Registration number:
Coastal Workboats Scotland Ltd
for the Year Ended 30 June 2025
Coastal Workboats Scotland Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Coastal Workboats Scotland Ltd
Company Information
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Directors |
Mrs J Pogson B Pogson |
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Registered office |
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Accountants |
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Coastal Workboats Scotland Ltd
(Registration number: SC593669)
Balance Sheet as at 30 June 2025
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Note |
2025 |
2024 |
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fixed assets |
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Intangible 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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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/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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Net liabilities |
( |
( |
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capital and reserves |
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Called up share capital |
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2 |
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Profit and loss account |
( |
(877,956) |
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Total equity |
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(877,954) |
For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Coastal Workboats Scotland Ltd
(Registration number: SC593669)
Balance Sheet as at 30 June 2025
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Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
Other grants
Grants related to income are recognised in the profit and loss account over the period in which the related expenses are incurred, either as ‘Other Income’ or by offsetting against the related costs.
Grants related to assets are recognised as deferred income and released to the profit and loss account over the asset’s useful life.
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 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.
SME R&D Tax Relief:
Qualifying R&D expenditure is enhanced in accordance with applicable legislation. The resulting tax benefit is recognised by adjusting the corporation tax charge for the year. If the relief results in a repayable credit, this is also reflected in the corporation tax charge.
Research and Development Expenditure Credit (RDEC):
The RDEC is accounted for as a taxable grant. It is recognised in the profit and loss account under ‘Other Income’ when it is reasonably certain that the claim will be accepted, and the credit received. The tax impact of the credit is included within the corporation tax charge for the year.
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 of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant & machinery |
25% to 50% straight line |
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Motor vehicles |
25% straight line |
Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
Development costs
A portion of the research and development expenditure incurred during the year, along with the corresponding grant income covering 70% of the expenditure have been recognised in the profit and loss account. Another portion of the development expenditure was capitalised and the corresponding grant income portion deferred. This treatment aligns with the company's accounting policy.
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:
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 less costs to complete and sell; 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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.
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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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Loss before tax |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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Taxation on profits on ordinary activities |
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Note |
2025 |
2024 |
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Tax reconciliation |
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UK corporation tax |
(524,411) |
78,601 |
Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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Intangible assets |
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Other intangible assets |
Total |
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Cost or valuation |
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At 1 July 2024 |
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Additions acquired separately |
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At 30 June 2025 |
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Amortisation |
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Carrying amount |
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At 30 June 2025 |
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At 30 June 2024 |
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Tangible assets |
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Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2024 |
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Additions |
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At 30 June 2025 |
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Depreciation |
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At 1 July 2024 |
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Charge for the year |
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At 30 June 2025 |
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Carrying amount |
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At 30 June 2025 |
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At 30 June 2024 |
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Included within the net book value of land and buildings above is £15,317 (2024 - £17,136) in respect of long leasehold land and buildings.
Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Accrued income |
433,675 |
1,067,558 |
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Coastal Workboats Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Bank loans and overdrafts |
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trade creditors |
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Taxation and social security |
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Accruals |
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Deferred income |
4,068,250 |
1,776,397 |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2025 |
2024 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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2025 |
2024 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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Hire purchase contracts |
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