Company Registration No. SC207330 (Scotland)
Coastal Resources Limited
Unaudited accounts
for the year ended 31 May 2023
Coastal Resources Limited
Company Information
for the year ended 31 May 2023
Directors
C I Wilson
R D Boyd
S N Meneer
Company Number
SC207330 (Scotland)
Registered Office
14 Abbotsford Terrace
Lanark
Lanarkshire
ML11 7EG
Accountants
CRK Consultants Ltd
14 Abbotsford Terrace
Lanark
ML11 7EG
Coastal Resources Limited
Statement of financial position
as at 31 May 2023
Cash at bank and in hand
141
754
Creditors: amounts falling due within one year
(62,332)
(71,419)
Net current assets
84,876
80,877
Net assets
136,211
132,212
Called up share capital
1,000
1,000
Capital redemption reserve
123,605
123,605
Profit and loss account
11,606
7,607
Shareholders' funds
136,211
132,212
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by
C I Wilson
Director
Company Registration No. SC207330
Coastal Resources Limited
Notes to the Accounts
for the year ended 31 May 2023
Coastal Resources Limited is a private company, limited by shares, registered in Scotland, registration number SC207330. The registered office is 14 Abbotsford Terrace, Lanark, Lanarkshire, ML11 7EG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Investments in subsidiaries are recognised at cost
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items
Coastal Resources Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
5
Investments
Subsidiary undertakings
Valuation at 1 June 2022
51,325
Valuation at 31 May 2023
51,325
Amounts falling due within one year
Other debtors
142,717
147,192
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
749
-
Other creditors
22,419
29,759
Loans from directors
22,364
30,161
8
Transactions with related parties
Included within other creditors is a balance due, under normal commercial terms, of £3,450 (2022 - £3,463) to CavernPower Limited and £18,969 (2022 - £26,296) to Acosim (UK) Limited, companies of which C.I. Wilson is also a director.
Included within other debtors are amounts due of £66,947 (2022 - £72,561) from Durness Estate (UK) Ltd, a subsidiary company, £7,354 (2022 - £6,649) from Roneval Quarries Ltd, a company of which C.I.Wilson is a director, and £67,966 (2022 - £67,533) from Acosim Sysytems (UK) Limited, a company of which C.I.Wilson and R.D.Boyd are directors.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).
