ACCOUNTS - Final Accounts preparation

COAST2COAST PIPELINE SERVICES LIMITED - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-03-13falseNo description of principal activity10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14725765 2023-03-12 14725765 2023-03-13 2024-03-31 14725765 2022-03-13 2023-03-12 14725765 2024-03-31 14725765 c:Director2 2023-03-13 2024-03-31 14725765 d:PlantMachinery 2023-03-13 2024-03-31 14725765 d:PlantMachinery 2024-03-31 14725765 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-13 2024-03-31 14725765 d:MotorVehicles 2023-03-13 2024-03-31 14725765 d:MotorVehicles 2024-03-31 14725765 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-13 2024-03-31 14725765 d:OfficeEquipment 2023-03-13 2024-03-31 14725765 d:OfficeEquipment 2024-03-31 14725765 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-13 2024-03-31 14725765 d:ComputerEquipment 2023-03-13 2024-03-31 14725765 d:ComputerEquipment 2024-03-31 14725765 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-13 2024-03-31 14725765 d:OwnedOrFreeholdAssets 2023-03-13 2024-03-31 14725765 d:CurrentFinancialInstruments 2024-03-31 14725765 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14725765 d:ShareCapital 2024-03-31 14725765 d:RetainedEarningsAccumulatedLosses 2024-03-31 14725765 c:FRS102 2023-03-13 2024-03-31 14725765 c:AuditExempt-NoAccountantsReport 2023-03-13 2024-03-31 14725765 c:FullAccounts 2023-03-13 2024-03-31 14725765 c:PrivateLimitedCompanyLtd 2023-03-13 2024-03-31 14725765 2 2023-03-13 2024-03-31 14725765 e:PoundSterling 2023-03-13 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 14725765

COAST2COAST PIPELINE SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024


COAST2COAST PIPELINE SERVICES LIMITED REGISTERED NUMBER:14725765

BALANCE SHEET

AS AT 31 MARCH 2024

		2024
Note		£

Fixed assets
Tangible assets	4		138,924
			138,924
Current assets
Debtors: amounts falling due within one year	5	11,647
Cash at bank and in hand	6	158,151
		169,798
Creditors: amounts falling due within one year	7	(132,809)
Net current assets			36,989
Total assets less current liabilities			175,913

Net assets			175,913

Capital and reserves
Called up share capital			100
Profit and loss account			175,813
			175,913

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 statement of income and retained earnings 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 3 June 2024.

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COAST2COAST PIPELINE SERVICES LIMITED REGISTERED NUMBER:14725765

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2024

D Nicholls

Director

The notes on pages 3 to 7 form part of these financial statements.

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COAST2COAST PIPELINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

1.	General information

Coast2Coast Pipeline Services Limited is a private company, limited by shares, dominciled in England and Wales. The registered office address is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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COAST2COAST PIPELINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.6

Taxation

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.

2.7

Tangible fixed assets

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 and reducing balance basis..

Depreciation is provided on the following basis:

Plant and machinery	-	5 years straight-line
Motor vehicles	-	25% reducing balance
Office equipment	-	4 years straight-line
Computer equipment	-	4 years straight-line

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.

2.8

Debtors

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.

2.9

Cash and cash equivalents

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.

2.10

Creditors

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.

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COAST2COAST PIPELINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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COAST2COAST PIPELINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the period was 1.

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
Additions	109,264	63,013	4,959	713	177,949
At 31 March 2024	109,264	63,013	4,959	713	177,949
Depreciation
Charge for the period on owned assets	21,853	15,753	1,240	179	39,025
At 31 March 2024	21,853	15,753	1,240	179	39,025
Net book value
At 31 March 2024	87,411	47,260	3,719	534	138,924

Debtors

					2024
					£


	Trade debtors	7,200
	Prepayments and accrued income	4,447
		11,647

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COAST2COAST PIPELINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

6.	Cash and cash equivalents
		2024
		£

	Cash at bank and in hand	158,151
		158,151

7.	Creditors: Amounts falling due within one year
		2024
		£

	Trade creditors	2,264
	Corporation tax	34,722
	Other taxation and social security	9,911
	Other creditors	85,912
		132,809

8.	Pension commitments

The company operates a defined contribution psension scheme. The assets of the scheme are held separately from those of the cmpany in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £154,800. Contributions totalling £Nil were payable to the fund at the balance sheet date.

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