1 April 2022 v2023.33.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP065498882022-04-012023-03-31065498882023-03-31065498882022-03-3106549888core:WithinOneYear2023-03-3106549888core:WithinOneYear2022-03-3106549888core:AfterOneYear2023-03-3106549888core:AfterOneYear2022-03-3106549888core:ShareCapital2023-03-3106549888core:ShareCapital2022-03-3106549888core:RetainedEarningsAccumulatedLosses2023-03-3106549888core:RetainedEarningsAccumulatedLosses2022-03-3106549888bus:Director12022-04-012023-03-3106549888bus:Director22022-04-012023-03-3106549888bus:RegisteredOffice2022-04-012023-03-3106549888core:LandBuildings2022-04-012023-03-3106549888core:PlantMachinery2022-04-012023-03-3106549888core:MotorVehicles2022-04-012023-03-3106549888core:OfficeEquipment2022-04-012023-03-31065498882021-04-012022-03-3106549888core:LandBuildings2022-04-0106549888core:PlantMachinery2022-04-01065498882022-04-0106549888core:LandBuildings2023-03-3106549888core:PlantMachinery2023-03-3106549888core:LandBuildings2022-03-3106549888core:PlantMachinery2022-03-3106549888core:BetweenOneFiveYears2023-03-3106549888core:BetweenOneFiveYears2022-03-310654988812022-04-012023-03-3106549888countries:EnglandWales2022-04-012023-03-3106549888bus:AuditExemptWithAccountantsReport2022-04-012023-03-3106549888bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106549888bus:SmallEntities2022-04-012023-03-3106549888bus:FullAccounts2022-04-012023-03-31
Company registration number:
06549888
Wallcoatings Ltd.
Unaudited Filleted Financial Statements for the year ended
31 March 2023
Wallcoatings Ltd.
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Wallcoatings Ltd.
Year ended
31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Wallcoatings Ltd.
for the year ended
31 March 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Wallcoatings Ltd.
, as a body, in accordance with the terms of our engagement letter dated 1 July 2018. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Wallcoatings Ltd.
and state those matters that we have agreed to state to the Board of Directors of
Wallcoatings Ltd.
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Wallcoatings Ltd.
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Wallcoatings Ltd.
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Wallcoatings Ltd.
. You consider that
Wallcoatings Ltd.
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wallcoatings Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Severn Valley Accounting Ltd
First Floor
15-16 High Street
Stourport-on-Severn
DY13 8BP
United Kingdom
Date:
20 December 2023
Wallcoatings Ltd.
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Tangible assets 5
266,869
 
241,825
 
Current assets    
Stocks
5,000
 
1,500
 
Debtors 6
571,157
 
368,668
 
Cash at bank and in hand
562,272
 
440,556
 
1,138,429
 
810,724
 
Creditors: amounts falling due within one year 7
(482,472
)
(354,120
)
Net current assets
655,957
 
456,604
 
Total assets less current liabilities 922,826   698,429  
Creditors: amounts falling due after more than one year 8
(66,121
)
(89,792
)
Provisions for liabilities
(16,638
)
(7,860
)
Net assets
840,067
 
600,777
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
839,067
 
599,777
 
Shareholders funds
840,067
 
600,777
 
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
20 December 2023
, and are signed on behalf of the board by:
Mr W Blackburn
Mr P Blackburn
DirectorDirector
Company registration number:
06549888
Wallcoatings Ltd.
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
First Floor
,
15 -16 High Street
,
Stourport-On-Severn
,
Worcestershire
,
DY13 8BP
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
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.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied, excluding discounts, rebates, value added tax and other sales taxes.

Current 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 based on 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
On land and buildings not provided. On leasehold improvements provided at 10% on cost
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Office equipment
25% on reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. In the respect of work in progress, cost comprises direct materials and includes a relevant proportion of overheads according to the stage of completion.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2022:
6
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2022
219,069
 
95,431
 
314,500
 
Additions -  
53,611
 
53,611
 
Disposals -  
(10,000
)
(10,000
)
At
31 March 2023
219,069
 
139,042
 
358,111
 
Depreciation      
At
1 April 2022
15,993
 
56,682
 
72,675
 
Charge
2,927
 
16,265
 
19,192
 
Disposals -  
(625
)
(625
)
At
31 March 2023
18,920
 
72,322
 
91,242
 
Carrying amount      
At
31 March 2023
200,149
 
66,720
 
266,869
 
At 31 March 2022
203,076
 
38,749
 
241,825
 

6 Debtors

20232022
££
Trade debtors
503,972
 
317,381
 
Other debtors
67,185
 
51,287
 
571,157
 
368,668
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
23,667
 
22,899
 
Trade creditors
244,222
 
171,035
 
Taxation and social security
135,362
 
106,151
 
Other creditors
79,221
 
54,035
 
482,472
 
354,120
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
66,121
 
89,792
 
Bank loan is denominated in Sterling with a nominal interest rate of 3.93%, and the final instalment is due on 13 January 2027. The carrying amount at year end is £55,765 (2022 - £69,003). The bank loan is secured by a charge over the freehold property.
Bounce Back Loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 9 July 2026. The carrying amount at year end is £34,023 (2022 - 43,688).

9 Operating leases

The company as lessee    
20232022
££
Not later than 1 year
9,855
 
9,855
 
Later than 1 year and not later than 5 years
4,106
 
13,961
 
13,961
 
23,816