Coastal Investments (S.E.) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03113700 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2021

FOR

COASTAL INVESTMENTS (S.E.) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Williams

Mr D Golding

REGISTERED OFFICE:

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

REGISTERED NUMBER:

03113700 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

FIXED ASSETS

Investment property

5

4,115,000

1,575,000

CURRENT ASSETS

Debtors

6

21,969

1,310,312

Cash at bank

6,899

17,102

28,868

1,327,414

CREDITORS

Amounts falling due within one year

7

336,802

306,888

NET CURRENT (LIABILITIES)/ASSETS

(307,934

)

1,020,526

TOTAL ASSETS LESS CURRENT LIABILITIES

3,807,066

2,595,526

CREDITORS

Amounts falling due after more than one year

8

(1,478,481

)

(369,956

)

PROVISIONS FOR LIABILITIES

10

(138,794

)

(121,694

)

NET ASSETS

2,189,791

2,103,876

CAPITAL AND RESERVES

Called up share capital

11

20

20

Non-distributable reserve

867,995

795,095

Retained earnings

1,321,776

1,308,761

SHAREHOLDERS' FUNDS

2,189,791

2,103,876

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2022 and were signed on its behalf by:

Mr A J Williams - Director

1.	STATUTORY INFORMATION

Coastal Investments (S.E.) 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.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

The turnover shown in the profit and loss account represents rental income receivable in respect of the year under review.

Government grants

The entity has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in ‘Other income’, in the period to which it relates.

Investment property

Investment property is shown at the valuation at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions 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 / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

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, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provision is made for tax on gains and losses arising from investment property that is measured at fair value. This is measured using the tax rates and allowances that are expected to apply to the sale of the asset.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

1,575,000

Additions

2,465,185

Revaluations

74,815

At 31 May 2021

4,115,000

NET BOOK VALUE

At 31 May 2021

4,115,000

At 31 May 2020

1,575,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

20,585

15,278

Amounts owed by group undertakings

-

1,293,979

Prepayments and accrued income

1,384

1,055

21,969

1,310,312

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

18,262

12,580

Trade creditors

2,063

7,180

Amounts owed to group undertakings

35,422

-

Other creditors

252,147

262,147

Directors' current accounts

18,768

18,768

Accruals and deferred income

10,140

6,213

336,802

306,888

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

73,047

89,819

Bank loans - over 5 years

1,405,434

280,137

1,478,481

369,956

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

1,405,434

280,137

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,496,743

382,536

The bank loans are secured against the investment property.

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Investment property valuation

138,794

121,694

Deferred

tax

£

Balance at 1 June 2020

121,694

Provided during year

17,100

Balance at 31 May 2021

138,794

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

20

Ordinary

£1

20

20