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REGISTERED NUMBER: SC380325 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

F I Coatings Limited

F I Coatings Limited (Registered number: SC380325)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


F I Coatings Limited (Registered number: SC380325)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 218,926 457,268
218,926 457,268

CURRENT ASSETS
Stocks 268,704 238,325
Debtors 6 743,242 496,750
Cash at bank 27,289 7,880
1,039,235 742,955
CREDITORS
Amounts falling due within one year 7 (1,132,972 ) (868,149 )
NET CURRENT LIABILITIES (93,737 ) (125,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,189

332,074

CREDITORS
Amounts falling due after more than one year 8 (81,597 ) (313,094 )

PROVISIONS FOR LIABILITIES (41,596 ) (17,168 )
NET ASSETS 1,996 1,812

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 996 812
SHAREHOLDERS' FUNDS 1,996 1,812

F I Coatings Limited (Registered number: SC380325)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 29 March 2024 and were signed by:





Mr L S D'Warte - Director


F I Coatings Limited (Registered number: SC380325)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

F I Coatings Limited is a private company, limited by shares, domiciled in Scotland, registration number SC380325. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of shotblasting and industrial painting, excluding value added tax. Sales are recognised at the point at which the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


F I Coatings Limited (Registered number: SC380325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 25 ) .

F I Coatings Limited (Registered number: SC380325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 8,000
AMORTISATION
At 1 January 2023
and 31 December 2023 8,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 368,739 283,932 652,671
Additions - 156,684 156,684
Disposals (368,739 ) (1,651 ) (370,390 )
At 31 December 2023 - 438,965 438,965
DEPRECIATION
At 1 January 2023 1,827 193,576 195,403
Charge for year 6 26,809 26,815
Eliminated on disposal (1,833 ) (346 ) (2,179 )
At 31 December 2023 - 220,039 220,039
NET BOOK VALUE
At 31 December 2023 - 218,926 218,926
At 31 December 2022 366,912 90,356 457,268

F I Coatings Limited (Registered number: SC380325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 112,700
At 31 December 2023 112,700
DEPRECIATION
Charge for year 8,446
At 31 December 2023 8,446
NET BOOK VALUE
At 31 December 2023 104,254

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 568,979 264,370
Amounts owed by associates 84,338 64,052
Other debtors 89,925 168,328
743,242 496,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 13,976 90,985
Hire purchase contracts 22,540 -
Trade creditors 349,391 316,804
Taxation and social security 254,246 188,272
Other creditors 492,819 272,088
1,132,972 868,149

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 313,094
Hire purchase contracts 81,597 -
81,597 313,094

F I Coatings Limited (Registered number: SC380325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 13,976 404,079
Factoring creditor - 260,620
13,976 664,699

The bank loan provided is secured by way of bond and floating charge over the company and of personal guarantee of Mr L S D'Warte.

The mortgage loan provided is secured over the property to which it relates.

The factoring creditor is secured by floating charge over all sums due to RBS Invoice Finance Limited.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr L S D'Warte
Balance outstanding at start of year 112,555 214,787
Amounts repaid (57,000 ) (102,232 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,555 112,555

11. RELATED PARTY DISCLOSURES

At the year-end, companies under common control owed £84,338 (2022: £64,052).