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 2021

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 2021 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

3 February 2022

FIXED ASSETS

Tangible assets

4

194,733

202,193

CURRENT ASSETS

Stocks

127,669

146,201

Debtors

5

417,246

310,667

Cash at bank

126,496

181,857

671,411

638,725

CREDITORS

Amounts falling due within one year

6

429,321

434,885

NET CURRENT ASSETS

242,090

203,840

TOTAL ASSETS LESS CURRENT LIABILITIES

436,823

406,033

PROVISIONS FOR LIABILITIES

(30,098

)

(30,983

)

ACCRUALS AND DEFERRED INCOME

7

(182

)

(422

)

NET ASSETS

406,543

374,628

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Revaluation reserve

9

124

124

Retained earnings

405,419

373,504

SHAREHOLDERS' FUNDS

406,543

374,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 and authorised for issue on 3 February 2022 and were signed on its behalf by:

G Mathieson - Director

R B Wilson - 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 and existing and future cash resources, the directors have a reasonable expectation that the company has adequate finances to continue in operational existence for the foreseeable future. The Directors' therefore continues to adopt the going concern basis in preparing the financial statements.

COVID-19

At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the Directors' believes that with the steps which have been taken, ongoing Government support and the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond.

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.

Other income - grants

Other income includes income relating to the Coronavirus Job Retention Scheme, which has been utilised in the course of the year. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

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 12 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Computer

Tenants

and

property

Plant and

Motor

office

improvements

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2020

2,327

500,719

38,986

6,653

548,685

Additions

-

5,074

-

895

5,969

At 30 April 2021

2,327

505,793

38,986

7,548

554,654

DEPRECIATION

At 1 May 2020

128

323,318

20,321

2,725

346,492

Charge for year

128

7,360

4,666

1,275

13,429

At 30 April 2021

256

330,678

24,987

4,000

359,921

NET BOOK VALUE

At 30 April 2021

2,071

175,115

13,999

3,548

194,733

At 30 April 2020

2,199

177,401

18,665

3,928

202,193

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

168,108

139,581

Amounts owed by group undertakings

248,552

170,499

Other debtors

586

587

417,246

310,667

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

219,062

251,056

Amounts owed to group undertakings

135,370

133,257

Taxation and social security

59,773

39,775

Other creditors

15,116

10,797

429,321

434,885

7.	ACCRUALS AND DEFERRED INCOME

Deferred government grants

2021

2020

£

£

Balance at 1 May 2020

422

662

Amortisation for the year

(240

)

(240

)

Balance at 30 April 2021

182

422

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

1

1,000

1,000

9.

RESERVES

Revaluation

reserve

£

At 1 May 2020

and 30 April 2021

124

10.	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 directly or indirectly 100% of the issued share capital of the ultimate parent company, Coastline Adhesive Tapes (2008) Limited.