Coastline Engineered Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02262524 (England and Wales)

Financial Statements for the Year Ended 30 April 2019

for

Coastline Engineered Solutions Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G Mathieson

R B Wilson

A Bent

REGISTERED OFFICE:

Marbury Works

Clarence Drive

Filey

North Yorkshire

YO14 0AA

REGISTERED NUMBER:

02262524 (England and Wales)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Coastline Engineered Solutions Limited for the year ended 30 April 2019 which comprise the

Profit and Loss, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Coastline Engineered Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Coastline Engineered Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Coastline Engineered Solutions Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Coastline Engineered Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coastline Engineered Solutions Limited. You consider that Coastline Engineered Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Coastline Engineered Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

30 January 2020

FIXED ASSETS

Tangible assets

4

198,463

227,494

CURRENT ASSETS

Stocks

151,395

99,228

Debtors

5

326,148

432,458

Cash at bank

172,395

113,780

649,938

645,466

CREDITORS

Amounts falling due within one year

6

444,432

469,681

NET CURRENT ASSETS

205,506

175,785

TOTAL ASSETS LESS CURRENT LIABILITIES

403,969

403,279

PROVISIONS FOR LIABILITIES

(33,901

)

(38,516

)

ACCRUALS AND DEFERRED INCOME

9

(662

)

(902

)

NET ASSETS

369,406

363,861

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Revaluation reserve

11

124

124

Retained earnings

368,282

362,737

SHAREHOLDERS' FUNDS

369,406

363,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 has not been delivered.

The financial statements were approved by the Board of Directors on 30 January 2020 and were signed on its behalf by:

G Mathieson - Director

1.	STATUTORY INFORMATION

Coastline Engineered Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

After reviewing the company's current trading performance, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company

therefore continues to adopt the going concern basis in preparing its financial statements.

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 other wholly owned subsidiaries within the group or it's parent company Coastline Adhesive

Tapes (2008) Limited.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is

probable that the collectability of the related receivables is reasonably assured and when the specific criteria for

each of the Company's activities are met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tenants property improvements

-

5% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer and office equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in,

first out basis. Net realisable value is based on estimated selling price less additional costs to completion and

disposal.

Taxation

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

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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of

the instrument and are classified in accordance with their underlying economic reality. The company has two

main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not

quoted in an active market. Upon recognition, these assets are measured at fair value less directly related

transaction expenses. In successive periods these are measured at amortised cost, and any differences between

acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest

method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal

value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive

periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is

accounted for over the borrowing period by using the effective interest method. If transaction costs are

immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events

that occurred after the initial recognition, the estimated future cash flows have been impacted.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases),

the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the

minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown

as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account

over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment

is charged to the profit and loss account over the period of the lease and is calculated so that it represents a

constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts

payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on

a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme in the form of employee personal pension plans. The

contracts are between the individual and the pension provider and all funds are held externally by a third party

pension provider. Pension contributions are charged to the profit and loss account in the period to which they

relate.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit

and loss account as the related expenditure is incurred.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original

maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Computer

Tenants

and

property

Plant and

Motor

office

improvements

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2018

-

493,319

24,833

11,721

529,873

Additions

2,327

700

-

5,460

8,487

Disposals

-

-

(3,333

)

-

(3,333

)

At 30 April 2019

2,327

494,019

21,500

17,181

535,027

DEPRECIATION

At 1 May 2018

-

277,781

13,852

10,746

302,379

Charge for year

-

32,339

2,745

1,379

36,463

Eliminated on disposal

-

-

(2,278

)

-

(2,278

)

At 30 April 2019

-

310,120

14,319

12,125

336,564

NET BOOK VALUE

At 30 April 2019

2,327

183,899

7,181

5,056

198,463

At 30 April 2018

-

215,538

10,981

975

227,494

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2018

21,500

Transfer to ownership

(21,500

)

At 30 April 2019

-

DEPRECIATION

At 1 May 2018

11,925

Charge for year

2,394

Transfer to ownership

(14,319

)

At 30 April 2019

-

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

9,575

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

160,841

264,813

Amounts owed by group undertakings

164,723

166,453

Prepayments and accrued income

584

1,192

326,148

432,458

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 7)

-

1,879

Trade creditors

261,079

275,055

Amounts owed to group undertakings

122,316

141,026

Tax

27,027

15,198

Social security and other taxes

23,113

26,947

Accruals and deferred income

10,897

9,576

444,432

469,681

7.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

-

1,879

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

-

1,879

Hire purchase liabilities are secured over the assets being financed.

9.	ACCRUALS AND DEFERRED INCOME

Deferred government grants

2019

2018

£

£

Balance at 1 May 2018

902

1,142

Amortisation for the year

(240

)

(240

)

Balance at 30 April 2019

662

902

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

1

1,000

1,000

11.

RESERVES

Revaluation

reserve

£

At 1 May 2018

and 30 April 2019

124

12.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr R B Wilson, Mr G Mathieson and Mr C Mathieson who together

own 100% of the issued share capital of the ultimate parent company, Coastline Adhesive Tapes (2008) Limited.