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Company registration number:
11470383
Electrostatic Coating Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Electrostatic Coating Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Electrostatic Coating Limited
Year ended
31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Electrostatic Coating Limited
for the year ended
31 July 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Electrostatic Coating Limited
, as a body, in accordance with the terms of my engagement letter dated 2 October 2023. My work has been undertaken solely to prepare for your approval the
financial statements
of
Electrostatic Coating Limited
and state those matters that I have agreed to state to the Board of Directors of
Electrostatic Coating Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Electrostatic Coating Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Electrostatic Coating Limited
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 loss of
Electrostatic Coating Limited
. You consider that
Electrostatic Coating Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Electrostatic Coating Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Emery & Co Accountants Limited
Office Suite 10
The Old Cottage Hospital
Leicester Road
Ashby-De-La-Zouch
LE65 1DB
United Kingdom
Date:
28 February 2024
Electrostatic Coating Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1,135
 
1,418
 
Current assets    
Debtors 6
22,913
 
22,315
 
Cash at bank and in hand
(1
)
582
 
22,912
 
22,897
 
Creditors: amounts falling due within one year 7
(192,522
)
(72,636
)
Net current liabilities
(169,610
)
(49,739
)
Total assets less current liabilities (168,475 ) (48,321 )
Creditors: amounts falling due after more than one year 8
(122,941
)
(200,000
)
Provisions for liabilities -  
(270
)
Net liabilities
(291,416
)
(248,591
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(291,516
)
(248,691
)
Shareholders deficit
(291,416
)
(248,591
)
For the year ending
31 July 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
28 February 2024
, and are signed on behalf of the board by:
Mr R MJ Ahmad Abdel Wahab
Director
Company registration number:
11470383
Electrostatic Coating Limited
Notes to the Financial Statements
Year ended
31 July 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
6 St. Georges Way
,
Leicester
,
LE1 1QZ
, United Kingdom.

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 on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to enable it to continue to meet its obligations as they fall due for at least the next 12 months.
In making this assessment the directors have considered the support that they have provided the company both during the financial year and subsequent to the year end, in their assessment the company will be able to meet its liabilities as and when they fall due for a period of not less than 12 months from the signing of these financial statements.
In light of the directors assessment of the liquidity of the business these financial statements have been prepared on a going concern basis.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

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:
Office equipment
33.3% straight line
Fixtures and fittings
30% 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.

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 entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity are recognised as liabilities once they are no longer at the discretion of the company.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2022
and
31 July 2023
5,231
 
Depreciation  
At
1 August 2022
3,813
 
Charge
283
 
At
31 July 2023
4,096
 
Carrying amount  
At
31 July 2023
1,135
 
At 31 July 2022
1,418
 

6 Debtors

20232022
££
Other debtors
22,913
 
22,315
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
967
  -  
Trade creditors
147,458
 
482
 
Taxation and social security
40,237
 
785
 
Other creditors
3,860
 
71,369
 
192,522
 
72,636
 

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
122,941
 
200,000
 

9 Directors' advances, credit and guarantees

Included within other creditors is an amount of £Nil (2022: £67,492) owing to the director Mr R MJ Ahmad Abdel Wahab, this amount is interest free and repayable on demand.
Included within creditors falling due after more than one year is an amount of £22,941 (2022: £100,000) owing to the director Mr R MJ Ahmad Abdel Wahab, this amount is interest free and repayable after the period ending 30 June 2025.
Included within other creditors is an amount of £Nil (2022: £Nil) owing to the director Mrs R Mohammad Jebril Ahmad Abdel Wahab, this amount is interest free and repayable on demand.
Included within creditors falling due after more than one year is an amount of £100,000 (2022: £100,000) owing to the director Mrs R Mohammad Jebril Ahmad Abdel Wahab, this amount is interest free and repayable after the period ending 30 June 2025.

10 Controlling party

There is no ultimate controlling party.