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REGISTERED NUMBER: 04706071 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 March 2023

for

D & S Precision Coatings Limited

D & S Precision Coatings Limited (Registered number: 04706071)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


D & S Precision Coatings Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr D D Dormer
Mr S P Rootsey





SECRETARY: Mr D D Dormer





REGISTERED OFFICE: Brigham House
93 High Street
Biggleswade
Bedfordshire
SG18 0LD





REGISTERED NUMBER: 04706071 (England and Wales)





ACCOUNTANTS: George Hay Partnership LLP
Chartered Accountants
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

D & S Precision Coatings Limited (Registered number: 04706071)

Abridged Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,410 33,379

CURRENT ASSETS
Stocks 50,000 47,000
Debtors 155,870 107,854
Cash at bank 21,607 33,722
227,477 188,576
CREDITORS
Amounts falling due within one year 77,955 69,223
NET CURRENT ASSETS 149,522 119,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,932

152,732

CREDITORS
Amounts falling due after more than one
year

(26,256

)

(18,842

)

PROVISIONS FOR LIABILITIES (5,018 ) (6,342 )
NET ASSETS 144,658 127,548

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 143,658 126,548
144,658 127,548

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.

D & S Precision Coatings Limited (Registered number: 04706071)

Abridged Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 5 October 2023 and were signed on its behalf by:





Mr D D Dormer - Director


D & S Precision Coatings Limited (Registered number: 04706071)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from powder coating is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the proportion of the agreed upon service provided.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on reducing balance

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

Stocks
Stocks are valued at the lower of cost and net realisable value, 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 balance sheet date.

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.

D & S Precision Coatings Limited (Registered number: 04706071)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 140,004
Additions 1,006
At 31 March 2023 141,010
DEPRECIATION
At 1 April 2022 106,625
Charge for year 7,975
At 31 March 2023 114,600
NET BOOK VALUE
At 31 March 2023 26,410
At 31 March 2022 33,379

D & S Precision Coatings Limited (Registered number: 04706071)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2022
and 31 March 2023 46,095
DEPRECIATION
At 1 April 2022 30,130
Charge for year 3,499
At 31 March 2023 33,629
NET BOOK VALUE
At 31 March 2023 12,466
At 31 March 2022 15,965

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 4,175 13,594

The bank loan is secured by a debenture and a guarantee by the directors.