REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 May 2021 to 31 October 2022 |
for |
R S Coatings Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2021 |
Additions |
At 31 October 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for period |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 30 April 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
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. |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |