Gone Coastal Ltd 31/07/2020 iXBRL

Gone Coastal Ltd 31/07/2020 iXBRL

GONE COASTAL LTD - Company Information

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Company registration number: 12109658
Gone Coastal Ltd
Unaudited filleted financial statements
for the period ended
31 July 2020
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Gone Coastal Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gone Coastal Ltd
Directors and other information
Directors Graham Turner (Appointed 18 July 2019)
Louise Turner (Appointed 18 July 2019)
Company number 12109658
Registered office 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address 25 Sandy Road
Norton
Stourbridge
West Midlands
DY8 3AJ
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Bankers National Westminster Bank plc
2 Hagley Road
Halesowen
West Midlands
B63 4RQ
Gone Coastal Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Gone Coastal Ltd
Period ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gone Coastal Ltd for the period ended 31 July 2020 which comprise the statement of financial position, statement of changes in equity and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Gone Coastal Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gone Coastal Ltd and state those matters that we have agreed to state to the board of directors of Gone Coastal Ltd 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 Gone Coastal Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Gone Coastal Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gone Coastal Ltd. You consider that Gone Coastal Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Gone Coastal Ltd. 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 financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
10 February 2021
Gone Coastal Ltd
Statement of financial position
31 July 2020
31/07/20
Note £ £
Fixed assets
Tangible assets 4 298,941
_______
298,941
Current assets
Debtors 5 3,946
Cash at bank and in hand 12,602
_______
16,548
Creditors: amounts falling due
within one year 6 ( 319,804)
_______
Net current liabilities ( 303,256)
_______
Total assets less current liabilities ( 4,315)
_______
Net liabilities ( 4,315)
_______
Capital and reserves
Called up share capital 2
Profit and loss account ( 4,317)
_______
Shareholders deficit ( 4,315)
_______
For the period ending 31 July 2020 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2021 , and are signed on behalf of the board by:
Graham Turner
Director
Company registration number: 12109658
Gone Coastal Ltd
Statement of changes in equity
Period ended 31 July 2020
Called up share capital Profit and loss account Total
£ £ £
At 18 July 2019 - - -
Loss for the period - ( 4,317) ( 4,317)
_______ _______ _______
Total comprehensive income for the period - ( 4,317) ( 4,317)
Issue of shares 2 - 2
_______ _______ _______
Total investments by and distributions to owners 2 - 2
_______ _______ _______
At 31 July 2020 2 ( 4,317) ( 4,315)
_______ _______ _______
Gone Coastal Ltd
Notes to the financial statements
Period ended 31 July 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the Directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.On this basis the Directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.
4. Tangible assets
Freehold property Total
£ £
Cost
Additions 298,941 298,941
_______ _______
At 31 July 2020 298,941 298,941
_______ _______
Depreciation
At 18 July 2019 and 31 July 2020 - -
_______ _______
Carrying amount
At 31 July 2020 298,941 298,941
_______ _______
5. Debtors
31/07/20
£
Other debtors 3,946
_______
6. Creditors: amounts falling due within one year
31/07/20
£
Other creditors 319,804
_______