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REGISTERED NUMBER: 07505357 (England and Wales)















CREATIVE COATINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






CREATIVE COATINGS LIMITED (REGISTERED NUMBER: 07505357)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


CREATIVE COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P G Whitaker
Mrs H M Whitaker





REGISTERED OFFICE: 7 Benner Road
Pinchbeck
Spalding
Lincolnshire
PE11 3TZ





REGISTERED NUMBER: 07505357 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Holdings Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

CREATIVE COATINGS LIMITED (REGISTERED NUMBER: 07505357)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,130 76,301

CURRENT ASSETS
Stocks 71,539 158,464
Debtors 5 112,943 123,214
Cash at bank and in hand 206,925 144,291
391,407 425,969
CREDITORS
Amounts falling due within one year 6 259,374 310,818
NET CURRENT ASSETS 132,033 115,151
TOTAL ASSETS LESS CURRENT LIABILITIES 219,163 191,452

CREDITORS
Amounts falling due after more than one year 7 (154,827 ) (204,566 )

PROVISIONS FOR LIABILITIES (12,613 ) (6,282 )
NET ASSETS/(LIABILITIES) 51,723 (19,396 )

CAPITAL AND RESERVES
Called up share capital 9 194 194
Retained earnings 51,529 (19,590 )
SHAREHOLDERS' FUNDS 51,723 (19,396 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





P G Whitaker - Director


CREATIVE COATINGS LIMITED (REGISTERED NUMBER: 07505357)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Creative 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on reducing balance


Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

CREATIVE COATINGS LIMITED (REGISTERED NUMBER: 07505357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 115,872
Additions 52,198
Disposals (26,400 )
At 31 March 2023 141,670
DEPRECIATION
At 1 April 2022 39,571
Charge for year 20,249
Eliminated on disposal (5,280 )
At 31 March 2023 54,540
NET BOOK VALUE
At 31 March 2023 87,130
At 31 March 2022 76,301

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 112,260 118,914
Other debtors 683 4,300
112,943 123,214

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,547 5,358
Hire purchase contracts 15,318 7,326
Trade creditors 93,918 264,166
Taxation and social security 57,733 19,792
Other creditors 79,858 14,176
259,374 310,818

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 31,650 44,197
Hire purchase contracts 29,302 38,096
Other creditors 93,875 122,273
154,827 204,566

CREATIVE COATINGS LIMITED (REGISTERED NUMBER: 07505357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 44,620 45,422

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
182 A Ordinary £1 182 182
12 B Ordinary £1 12 12
194 194