Spectrum Powder Coaters Limited 09347302 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of powder coating. Digita Accounts Production Advanced 6.30.9574.0 true 09347302 2022-03-01 2023-02-28 09347302 2023-02-28 09347302 core:CurrentFinancialInstruments 2023-02-28 09347302 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 09347302 core:Goodwill 2023-02-28 09347302 core:OtherResidualIntangibleAssets 2023-02-28 09347302 core:FurnitureFittingsToolsEquipment 2023-02-28 09347302 core:LandBuildings 2023-02-28 09347302 core:MotorVehicles 2023-02-28 09347302 bus:SmallEntities 2022-03-01 2023-02-28 09347302 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09347302 bus:FullAccounts 2022-03-01 2023-02-28 09347302 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 09347302 bus:RegisteredOffice 2022-03-01 2023-02-28 09347302 bus:Director1 2022-03-01 2023-02-28 09347302 bus:Director2 2022-03-01 2023-02-28 09347302 bus:Director3 2022-03-01 2023-02-28 09347302 bus:Director4 2022-03-01 2023-02-28 09347302 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09347302 core:ComputerSoftware 2022-03-01 2023-02-28 09347302 core:Goodwill 2022-03-01 2023-02-28 09347302 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 09347302 core:Buildings 2022-03-01 2023-02-28 09347302 core:FurnitureFittings 2022-03-01 2023-02-28 09347302 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 09347302 core:LandBuildings 2022-03-01 2023-02-28 09347302 core:MotorVehicles 2022-03-01 2023-02-28 09347302 core:OfficeEquipment 2022-03-01 2023-02-28 09347302 core:PlantMachinery 2022-03-01 2023-02-28 09347302 core:OtherRelatedParties 2022-03-01 2023-02-28 09347302 countries:AllCountries 2022-03-01 2023-02-28 09347302 2022-02-28 09347302 core:Goodwill 2022-02-28 09347302 core:OtherResidualIntangibleAssets 2022-02-28 09347302 core:FurnitureFittingsToolsEquipment 2022-02-28 09347302 core:LandBuildings 2022-02-28 09347302 core:MotorVehicles 2022-02-28 09347302 2021-03-01 2022-02-28 09347302 2022-02-28 09347302 core:CurrentFinancialInstruments 2022-02-28 09347302 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 09347302 core:Goodwill 2022-02-28 09347302 core:OtherResidualIntangibleAssets 2022-02-28 09347302 core:FurnitureFittingsToolsEquipment 2022-02-28 09347302 core:LandBuildings 2022-02-28 09347302 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 09347302

Spectrum Powder Coaters Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

image-name
 

Spectrum Powder Coaters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Spectrum Powder Coaters Limited

Company Information

Directors

Mr S O'Looney

Mr P Hitchcock

Mr C Shannon

Mr BC Davy

Registered office

5 High March
Daventry
Northamptonshire
NN11 4QE

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,067

6,667

Tangible assets

5

24,189

35,932

 

29,256

42,599

Current assets

 

Stocks

6

17,600

18,032

Debtors

7

76,805

135,217

Cash at bank and in hand

 

134,391

89,042

 

228,796

242,291

Creditors: Amounts falling due within one year

8

(52,603)

(70,358)

Net current assets

 

176,193

171,933

Total assets less current liabilities

 

205,449

214,532

Provisions for liabilities

(2,538)

(4,771)

Net assets

 

202,911

209,761

Capital and reserves

 

Called up share capital

100

100

Retained earnings

202,811

209,661

Shareholders' funds

 

202,911

209,761

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mr C Shannon
Director

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 09347302.

The address of its registered office is:
5 High March
Daventry
Northamptonshire
NN11 4QE

These financial statements were authorised for issue by the Board on 9 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.

Turnover

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.

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.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Freehold property

10% on cost

Plant and machinery

20% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Computer software

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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, including directors, was 9 (2022 - 9).

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Computer software
 £

Total
£

Cost or valuation

At 1 March 2022

1

8,000

8,001

At 28 February 2023

1

8,000

8,001

Amortisation

At 1 March 2022

1

1,333

1,334

Amortisation charge

-

1,600

1,600

At 28 February 2023

1

2,933

2,934

Carrying amount

At 28 February 2023

-

5,067

5,067

At 28 February 2022

-

6,667

6,667

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

2,750

41,075

26,546

70,371

Additions

-

630

-

630

At 28 February 2023

2,750

41,705

26,546

71,001

Depreciation

At 1 March 2022

1,925

21,970

10,544

34,439

Charge for the year

275

6,789

5,309

12,373

At 28 February 2023

2,200

28,759

15,853

46,812

Carrying amount

At 28 February 2023

550

12,946

10,693

24,189

At 28 February 2022

825

19,105

16,002

35,932

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Included within the net book value of land and buildings above is £550 (2022 - £825) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Inventory

17,600

18,032

7

Debtors

Current

2023
£

2022
£

Trade debtors

71,776

129,991

Prepayments

4,841

4,414

Other debtors

188

812

 

76,805

135,217

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

28,359

24,564

Other creditors

 

1,222

1,222

Accruals

 

6,327

5,371

VAT Control account

 

4,273

21,094

PAYE and NIC creditor

 

3,636

3,209

Corporation tax control

 

8,786

14,898

 

52,603

70,358

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £102,800 (2022 - £Nil).

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

Summary of transactions with other related parties

Henderson Fabrications UK Limited

A company under common control.

During the year, Spectrum Powder Coaters Limited made sales to Henderson Fabrications UK Limited of £240,972 (2022: £247,155). The balance due from Henderson Fabrications UK Limited at the balance sheet date was £16,297 (2022: £42,752).


D Shannon

A connected party to the director.

During the year, Spectrum Powder Coaters Limited sold a fixed asset to the individual for a profit of £Nil (2022: £1,025). The fixed asset was sold at a fair market value for proceeds of £Nil (2022: £3,400).