Company No:
Contents
DIRECTORS | A E Jenner |
B Jenner | |
J Jenner | |
L Jenner | |
W Jenner |
REGISTERED OFFICE | Global House 3 Bojea Industrial Estate |
Trethowel | |
St. Austell | |
PL25 5RJ | |
United Kingdom |
COMPANY NUMBER | 06770364 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Lowin House | |
Tregolls Road | |
Truro | |
Cornwall TR1 2NA |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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962,485 | 967,447 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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4,333,872 | 4,768,004 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 3,404,815 | 3,331,317 | ||
Total assets less current liabilities | 4,367,300 | 4,298,764 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Coastal Specialist Ironmongery Limited (registered number:
A E Jenner
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Coastal Specialist Ironmongery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Global House 3 Bojea Industrial Estate, Trethowel, St. Austell, PL25 5RJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Trademarks, patents and licences |
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Land and buildings |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Computer equipment |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated amortisation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | |||||||
£ | £ | £ | £ | £ | £ | £ | |||||||
Cost | |||||||||||||
At 01 January 2022 |
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Additions |
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Disposals |
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At 31 December 2022 |
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Accumulated depreciation | |||||||||||||
At 01 January 2022 |
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Charge for the financial year |
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Disposals |
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At 31 December 2022 |
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Net book value | |||||||||||||
At 31 December 2022 |
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At 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Stocks |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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Short-term deposits |
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1,191,678 | 2,427,361 |
2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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4,747 | 105,122 |
2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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4.00 | 4.00 |
Commitments
Other financial commitments
2022 | 2021 | ||
£ | £ | ||
Commitments in respect to operating leases |
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Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Interest free loans, repayable on demand | 116,781 | 0 |
Advances
An advance was made to L Jenner on 31 December 2022 for £57,028, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.
An advance made to W Jenner on 31 December 2022 for £39,710, being an interest free loan repayable on demand. This was repaid in full within 9 months of the year end.
The total amounts advanced was £116,781, the total amount repaid was £nil.
Parent Company:
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Global House 3 Bojea Industrial Estate, Trethowel, St. Austell, Cornwall PL25 5RJ |