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Registration number: 08170661

Wicked Coatings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Wicked Coatings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Wicked Coatings Limited

Company Information

Directors

C Hinks

L Meikle

S E Braley

A R Yelland

Registered office

44 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT

Accountants

Addicus
Chartered Accountants
4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

 

Wicked Coatings Limited

(Registration number: 08170661)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

64,615

85,011

Current assets

 

Stocks

5

85,000

70,000

Debtors

6

174,713

147,754

Cash at bank and in hand

 

118,523

89,318

 

378,236

307,072

Creditors: Amounts falling due within one year

7

(200,138)

(160,185)

Net current assets

 

178,098

146,887

Total assets less current liabilities

 

242,713

231,898

Creditors: Amounts falling due after more than one year

7

(17,500)

(40,793)

Provisions for liabilities

(14,004)

(14,413)

Net assets

 

211,209

176,692

Capital and reserves

 

Called up share capital

300

300

Retained earnings

210,909

176,392

Shareholders' funds

 

211,209

176,692

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Wicked Coatings Limited

(Registration number: 08170661)
Balance Sheet as at 31 August 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 


C Hinks
Director


L Meikle
Director

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
44 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Plant and machinery

25% on reducing balance

Office equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 20 (2022 - 20).

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

18,050

350,614

18,189

10,000

Additions

-

1,174

-

-

At 31 August 2023

18,050

351,788

18,189

10,000

Depreciation

At 1 September 2022

15,374

278,183

14,960

3,325

Charge for the year

674

18,416

811

1,669

At 31 August 2023

16,048

296,599

15,771

4,994

Carrying amount

At 31 August 2023

2,002

55,189

2,418

5,006

At 31 August 2022

2,676

72,431

3,229

6,675

Total
£

Cost or valuation

At 1 September 2022

396,853

Additions

1,174

At 31 August 2023

398,027

Depreciation

At 1 September 2022

311,842

Charge for the year

21,570

At 31 August 2023

333,412

Carrying amount

At 31 August 2023

64,615

At 31 August 2022

85,011

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Stocks

2023
£

2022
£

Other inventories

85,000

70,000

6

Debtors

2023
£

2022
£

Trade debtors

151,513

126,710

Prepayments

23,200

21,044

174,713

147,754

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

23,293

25,791

Trade creditors

 

58,269

34,252

Taxation and social security

 

82,750

65,598

Accruals and deferred income

 

3,797

2,571

Other creditors

 

32,029

31,973

 

200,138

160,185

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,500

40,793

 

Wicked Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,500

27,500

Hire purchase contracts

-

13,293

17,500

40,793

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

13,293

15,791

23,293

25,791