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Forward Protective Coatings Limited
Registered Number:04353524
For the year ended 31 March 2022
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2022
Forward Protective Coatings Limited
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
3
Registered Number :
04353524
As at 31 March 2022
Forward Protective Coatings Limited
Statement of Financial Position
£
£
2021
2022
Notes
Fixed assets
Property, plant and equipment
123,420
165,124
2
123,420
165,124
Current assets
Inventories
14,973
44,226
3
Trade and other receivables
492,399
559,982
4
257,394
Cash and cash equivalents
44,601
648,809
764,766
Trade and other payables: amounts falling due within one year
(311,909)
(224,005)
5
452,857
424,804
Net current assets
Total assets less current liabilities
548,224
617,981
Trade and other payables: amounts falling due after more than one year
(50,000)
(31,667)
6
516,557
Net assets
567,981
Capital and reserves
Called up share capital
2
2
Retained earnings
516,555
567,979
516,557
567,981
Shareholders' funds
For the year ended 31 March 2022 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 of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
David Pepper Director
These financial statements were approved and authorised for issue by the Board on 07 September 2022 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 March 2022
Forward Protective Coatings Limited
Notes to the Financial Statements
Statutory Information
Forward Protective Coatings Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
04353524.
Registered address:
Vernon Street
Shirebrook
Mansfield
Notts
NG20 8SS
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
20% Straight line
33% Straight line
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
£
£
£
£
Cost or valuation
At 01 April 2021
512,318
90,453
12,000
409,865
32,294
7,060
9,728
15,506
Additions
At 31 March 2022
425,371
21,728
97,513
544,612
Provision for depreciation and impairment
At 01 April 2021
347,194
65,763
1,500
279,931
Charge for year
73,998
11,582
4,216
58,200
At 31 March 2022
421,192
77,345
5,716
338,131
At 31 March 2022
Net book value
87,240
16,012
20,168
123,420
At 31 March 2021
129,934
10,500
24,690
165,124
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5
For the year ended 31 March 2022
Forward Protective Coatings Limited
Notes to the Financial Statements Continued
3. Inventories
2021
2022
£
£
Stocks
44,226
14,973
4. Trade and other receivables
2021
2022
£
£
Trade debtors
419,154
354,820
Amounts owed by group undertakings and participating interests
136,644
136,644
Other debtors
4,184
935
492,399
559,982
5. Trade and other payables: amounts falling due within one year
2021
2022
£
£
Bank loans and overdraft
10,000
-
Trade creditors
112,765
200,383
Taxation and social security
86,496
76,975
Other creditors
14,744
34,551
224,005
311,909
6. Trade and other payables: amounts falling due after more than one year
2021
2022
£
£
Bank loans and overdraft
31,667
50,000
7. Related party transactions
Duing the year the company made payments of rent £130,463 (2021: £124,260) to Langwith Property Limited, a company under common
control. At the year end £136,644 (2021: £136,644) is owed by Langwith Property Limited.
8. Average number of persons employed
During the year the average number of employees was 25 (2021 : 25)
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