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COMPANY REGISTRATION NUMBER: 07580937
D F Coatings Ltd
Filleted Unaudited Financial Statements
31 March 2023
D F Coatings Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1,000
1,000
Tangible assets
6
141,240
104,529
---------
---------
142,240
105,529
Current assets
Stocks
43,250
38,570
Debtors
7
92,976
144,250
Cash at bank and in hand
46,212
7,308
---------
---------
182,438
190,128
Creditors: amounts falling due within one year
8
82,295
88,741
---------
---------
Net current assets
100,143
101,387
---------
---------
Total assets less current liabilities
242,383
206,916
Creditors: amounts falling due after more than one year
9
33,000
50,000
---------
---------
Net assets
209,383
156,916
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
54,044
Profit and loss account
155,239
156,816
---------
---------
Shareholders funds
209,383
156,916
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D F Coatings Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Mr D J Figgins
Director
Company registration number: 07580937
D F Coatings Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 230 Shirley Road, Southampton, Hampshire, SO15 3HR, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
15% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
20% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,000
-------
Amortisation
At 1 April 2022 and 31 March 2023
-------
Carrying amount
At 31 March 2023
1,000
-------
At 31 March 2022
1,000
-------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Apr 2022
24,382
141,688
23,797
15,919
5,115
210,901
Additions
3,412
3,412
Revaluations
54,043
54,043
--------
---------
--------
--------
-------
---------
At 31 Mar 2023
24,382
199,143
23,797
15,919
5,115
268,356
--------
---------
--------
--------
-------
---------
Depreciation
At 1 Apr 2022
18,350
70,999
7,614
5,391
4,018
106,372
Charge for the year
3,658
9,996
4,759
2,112
219
20,744
--------
---------
--------
--------
-------
---------
At 31 Mar 2023
22,008
80,995
12,373
7,503
4,237
127,116
--------
---------
--------
--------
-------
---------
Carrying amount
At 31 Mar 2023
2,374
118,148
11,424
8,416
878
141,240
--------
---------
--------
--------
-------
---------
At 31 Mar 2022
6,032
70,689
16,183
10,528
1,097
104,529
--------
---------
--------
--------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
81,105
132,402
Other debtors
11,871
11,848
--------
---------
92,976
144,250
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
24,472
21,437
Corporation tax
4,043
351
Social security and other taxes
20,983
28,451
Other creditors
22,797
28,502
--------
--------
82,295
88,741
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
Other creditors
10,500
17,500
--------
--------
33,000
50,000
--------
--------
During July 2020 the company took out a bounce back loan of £50,000 which is repayable over a period of 5 years.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D J Figgins
( 4,000)
2,000
( 2,000)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D J Figgins
( 2,000)
( 2,000)
( 4,000)
-------
-------
-------