Cofast Estates Limited - Period Ending 2018-09-30

Cofast Estates Limited

Annual Report and Unaudited Financial Statements
Period from 1 April 2017 to 30 September 2018

Registration number: 05016795

Cofast Estates Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 10

Cofast Estates Limited

Balance Sheet

30 September 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	113,890
Investment property	5	-	390,061
Investments	6	-	838,037
		-	1,341,988
Current assets
Debtors	7	688,538	24,000
Cash at bank and in hand		7,232	47,941
		695,770	71,941
Creditors: Amounts falling due within one year	8	(96,346)	(435,732)
Net current assets/(liabilities)		599,424	(363,791)
Total assets less current liabilities		599,424	978,197
Creditors: Amounts falling due after more than one year	8	-	(595,394)
Net assets		599,424	382,803
Capital and reserves
Called up share capital		200	200
Profit and loss account		599,224	382,603
Total equity		599,424	382,803

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 1

Cofast Estates Limited

Balance Sheet

30 September 2018

For the financial period ending 30 September 2018 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 December 2018 and signed on its behalf by:
 

......................................... Mrs L M Baker Director

......................................... Mr D W Baker Director

......................................... Mr C A Williams Director

Company Registration Number: 05016795

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 2

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
41 Valley Road
Plympton
Plymouth
Devon
PL7 1RF

These financial statements were authorised for issue by the Board on 12 December 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	5% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2017 - 3).

Page 5

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2017	125,890	125,890
Disposals	(125,890)	(125,890)
At 30 September 2018	-	-
Depreciation
At 1 April 2017	12,000	12,000
Eliminated on disposal	(12,000)	(12,000)
At 30 September 2018	-	-
Carrying amount
At 30 September 2018	-	-
At 31 March 2017	113,890	113,890

Included within the net book value of land and buildings above is £Nil (2017 - £113,890) in respect of freehold land and buildings.
 

5	Investment properties

	2018 £
At 1 April	390,061
Disposals	(390,061)
At 30 September	-

There has been no valuation of investment property by an independent valuer.

6	Investments

	2018 £	2017 £
Investments in subsidiaries	-	838,037

Page 6

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

Subsidiaries	£
Cost or valuation
At 1 April 2017	838,037
Disposals	(838,037)
At 30 September 2018	-
Carrying amount
At 30 September 2018	-
At 31 March 2017	838,037

7

Debtors

	30 September 2018  £	31 March 2017  £
Trade debtors	-	24,000
Other debtors	688,538	-
	688,538	24,000

Page 7

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

8

Creditors

Creditors: amounts falling due within one year

	Note	30 September 2018  £	31 March 2017  £
Due within one year
Corporation tax		89,929	99,447
Social security and other taxes		1,217	16,047
Other creditors		-	319,538
Accrued expenses		5,200	700
		96,346	435,732
Due after one year
Loans and borrowings	9	-	595,394

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	9	-	595,394

Page 8

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

9	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Other borrowings	-	595,394

	2018 £	2017 £
Current loans and borrowings

The bank borrowings are secured via a legal charge of the business premises of the company in addition to a fixed and floating charge over all the assets of the company.

10	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A shares of £1 each	90	90	90	90
Ordinary B shares of £1 each	50	50	50	50
Ordinary C shares of £1 each	50	50	50	50
Ordinary D shares of £1 each	10	10	10	10
	200	200	200	200

11	Related party transactions

Advances to directors

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 30 September 2018 £
Mr C A Williams
Director's loan account	(14,000)	304,000	-	290,000
Mr D W Baker
Director's loan account	(25,200)	303,738	-	278,538

Page 9

Cofast Estates Limited

Notes to the Financial Statements

Period from 1 April 2017 to 30 September 2018

2017	At 1 April 2016 £	Advances to director £	Repayments by director £	At 31 March 2017 £
Mr C A Williams
Director's loan account	-	-	(14,000)	(14,000)
Mr D W Baker
Director's loan account	-	-	(25,200)	(25,200)

Page 10