Registered number
00352108
Purpose Powder Coatings Limited
Filleted Accounts
31 March 2023
Purpose Powder Coatings Limited
Registered number: 00352108
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 155,536 86,154
Current assets
Stocks 12,000 12,000
Debtors 4 151,798 1,229,509
Cash at bank and in hand 89,797 69,179
253,595 1,310,688
Creditors: amounts falling due within one year 5 (143,311) (163,465)
Net current assets 110,284 1,147,223
Total assets less current liabilities 265,820 1,233,377
Provisions for liabilities (36,044) (21,539)
Net assets 229,776 1,211,838
Capital and reserves
Called up share capital 1,715 1,715
Profit and loss account 228,061 1,210,123
Shareholders' funds 229,776 1,211,838
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Andon
Director
Approved by the board on 25 July 2023
Purpose Powder Coatings Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures fittings and equipment 12.5% on the reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 628,464 108,790 737,254
Additions 125,371 56,675 182,046
Disposals (574,405) (61,531) (635,936)
At 31 March 2023 179,430 103,934 283,364
Depreciation
At 1 April 2022 556,116 94,984 651,100
Charge for the year 64,146 16,958 81,104
On disposals (542,873) (61,503) (604,376)
At 31 March 2023 77,389 50,439 127,828
Net book value
At 31 March 2023 102,041 53,495 155,536
At 31 March 2022 72,348 13,806 86,154
4 Debtors 2023 2022
£ £
Trade debtors 53,300 143,237
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 1,080,102
Other debtors 98,498 6,170
151,798 1,229,509
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 86,702 61,840
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,985 -
Taxation and social security costs 9,623 59,041
Other creditors 43,001 42,584
143,311 163,465
6 Controlling party
The company's immediate and ultimate parent company and ultimate controlling party is Purpose Products Company Limited, incorporated in England and Wales. Its registered office is 214 Ilderton Road, London, SE15 1NT.

No information is required to be disclosed in respect of transactions with group companies.
7 Other information
Purpose Powder Coatings Limited is a private company limited by shares and incorporated in England. Its registered office is:
214 Ilderton Road
London
SE15 1NT
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