Company Registration No. 12213941 (England and Wales)
COULTER INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
COULTER INVESTMENTS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
Notes to the financial statements
3 - 4
COULTER INVESTMENTS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COULTER INVESTMENTS LTD FOR THE PERIOD ENDED 31 MARCH 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coulter Investments Ltd for the period ended 31 March 2020 which comprise, the 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Coulter Investments Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Coulter Investments Ltd
and state those matters that we have agreed to state to the Board of Directors of Coulter Investments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coulter Investments Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Coulter Investments Ltd 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 loss
of Coulter Investments Ltd. You consider that Coulter Investments Ltd is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Coulter Investments Ltd. 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.
MHA Carpenter Box
16 September 2020
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
COULTER INVESTMENTS LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
Notes
£
£
Current assets
Stocks
51,840
Debtors
3
100
Cash at bank and in hand
394,132
446,072
Creditors: amounts falling due within one year
4
(446,000)
Net current assets
72
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(28)
Total equity
72
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 September 2020 and are signed on its behalf by:
Mrs K Coulter
Director
Company Registration No. 12213941
COULTER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Coulter Investments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3, Wayfield Farm, Pyecombe, Brighton, East Sussex, BN45 7ED.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company's operations as property developers, with the supply of materials and labour being effectively halted. However, the directors and related companies under common control continue to offer their support where required.
true
Based on these assessments, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
COULTER INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0
.
3
Debtors
2020
Amounts falling due within one year:
£
Amounts owed by group undertakings
100
4
Creditors: amounts falling due within one year
2020
£
Other creditors
446,000
5
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
In the period, 100 ordinary shares of £1 each were issued and fully paid.