Coastline Engineered Solutions Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02262524 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

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 2017 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

22 December 2017

FIXED ASSETS

Tangible assets

4

268,599

165,635

CURRENT ASSETS

Stocks

81,516

104,039

Debtors

5

296,572

272,477

Cash at bank

133,205

88,798

511,293

465,314

CREDITORS

Amounts falling due within one year

6

401,399

358,017

NET CURRENT ASSETS

109,894

107,297

TOTAL ASSETS LESS CURRENT LIABILITIES

378,493

272,932

CREDITORS

Amounts falling due after more than one year

7

(1,879

)

(6,545

)

PROVISIONS FOR LIABILITIES

(45,714

)

(26,782

)

ACCRUALS AND DEFERRED INCOME

10

(1,142

)

(1,382

)

NET ASSETS

329,758

238,223

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Revaluation reserve

12

124

124

Retained earnings

12

328,634

237,099

SHAREHOLDERS' FUNDS

329,758

238,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 22 December 2017 and were signed on its behalf by:

R B Wilson - Director

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

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.

Changes in accounting policies

This is the first year in which the financial statements have been prepared under FRS 102. There were no

adjustments required to prior year balances or results on transition to the new standard.

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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2016

357,112

24,833

10,528

392,473

Additions

135,107

-

1,026

136,133

At 30 April 2017

492,219

24,833

11,554

528,606

DEPRECIATION

At 1 May 2016

211,847

5,312

9,679

226,838

Charge for year

27,914

4,880

375

33,169

At 30 April 2017

239,761

10,192

10,054

260,007

NET BOOK VALUE

At 30 April 2017

252,458

14,641

1,500

268,599

At 30 April 2016

145,265

19,521

849

165,635

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

Motor

vehicles

£

COST

At 1 May 2016

and 30 April 2017

21,500

DEPRECIATION

At 1 May 2016

4,479

Charge for year

4,255

At 30 April 2017

8,734

NET BOOK VALUE

At 30 April 2017

12,766

At 30 April 2016

17,021

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

173,052

177,663

Amounts owed by group undertakings

121,701

93,317

Prepayments and accrued income

1,819

1,497

296,572

272,477

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

5,354

6,042

Trade creditors

249,234

311,707

Amounts owed to group undertakings

116,390

-

Tax

937

4,892

Social security and other taxes

20,911

17,313

Accruals and deferred income

8,573

18,063

401,399

358,017

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

1,879

6,545

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

5,354

6,042

Between one and five years

1,879

6,545

7,233

12,587

Non-cancellable

operating leases

2017

2016

£

£

Within one year

29,500

24,000

Between one and five years

30,000

59,500

59,500

83,500

The amounts above represent the total payable over the entire period of the lease agreement.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

7,233

12,587

Hire purchase liabilities are secured over the assets being financed.

10.	ACCRUALS AND DEFERRED INCOME

Deferred government grants

2017

2016

£

£

Balance at 1 May 2016

1,382

1,622

Amortisation for the year

(240

)

(240

)

Balance at 30 April 2017

1,142

1,382

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

1

1,000

1,000

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2016

237,099

124

237,223

Profit for the year

91,535

91,535

At 30 April 2017

328,634

124

328,758

13.	RELATED PARTY DISCLOSURES

Compensation to key management personnel amounted to £Nil (2016: £Nil).

During the year the company made sales to and purchases from I B S (Tapes) Limited of £73,222 (2016:

£59,211) and £706 (2016: £915), respectively. The amount due from I B S Tapes Limited at 30 April 2017 was

£12,664 (2016: £8,263). Coastline Engineered Solutions Limited and I B S (Tapes) Limited share a common

director.

14.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr R 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.