ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

COAST PRO LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueProperty and land and buildingsfalse2017-06-01 10164311 2017-06-01 2018-05-31 10164311 2016-05-05 2017-05-31 10164311 2018-05-31 10164311 2017-05-31 10164311 1 2017-06-01 2018-05-31 10164311 d:Director1 2017-06-01 2018-05-31 10164311 c:CurrentFinancialInstruments 2018-05-31 10164311 c:CurrentFinancialInstruments 2017-05-31 10164311 c:Non-currentFinancialInstruments 2018-05-31 10164311 c:Non-currentFinancialInstruments 2017-05-31 10164311 c:CurrentFinancialInstruments c:WithinOneYear 2018-05-31 10164311 c:CurrentFinancialInstruments c:WithinOneYear 2017-05-31 10164311 c:Non-currentFinancialInstruments c:AfterOneYear 2018-05-31 10164311 c:Non-currentFinancialInstruments c:AfterOneYear 2017-05-31 10164311 c:ShareCapital 2018-05-31 10164311 c:ShareCapital 2017-05-31 10164311 c:RetainedEarningsAccumulatedLosses 2018-05-31 10164311 c:RetainedEarningsAccumulatedLosses 2017-05-31 10164311 d:OrdinaryShareClass1 2017-06-01 2018-05-31 10164311 d:OrdinaryShareClass1 2018-05-31 10164311 d:FRS102 2017-06-01 2018-05-31 10164311 d:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 10164311 d:FullAccounts 2017-06-01 2018-05-31 10164311 d:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10164311










Coast Pro Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 May 2018
 
Coast Pro Limited
Registered number: 10164311

Balance sheet
As at 31 May 2018

2018
2017
Note
£
£

  

Current assets
  

Stocks
  
851,551
569,475

Debtors: amounts falling due within one year
 4 
2,089
651

Bank and cash balances
  
22,097
1,345

  
875,737
571,471

Creditors: amounts falling due within one year
 5 
(1,952)
(4,074)

Net current assets
  
 
 
873,785
 
 
567,397

Total assets less current liabilities
  
873,785
567,397

Creditors: amounts falling due after more than one year
 6 
(978,278)
(607,529)

  

Net liabilities
  
(104,493)
(40,132)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(104,593)
(40,232)

  
(104,493)
(40,132)


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 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 21 December 2018.




Simon Pack
Director

Page 1
 
Coast Pro Limited
 

 
Notes to the financial statements
For the year ended 31 May 2018

1.


General information

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 Brewers Meadow, Weekes Lane, West Brabourne, Ashford, Kent, TN25 5LZ.

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 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:

 
2.2

Going concern

The company meets its day to day working capital requirements through its loan facility which is not repayble until the 5th anniversary of the charge date, being 5 May 2016.
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.
Accordingly, the going concern basis has been adopted in preparing the financial statements.

  
2.3

Stocks

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.

 
2.4

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.

 
2.5

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.

Page 2
 
Coast Pro Limited
 

 
Notes to the financial statements
For the year ended 31 May 2018

2.Accounting policies (continued)

 
2.6

Financial instruments

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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at 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.

 
2.7

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.

 
2.8

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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.

 
2.9

Taxation

Tax is recognised in the Statement of income and retained earnings, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Page 3
 
Coast Pro Limited
 

 
Notes to the financial statements
For the year ended 31 May 2018

4.


Debtors

2018
2017
£
£


Other debtors
2,089
651

2,089
651



5.


Creditors: Amounts falling due within one year

2018
2017
£
£

Other taxation and social security
452
1,655

Accruals
1,500
2,419

1,952
4,074



6.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Other loans
920,487
590,487

Accruals
57,791
17,042

978,278
607,529


Other loans are secured by a legal charge on the property classified as stock within the financial statements. The property's address is Kennel Cottage, Dogs Hill Road, Winchelsea, East Sussex, TN36 4LX. Interest is charged at 4% above Barclays Bank base rate.


7.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


8.


Transactions with directors

During the year £434 (£2017: £NIL), was advanced to Mr S Pack which remains outstanding at the year end and has been repaid in the subsequent period. 


9.


Post balance sheet events

The company purchased £800,000 of land for redevelopment in November 2018.

Page 4
 
Coast Pro Limited
 

 
Notes to the financial statements
For the year ended 31 May 2018

10.


Controlling party

In the opinion of the director, Mr S Pack is the controlling party by virtue of his 100% shareholding. 

Page 5