Registration number:
Coastal Services Limited
for the Year Ended 30 April 2017
Coastal Services Limited
Contents
Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Coastal Services Limited
(Registration number: 02790534)
Abridged Balance Sheet as at 30 April 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Investment property |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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|
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Total equity |
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Mr M Bows
Director
Page 1 |
Coastal Services Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These abridged financial statements were 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 abridged 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.
Going concern
The financial statements have been prepared on a going concern basis. Of the company's liabilities at 30 April 2017, £130,279 is owed to the director, who has agreed not to demand repayment of this amount for at least one year after the date of approval of these accounts to the extent that any such repayment would jeopardise the future of the company. The director has also agreed to continue to provide financial support to the company when required for at least the next 12 months.
If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and reclassify fixed assets as current assets.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.
Tax
The tax expense for the period comprises current and deferred 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.
The current 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.
Page 2 |
Coastal Services Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely
than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Plant and machinery |
10% on cost |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Page 3 |
Coastal Services Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
- |
Transition to FRS 102 |
Balance Sheet at 1 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
200,000 |
- |
- |
200,000 |
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Current assets |
|||||
Cash at bank and in hand |
4 |
- |
- |
4 |
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Creditors: Amounts falling due within one year |
(114,369) |
- |
- |
(114,369) |
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Net current liabilities |
(114,365) |
- |
- |
(114,365) |
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Total assets less current liabilities |
85,635 |
- |
- |
85,635 |
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Provisions for liabilities |
- |
- |
(14,824) |
(14,824) |
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Net assets/(liabilities) |
85,635 |
- |
(14,824) |
70,811 |
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Capital and reserves |
|||||
Called up share capital |
100 |
- |
- |
100 |
|
Revaluation reserve |
108,340 |
- |
(14,824) |
93,516 |
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Profit and loss account |
(22,805) |
- |
- |
(22,805) |
|
Total equity |
85,635 |
- |
(14,824) |
70,811 |
Page 4 |
Coastal Services Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
200,000 |
- |
- |
200,000 |
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Creditors: Amounts falling due within one year |
(121,549) |
- |
- |
(121,549) |
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Total assets less current liabilities |
78,451 |
- |
- |
78,451 |
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Provisions for liabilities |
- |
- |
(14,534) |
(14,534) |
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Net assets/(liabilities) |
78,451 |
- |
(14,534) |
63,917 |
|
Capital and reserves |
|||||
Called up share capital |
100 |
- |
- |
100 |
|
Revaluation reserve |
108,340 |
- |
(108,340) |
- |
|
Profit and loss account |
(29,989) |
- |
93,806 |
63,817 |
|
Total equity |
78,451 |
- |
(14,534) |
63,917 |
Page 5 |