Registration number: 03612568

Coates Marine Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

Coates Marine Limited

Company Information

Directors

Mr R Gould Mr B Gould Mrs C B Gould

Registered office

Marina Boatyard Whitby North Yorkshire YO21 1EU

Accountants

Hargreaves Brown & Benson Chartered Accountants 1 Bond Street Colne Lancashire BB8 9DG

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Coates Marine Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coates Marine Limited for the year ended 30 November 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Coates Marine Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Coates Marine Limited and state those matters that we have agreed to state to the Board of Directors of Coates Marine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coates Marine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Coates Marine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coates Marine Limited. You consider that Coates Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Coates Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

24 November 2025

Coates Marine Limited

(Registration number: 03612568)
Balance Sheet as at 30 November 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	51,759	62,111
Tangible assets	5	263,493	267,799
		315,252	329,910
Current assets
Stocks	6	106,958	102,473
Debtors	7	65,332	84,928
Cash at bank and in hand		16,490	14,393
		188,780	201,794
Creditors: Amounts falling due within one year	8	(73,493)	(62,576)
Net current assets		115,287	139,218
Total assets less current liabilities		430,539	469,128
Provisions for liabilities		(1,845)	(1,922)
Net assets		428,694	467,206
Capital and reserves
Called up share capital		200,000	260,000
Revaluation reserve		192,330	192,330
Retained earnings		36,364	14,876
Shareholders' funds		428,694	467,206

Coates Marine Limited

(Registration number: 03612568)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 November 2025 and signed on its behalf by:
 

......................................... Mr B Gould Director

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marina Boatyard
Whitby
North Yorkshire
YO21 1EU

These financial statements were authorised for issue by the Board on 24 November 2025.

2	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.

Going concern

The financial statements have been prepared on a going concern basis.

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, based on their estimated residual values, as follows:

Asset class	Depreciation method and rate
Plant and machinery	0%
Motor vehicles	25% reducing balance
Office equipment	33% reducing balance
Long leasehold property	4% straight line
Fixtures and fittings	10% reducing balance

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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. 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.

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 6).

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 December 2023	103,518	103,518
At 30 November 2024	103,518	103,518
Amortisation
At 1 December 2023	41,407	41,407
Amortisation charge	10,352	10,352
At 30 November 2024	51,759	51,759
Carrying amount
At 30 November 2024	51,759	51,759
At 30 November 2023	62,111	62,111

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2023	70,832	265,585	6,867	343,284
At 30 November 2024	70,832	265,585	6,867	343,284
Depreciation
At 1 December 2023	14,166	54,610	6,709	75,485
Charge for the year	2,834	1,432	40	4,306
At 30 November 2024	17,000	56,042	6,749	79,791
Carrying amount
At 30 November 2024	53,832	209,543	118	263,493
At 30 November 2023	56,666	210,975	158	267,799

Included within the net book value of land and buildings above is £53,832 (2023 - £56,666) in respect of freehold land and buildings.
 

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Revaluation

The fair value of the company's Motor vehicles was revalued on 30 November 2019. An independent valuer was not involved.
The motor vehicles were revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £244 (2023 - £325).

The fair value of the company's Plant and machinery was revalued on 30 November 2019. An independent valuer was not involved.
The plant and machinery was revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £11,399 (2023 - £11,399).

The fair value of the company's Office equipment was revalued on 30 November 2019. An independent valuer was not involved.
The office equipment was revalued at market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £17 (2023 - £25).

Included within the plant and equipment, a specific asset was revalued by the director at 30 November 2022 at market value of £150,000.
 

6

Stocks

	2024 £	2023 £
Work in progress	15,083	12,975
Other inventories	91,875	89,498
	106,958	102,473

7

Debtors

	2024 £	2023 £
Trade debtors	7,399	8,063
Prepayments	5,763	4,666
Other debtors	52,170	72,199
	65,332	84,928

Coates Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	11,311	9,609
Taxation and social security	36,220	25,897
Accruals and deferred income	25,962	27,070
	73,493	62,576

9	Related party transactions

Transactions with directors

2024	At 1 December 2023 £	Advances to director £	Repayments by director £	At 30 November 2024 £
Mr R Gould
R & C Gould	24,602	14,107	(27,328)	11,381
Mr B Gould
	27,597	23,233	(30,040)	20,790

2023	At 1 December 2022 £	Advances to director £	Repayments by director £	At 30 November 2023 £
Mr R Gould
R & C Gould	12,047	25,937	(13,382)	24,602
Mr B Gould
	12,819	28,670	(13,892)	27,597

The loans are unsecured, repayable on demand and interest is charged at the official rate.