Registration number:
Coastguard Road Limited
for the Year Ended 31 December 2024
Coastguard Road Limited
(Registration number: 01154129)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Coastguard Road Limited
(Registration number: 01154129)
Company Information
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Directors |
Mr N Fulls Mr H J Fulls Mr H M Hunt Mr S M Fulls |
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Registered office |
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Auditors |
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Coastguard Road Limited
(Registration number: 01154129)
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Fair review of the business
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.
At the year end the company had Net Assets of £1,733,007.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
12,222,525 |
13,350,101 |
|
Gross profit margin |
% |
57 |
60 |
|
Profit before tax |
£ |
61,627 |
513,379 |
Principal risks and uncertainties
The board of directors undertake regular reviews of the company and they have identified that the principal risk faced by the company is the uncertainty over future consumer spending in the wider economy and the increasing risk of cyber attacks on UK businesses.
All products are designed in the UK and the company has carefully selected overseas manufacturing for all production requirements. The Board manages any risk of disruption by identifying key long-term suppliers, reviewing any risk which may impact the ability of the company to carry out its operational functions, taking appropriate steps to manage these risks.
Decision making
The board of directors promotes the success and implementation of the company strategy, ensuring that a robust plan is in place with opportunities to adapt to an ever-changing market. A strategic board is in place to create strategies to ensure the company is flexible, resilient, and competitive within the footwear industry, ensuring the customer is at the forefront of all thinking.
Employee engagement
The company believes that our workforce is pivotal to the ongoing success of the business. To ensure the company is consistently delivering improvements to our employees, an annual survey is carried out with 2024 providing our consistent high standards remaining above industry standards.
Non-financial and sustainability information
Community and Environmental
The company is passionate about supporting our community and limiting the environmental impact of all its activities. We work closely with local and national charities, support local events and work with partners to recycle products to reduce environmental impacts. Sustainability is key to the company with targets set with all suppliers focusing on ethical, diversity and environmental goals.
Approved and authorised by the
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Coastguard Road Limited
(Registration number: 01154129)
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the sale of footwear and related merchandise.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise the bank balances, directors' loans, trade creditors, hire purchase agreements and forward exchange rate options. The purpose of these instruments is to raise funds for the company’s operations and reduce uncertainty over future currency exchange movements.
Price risk, credit risk, liquidity risk and cash flow risk
The company buys foreign currency options in advance in order to minimise their exposure to price risk.
Hire purchase agreements are provided by financial institutions at fixed rates of interest to provide financing for company assets. The company ensures that there are sufficient funds to meet these obligations.
Trade creditor’s liquidity risk is managed by ensuring that sufficient funds will be available to meet amounts as they fall due. Trade loans can be utilised on occasion for stock purchases.
Future developments
The company has a long term strategy of organic growth through customer acquisition, both online and instore. Digital marketing strategy is a core activity to engage with the customer, whilst catalogue distribution is utilised to support customer acquisition with 1.1 million planned distribution this year (1.3 million – 2024). A reduction in printed marketing has been replaced with exploring wider digital opportunities where a higher customer response has been apparent over multiple years. Partnerships with like-minded brands are also part of company strategy.
Results confirmed that the closure of 7 non-profitable stores in early 2024 was the right decision. The High Street channel remains a key driving force for the brand and modernisation is ongoing for the remaining 19 stores.
Online sales continue to represent +71% of the revenue with our outlet site continuing to be an effective revenue stream whilst providing a platform to transition end of season stock.
