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REGISTERED NUMBER: 04245636 (England and Wales)


















TAYLOR PROTECTIVE COATINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021






TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TAYLOR PROTECTIVE COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2021







DIRECTORS: C B Davison-Sebry
K F Davison-Sebry
T Davison-Sebry
D P Challenger





REGISTERED OFFICE: Elfed House
Oak Tree Court, Mulberry Drive
Cardiff Gate Business Park
CARDIFF
CF23 8RS





REGISTERED NUMBER: 04245636 (England and Wales)





ACCOUNTANTS: Watts Gregory LLP
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

BALANCE SHEET
30 SEPTEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 137,140 135,020

CURRENT ASSETS
Stocks 15,000 32,000
Debtors 5 2,351,583 2,327,665
Cash at bank and in hand 3 38,458
2,366,586 2,398,123
CREDITORS
Amounts falling due within one year 6 (1,534,090 ) (1,511,171 )
NET CURRENT ASSETS 832,496 886,952
TOTAL ASSETS LESS CURRENT
LIABILITIES

969,636

1,021,972

CREDITORS
Amounts falling due after more than one
year

7

(258,787

)

(251,876

)

PROVISIONS FOR LIABILITIES (9,150 ) (18,515 )
NET ASSETS 701,699 751,581

CAPITAL AND RESERVES
Called up share capital 9 500,003 500,003
Revaluation reserve 25,995 22,085
Retained earnings 175,701 229,493
SHAREHOLDERS' FUNDS 701,699 751,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved for issue by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by:



C B Davison-Sebry - Director


TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021


1. STATUTORY INFORMATION

Taylor Protective Coatings 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 company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There have been no material departures from Financial Reporting Standard 102 1A.

Going Concern
The directors are satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties arising and the directors have taken steps to minimise the effect on the company and will continue to do so. In the circumstances they have concluded that no adjustments are required to the financial statements at this time.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced for shotblasting and painting services during the year, excluding value added tax.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property- 10% on cost
Plant and machinery- 10% - 30% on cost
Motor vehicles- 25% on cost
Computer equipment- 33% on cost

Stocks
Stock and work in progress have been estimated by the directors.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Current taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.


TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other income
Other operating income includes management charges to related parties for reimbursed expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2020 13,802 229,611 68,111 19,727 331,251
Additions - 43,673 99,098 - 142,771
Disposals - (68,922 ) (53,673 ) - (122,595 )
Revaluations - 6,900 - - 6,900
At 30 September 2021 13,802 211,262 113,536 19,727 358,327
DEPRECIATION
At 1 October 2020 4,338 143,053 30,315 18,525 196,231
Charge for year 1,381 28,039 24,034 1,096 54,550
Eliminated on disposal - (32,018 ) (5,250 ) - (37,268 )
Revaluation adjustments - 7,674 - - 7,674
At 30 September 2021 5,719 146,748 49,099 19,621 221,187
NET BOOK VALUE
At 30 September 2021 8,083 64,514 64,437 106 137,140
At 30 September 2020 9,464 86,558 37,796 1,202 135,020

Cost or valuation at 30 September 2021 is represented by:

Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2021 - 20,735 - - 20,735
Cost 13,802 190,527 113,536 19,727 337,592
13,802 211,262 113,536 19,727 358,327

TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021


4. TANGIBLE FIXED ASSETS - continued

If plant and machinery had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 190,527 215,776

The assets were valued on an open market basis on 30 September 2021 by the director, C Davison Sebry, who has no formal related qualifications.

Should the assets be disposed of at their revalued amount it is estimated that an additional tax liability would not arise.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 242,904 142,745
Amounts due from related parties 2,082,346 2,162,855
Other debtors 410 906
Called up share capital not paid 3 3
Prepayments and accrued income 13,365 21,156
Corporation tax 12,555 -
2,351,583 2,327,665

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 142,769 10,500
Other loans 9,566 8,811
Preference shares 2 2
Hire purchase contracts 27,359 30,079
Trade creditors 126,581 125,387
Corporation tax - 8,566
Social security and other taxes 35,197 39,596
VAT 48,611 46,531
Amounts due to related parties - 180,436
Other creditors 2,078 1,951
Directors' current accounts 1,074,488 1,020,748
Accruals and deferred income 67,439 38,564
1,534,090 1,511,171

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans - 1-2 years 50,000 42,000
Bank loans - 2-5 years 170,833 157,500
Other loans 7,669 17,235
Hire purchase contracts 30,285 35,141
258,787 251,876

TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021


8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdraft 113,602 -
Bank loans 250,000 -
Hire purchase contracts 57,644 65,220
421,246 65,220

The bank overdraft and the bank loan are secured by a fixed and floating charge over the company's assets. The hire purchase liabilities are secured on the assets that they relate to.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
500,000 Ordinary shares £1 500,000 500,000
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
500,003 500,003

10. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £2,576 (2020 £NIL).