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Registered number: 10164311
Coast Pro Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 May 2021
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Coast Pro Limited
Registered number: 10164311
Balance sheet
As at 31 May 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2021.
Page 1
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Coast Pro Limited
Notes to the financial statements
For the year ended 31 May 2021
Coast Pro Limited is a limited liability company incorporated in England and Wales with a company registration number of 10164311.
The company's registered office is Hillside, Weekes Lane, West Brabourne, Ashford, Kent, TN25 5LZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest pound.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through its loan facilities. The £1,760,000 loan is not repayable until 48 months after the funds were advanced, which occured on 29 November 2018. The director is confident of the future saleability of properties.
The director expects that the company will be able to operate within the level of its current facilities, including the support that they will continue to provide, and that the company has adequate resources to continue in operational existence for the forseeable future.
The impact of the Covid-19 virus has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Turnover comprises of rental income receivable and proceeds from property sales by the company, exclusive of VAT.
Page 2
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Coast Pro Limited
Notes to the financial statements
For the year ended 31 May 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 3
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Coast Pro Limited
Notes to the financial statements
For the year ended 31 May 2021
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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Page 4
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Coast Pro Limited
Notes to the financial statements
For the year ended 31 May 2021
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Charge for the year on owned assets
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Page 5
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Coast Pro Limited
Notes to the financial statements
For the year ended 31 May 2021
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Creditors: Amounts falling due after more than one year
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Two loans of the total of £1,760,000 has interest charged at 1% above the lenders external cost of capital. There is no legal charge in place for this loan.
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Allotted, called up and fully paid
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100 (2020 - 100) Ordinary shares of £1.00 each
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In the opinion of the director, Mr S Pack is the controlling party by virtue of his 100% shareholding.
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