Coast and Country 2006 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05713729 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

FOR

COAST AND COUNTRY 2006 LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr W G Boggia

Mr A G Boggia

Miss C L Boggia

Mrs S Boggia

Mr J G Boggia

Mr S A Boggia

Mrs E L Rivers

SECRETARY:

Miss G P Hickmott

REGISTERED OFFICE:

Cedar Croft

Cleve Hill

Graveney

FAVERSHAM

Kent

ME13 9EE

REGISTERED NUMBER:

05713729 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Intangible assets

5

1

1

Tangible assets

6

1,160,615

1,181,965

Investments

7

1,199,603

1,110,062

2,360,219

2,292,028

CURRENT ASSETS

Stocks

8

3,425

163,967

Debtors

9

49,104

36,422

Cash at bank and in hand

1,053,309

601,839

1,105,838

802,228

CREDITORS

Amounts falling due within one year

10

624,823

556,760

NET CURRENT ASSETS

481,015

245,468

TOTAL ASSETS LESS CURRENT LIABILITIES

2,841,234

2,537,496

PROVISIONS FOR LIABILITIES

52,769

38,157

NET ASSETS

2,788,465

2,499,339

CAPITAL AND RESERVES

Called up share capital

11

22,500

22,500

Share premium

1,226,448

1,226,448

Retained earnings

1,539,517

1,250,391

SHAREHOLDERS' FUNDS

2,788,465

2,499,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2021 and were signed on its behalf by:

Mr W G Boggia - Director

1.	STATUTORY INFORMATION

Coast and Country 2006 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover represents the value, net of value added tax and discounts, relating to the sale of caravans, accessories and extras and income generated from caravan site operations after adjusting for deferred income received from caravan site operations.

Goodwill

Goodwill, being the amount paid in connection with the reconstruction of a company in 2006 has not been written off.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and improvements

-

2% on cost

Park homes

-

10% on reducing balance

Machinery and equipment

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

During the year the company received the following revenue based grants.

Coronavirus Job Retention Scheme (CJRS) to cover a portion of an employee's wages who was furloughed due to the coronavirus pandemic and has been included in other income.

Employment Allowance to reduce the annual national insurance liability and has been included in other income.

Stocks

Caravan stock is valued at the lower of cost and net realisable value, other stocks are valued at the lower of cost and net realisable value using the FIFO standard method, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs

Contributions in respect of the company's workplace pension scheme are charged to the profit and loss account for the period in which they relate.

Fixed asset investments

Investments are included in the financial statements at fair value. Gains are recognised in other comprehensive income. Deferred taxation is provided on these gains.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 12 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

1

NET BOOK VALUE

At 31 May 2021

1

At 31 May 2020

1

6.	TANGIBLE FIXED ASSETS

Freehold

Machinery

land and

Park

and

improvements

homes

equipment

£

£

£

COST

At 1 June 2020

1,107,980

75,473

182,764

Additions

-

-

6,030

Disposals

-

-

-

At 31 May 2021

1,107,980

75,473

188,794

DEPRECIATION

At 1 June 2020

54,944

53,155

147,839

Charge for year

9,367

2,232

10,247

Eliminated on disposal

-

-

-

At 31 May 2021

64,311

55,387

158,086

NET BOOK VALUE

At 31 May 2021

1,043,669

20,086

30,708

At 31 May 2020

1,053,036

22,318

34,925

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 June 2020

168,356

59,145

1,593,718

Additions

10,637

-

16,667

Disposals

(10,790

)

-

(10,790

)

At 31 May 2021

168,203

59,145

1,599,595

DEPRECIATION

At 1 June 2020

110,468

45,347

411,753

Charge for year

10,281

3,450

35,577

Eliminated on disposal

(8,350

)

-

(8,350

)

At 31 May 2021

112,399

48,797

438,980

NET BOOK VALUE

At 31 May 2021

55,804

10,348

1,160,615

At 31 May 2020

57,888

13,798

1,181,965

Included in cost of land and buildings is freehold land of £ 639,674 (2020 - £ 639,674 ) which is not depreciated.

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2020

1,110,062

Additions

2,294

Revaluations

87,247

At 31 May 2021

1,199,603

NET BOOK VALUE

At 31 May 2021

1,199,603

At 31 May 2020

1,110,062

Cost or valuation at 31 May 2021 is represented by:

Other

investments

£

Valuation in 2016

90,192

Valuation in 2017

85,466

Valuation in 2018

13,815

Valuation in 2019

674

Valuation in 2020

(16,601

)

Valuation in 2021

87,247

Cost

938,810

1,199,603

8.

STOCKS

31.5.21

31.5.20

£

£

Stock - caravans

-

157,202

Stock - postage stamps

394

425

Stock - bottled gas etc

430

1,266

Stock - liquid gas

313

473

Stock - accessories and extras

2,288

4,601

3,425

163,967

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Debtors and prepayments

49,104

36,422

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Creditors

159,184

98,137

Receipts in advance

464,846

458,040

Directors' current accounts

793

583

624,823

556,760

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

12,378

Ordinary "A"

£1

12,378

12,378

10,122

Ordinary "B"

£1

10,122

10,122

22,500

22,500

12.	DIRECTORS' ADVANCES

The following advances to directors subsisted a director subsisted during the years ended 31 May 2021 and 31 May 2020:

31.5.21

31.5.20

£

£

Mr W G Boggia

Balance outstanding at start of year

-

600

Amounts repaid

-

(600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-