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REGISTERED NUMBER: 03861176 (England and Wales)















Unaudited Financial Statements

for the Period 1 May 2021 to 31 October 2022

for

R S Coatings Limited

R S Coatings Limited (Registered number: 03861176)






Contents of the Financial Statements
for the Period 1 May 2021 to 31 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

R S Coatings Limited

Company Information
for the Period 1 May 2021 to 31 October 2022







DIRECTORS: P Llewellyn-Stamp
M Bromley





REGISTERED OFFICE: 16-20 Howlett Way
Thetford
Norfolk
IP24 1HZ





REGISTERED NUMBER: 03861176 (England and Wales)





ACCOUNTANTS: Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

R S Coatings Limited (Registered number: 03861176)

Balance Sheet
31 October 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 40,479 52,125

CURRENT ASSETS
Stocks 19,465 40,964
Debtors 5 30,299 94,815
Cash at bank and in hand 73 42,770
49,837 178,549
CREDITORS
Amounts falling due within one year 6 (177,799 ) (154,430 )
NET CURRENT (LIABILITIES)/ASSETS (127,962 ) 24,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

(87,483

)

76,244

CREDITORS
Amounts falling due after more than one
year

7

(42,500

)

(42,500

)
NET (LIABILITIES)/ASSETS (129,983 ) 33,744

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (129,985 ) 33,742
SHAREHOLDERS' FUNDS (129,983 ) 33,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2022 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.

R S Coatings Limited (Registered number: 03861176)

Balance Sheet - continued
31 October 2022


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 by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





P Llewellyn-Stamp - Director


R S Coatings Limited (Registered number: 03861176)

Notes to the Financial Statements
for the Period 1 May 2021 to 31 October 2022

1. STATUTORY INFORMATION

R S 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

There are no material departures from the standard.

Going concern
At 31 October 2022, the company had net current liabilities of £127,962 and a deficit of shareholder funds of £129,983. The company is reliant on the support of its ultimate parent company, Peerless Plastics Coatings Limited, its bankers and other third parties to meet its ongoing working capital requirements. On this basis, the directors consider that it is appropriate to prepare these accounts on a going concern basis.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.


R S Coatings Limited (Registered number: 03861176)

Notes to the Financial Statements - continued
for the Period 1 May 2021 to 31 October 2022

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 period 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 period was 6 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2021 81,319 1,523 16,559 99,401
Additions - - 1,463 1,463
At 31 October 2022 81,319 1,523 18,022 100,864
DEPRECIATION
At 1 May 2021 35,645 822 10,809 47,276
Charge for period 10,277 158 2,674 13,109
At 31 October 2022 45,922 980 13,483 60,385
NET BOOK VALUE
At 31 October 2022 35,397 543 4,539 40,479
At 30 April 2021 45,674 701 5,750 52,125

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 22,937 77,613
Amounts owed by group undertakings 2,219 -
Other debtors 5,143 17,202
30,299 94,815

R S Coatings Limited (Registered number: 03861176)

Notes to the Financial Statements - continued
for the Period 1 May 2021 to 31 October 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 36,132 7,500
Trade creditors 37,348 76,747
Amounts owed to group undertakings 76,217 2,851
Taxation and social security 23,102 62,038
Other creditors 5,000 5,294
177,799 154,430

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 42,500 42,500

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 October 2022 and the year ended 30 April 2021:

2022 2021
£    £   
L C Richardson and Mrs M J Richardson
Balance outstanding at start of period - -
Amounts advanced - 130,213
Amounts repaid - (130,213 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

R S Coatings Limited (Registered number: 03861176)

Notes to the Financial Statements - continued
for the Period 1 May 2021 to 31 October 2022

9. RELATED PARTY DISCLOSURES

RS Composites Limited
A wholly owned fellow subsidiary in which the directors are the same

There is an amount owed to RS Composites Limited of £65,430 (30 April 2021 - £2,406) which is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of RS Composites Limited have given their assurance that the amount payable will not be demanded until such time as R S Coatings Limited can afford to do so without detriment to its operating and working capital needs.

RS Combined Limited
The parent company

There is an amount owed by RS Combined Limited of £2,219 (30 April 2021 - owed to RS Combined Limited £444) which is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of RS Coatings Limited have given their assurance that the amount payable will not be demanded until such time as RS Combined Limited can afford to do without detriment to its operating and working capital needs.


Ultimate Controlling Party

The Company's ultimate parent undertaking is Peerless Plastics and Coatings Limited, a company registered in England and Wales.

There is an amount owed to Peerless Plastics and Coatings Limited of £10,787 which is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of RS Combined Limited have given their assurance that the amount payable will not be demanded until such time as RS Coatings Limited can afford to do without detriment to its operating and working capital needs.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
R S Coatings Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R S Coatings Limited for the period ended 31 October 2022 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R S Coatings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R S Coatings Limited and state those matters that we have agreed to state to the Board of Directors of R S Coatings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R S Coatings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R S Coatings Limited 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 R S Coatings Limited. You consider that R S Coatings Limited 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 R S Coatings Limited. 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.






Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


13 October 2023