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Registered number: SC167095

Protective & Decorative Surface Coatings Ltd

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

Prepared By:
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Protective & Decorative Surface Coatings Ltd

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
DIRECTORS
James S Mitchell (resigned 31 January 2023)
Stewart R Purves
Gary Irvine
Scott Purves (appointed 4 September 2023)
SECRETARY
Jane Orr
REGISTERED OFFICE
117 Carnethie Street
Roswell
Midlothian
EH24 9AJ
COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC167095
ACCOUNTANTS
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Protective & Decorative Surface Coatings Ltd

FINANCIAL STATEMENTS
FOR THEYEARENDED31 AUGUST 2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Protective & Decorative Surface Coatings Ltd

BALANCE SHEET AT 31 August 2023
20232022
Notes££
FIXED ASSETS
Tangible assets390,88821,247
CURRENT ASSETS
Stock2,5006,800
Debtors4328,110315,169
Cash at bank and in hand345,367200,773
675,977522,742
CREDITORS: Amounts falling due within one year5163,354149,556
NET CURRENT ASSETS512,623373,186
TOTAL ASSETS LESS CURRENT LIABILITIES603,511394,433
CREDITORS: Amounts falling due after more than one year617,50027,500
PROVISIONS FOR LIABILITIES AND CHARGES22,7224,037
NET ASSETS563,289362,896
CAPITAL AND RESERVES
Called up share capital755100
Share premium account87,4907,490
Other reserves(99,955)-
Profit and loss account655,699355,306
SHAREHOLDERS' FUNDS563,289362,896
For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 22 March 2024 and signed on their behalf by
.............................
Stewart R Purves
Director

Protective & Decorative Surface Coatings Ltd

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
1a. General Information & Basis of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown.
1b. Turnover
Turnover represents the amounts receivable arising from the supply of goods net of VAT and trade discounts.
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover is recognised as the fair value of the consideration received or receivable for services provided in the normal course of business, net of VAT and trade discounts.
1c. Tangible Fixed Assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Commercial Vehiclesreducing balance25%
Equipmentstraight line20%
1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
1e. Cash And Cash Equivalents
Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Protective & Decorative Surface Coatings Ltd

1f. Financial Instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1g. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
1h. Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1i. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.

Protective & Decorative Surface Coatings Ltd

1j. Critical Accounting Estimates And Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period, or in the period of the revision and future periods where the revision affects both current and future periods.
2. EMPLOYEES
20232022
No.No.
Average number of employees2122
3. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 September 2022149,297149,297
Additions107,921107,921
Disposals(47,637)(47,637)
At 31 August 2023209,581209,581
Depreciation
At 1 September 2022128,050128,050
Disposals(39,907)(39,907)
For the year30,55030,550
At 31 August 2023118,693118,693
Net Book Amounts
At 31 August 202390,88890,888
At 31 August 202221,24721,247
4. DEBTORS 20232022
££
Amounts falling due within one year:
Trade debtors321,380310,812
Other debtors6,7304,357
328,110315,169

Protective & Decorative Surface Coatings Ltd

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
Bank loans and overdrafts10,00010,000
Trade creditors25,70422,890
Taxation and social security95,14867,743
Other creditors32,50248,923
163,354149,556
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
££
Bank loans and overdrafts17,50027,500
17,50027,500
7. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
55 Ordinary shares of £1 each55100
55100
New shares issued during period:
(45) Ordinary shares of £1 each(45)
(45)-
During 2023 45 Ordinary Shares were purchased back by the company.
8. SHARE PREMIUM ACCOUNT 20232022
££
Share premium account7,4907,490
9. OTHER FINANCIAL COMMITMENTS
At 31 August 2023 the company was committed to making the following payments under non-cancellable operating leases:
20232022
££
Operating leases52,98732,000

Protective & Decorative Surface Coatings Ltd

10. RELATED PARTY TRANSACTIONS
The company premises are rented from the director's personal pension funds for an annual rent of £8,000.
Included in other creditors were interest free loans from the directors totalling £Nil (2022 - £10,955).
11. TRANSACTIONS WITH DIRECTORS
Included in other debtors is an interest free loan to the directors of £1,633. Thie maximum oustanding during the year was £1,633. This was repaid in full on 5 March 2024