motor vehicles
20% on reducing balance
1.4
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

COAST PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
4
3
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
7,604
-
0
30,361
37,965
Additions
-
0
1,689
7,600
9,289
At 31 July 2024
7,604
1,689
37,961
47,254
Depreciation and impairment
At 1 August 2023
2,271
-
0
10,760
13,031
Depreciation charged in the year
1,067
338
5,440
6,845
At 31 July 2024
3,338
338
16,200
19,876
Carrying amount
At 31 July 2024
4,266
1,351
21,761
27,378
At 31 July 2023
5,333
-
0
19,601
24,934
COAST PROJECTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,548
20,096
Other debtors
40,000
40,000
Prepayments and accrued income
1,749
1,702
83,297
61,798
5
Current asset investments
2024
2023
£
£
Other investments
40,000
40,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,290
10,036
Trade creditors
95,382
79,289
Corporation tax
14,346
4,106
Other taxation and social security
20,075
34,414
Other creditors
62,320
19,920
Accruals and deferred income
1,999
1,600
204,412
149,365
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,990
24,280
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