Coastguard Road Limited
(Registration number: 01154129)
Directors' Report for the Year Ended 31 December 2024
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Coastguard Road Limited
(Registration number: 01154129)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Coastguard Road Limited
(Registration number: 01154129)
Independent Auditor's Report to the Members of Coastguard Road Limited
Opinion
We have audited the financial statements of Coastguard Road Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Coastguard Road Limited
(Registration number: 01154129)
Independent Auditor's Report to the Members of Coastguard Road Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Coastguard Road Limited
(Registration number: 01154129)
Independent Auditor's Report to the Members of Coastguard Road Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the footwear retail sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety, and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims; and |
Coastguard Road Limited
(Registration number: 01154129)
Independent Auditor's Report to the Members of Coastguard Road Limited
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• |
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisers. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
1 Colleton Crescent
Devon
EX2 4DG
Coastguard Road Limited
(Registration number: 01154129)
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
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|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Statement of Comprehensive Income for Year Ended 31 December 2024
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2024 |
2023 |
|
|
Profit for the year |
|
|
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Total comprehensive income for the year |
|
|
Coastguard Road Limited
(Registration number: 01154129)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Tangible assets |
|
|
|
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Current assets |
|||
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Stocks |
|
|
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
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|
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|
Share premium reserve |
|
|
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Capital redemption reserve |
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|
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Profit and loss account |
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Total equity |
|
|
Approved and authorised by the
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Coastguard Road Limited
(Registration number: 01154129)
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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|
At 1 January 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
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|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
|
|
|
|
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Profit for the year |
- |
- |
- |
|
|
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Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2023 |
8,695 |
15,790 |
2,000 |
2,378,519 |
2,405,004 |
Coastguard Road Limited
(Registration number: 01154129)
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Loss on disposal of tangible assets |
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Finance income |
( |
( |
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Finance costs |
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Corporation tax expense |
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|
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||
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Working capital adjustments |
|||
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Decrease in stocks |
|
|
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Decrease/(increase) in trade debtors |
|
( |
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Increase in trade creditors |
|
|
|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
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Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from other borrowing draw downs |
1,705,175 |
1,262,653 |
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|
Repayment of other borrowing |
(1,523,001) |
(1,217,292) |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,850,451 |
1,723,882 |
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax.
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
The current 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost less estimated residual value of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
5% - 33% straight line |
|
Cars |
3 - 5 years |
|
Vans |
Over 5 years |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
|
Sale of goods |
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Bank fraud loss |
91,064 |
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
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Other finance income |
- |
|
|
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest expense on other finance liabilities |
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
|
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Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Marketing |
|
|
|
Distribution |
|
|
|
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
183,856 |
232,828 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at effective rate |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax expense (credit) relating to changes in tax rates |
( |
|
|
Deferred tax expense (credit) from unrecognised temporary difference from a prior period |
- |
( |
|
Tax increase (decrease) from effect of capital allowances and depreciation |
|
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Timing difference on capital allowances & general provision |
|
|
|
|
2023 |
Liability |
|
Timing difference on capital allowances & general provision |
|
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Total current trade and other debtors |
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
- |
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates four separate pension schemes. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,000 |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
695 |
|
695 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
- |
|
Hire purchase contracts |
|
- |
|
Other borrowings |
|
|
|
|
|
|
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Hire purchase contracts |
|
- |
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total amount of financial commitments not included in the balance sheet is £6,956,410 (2023 - £7,388,478). This represents the total future commitments in respect of the operating leases on the company's retail outlets and Head office.
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Included within total operating lease commitments is £6,430,246 (2023 - £6,770,446) due to the Fulls Pension Scheme, a related party, in respect of the operating lease on the company's Head Office.
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
Dividends paid to directors
|
2024 |
2023 |
|||
|
Mr N Fulls |
||||
|
Interim dividends paid |
98,320 |
122,670 |
||
|
Mr H J Fulls |
||||
|
Interim dividends paid |
63,760 |
94,110 |
||
|
Mrs J Fulls |
||||
|
Interim dividends paid |
63,760 |
94,110 |
||
|
Mr H M Hunt |
||||
|
Interim dividends paid |
123,654 |
136,456 |
||
|
Mr S M Fulls |
||||
|
Interim dividends paid |
94,130 |
118,680 |
||
Summary of transactions with other related parties
Included in rent is £340,200 (2023: £340,200) made by the company to Fulls Pension Scheme. Mr H J Fulls, Mr N Fulls and Mr S M Fulls are among the beneficiaries of the scheme.
Coastguard Road Limited
(Registration number: 01154129)
Notes to the Financial Statements for the Year Ended 31 December 2024
Loans from related parties
|
2024 |
Key management |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
Interest transactions |
|
|
|
At end of period |
|
|
|
|
||
|
2023 |
Key management |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
Interest transactions |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans from related parties