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Registration number: 02554655

Specialised Coatings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Specialised Coatings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Specialised Coatings Limited

(Registration number: 02554655)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

30,006

 

10,820

Tangible assets

5

 

55,167

 

35,334

   

85,173

 

46,154

Current assets

   

 

Stocks

108,356

 

28,640

 

Debtors

6

589,367

 

577,791

 

Cash at bank and in hand

 

21,300

 

37,120

 

 

719,023

 

643,551

 

Creditors: Amounts falling due within one year

7

(500,169)

 

(441,559)

 

Net current assets

   

218,854

 

201,992

Total assets less current liabilities

   

304,027

 

248,146

Creditors: Amounts falling due after more than one year

7

 

-

 

(7,457)

Provisions for liabilities

 

(13,900)

 

(4,500)

Net assets

   

290,127

 

236,189

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

290,027

 

236,089

 

Shareholders' funds

   

290,127

 

236,189

 

Specialised Coatings Limited

(Registration number: 02554655)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
D M Bywater
Director

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mile Cross Works
Gibbet Street
Halifax
HX1 4JQ

These financial statements were authorised for issue by the Board on 8 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These 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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section 1AC.35 from disclosing transactions and balances
with fellow group undertakings that are wholly owned..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 corporation tax charge is calculated on the basis of 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line basis

Office equipment

33% straight line basis

Plant and Machinery

20% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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.

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 28).

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

At 1 November 2022

16,230

16,230

Additions acquired separately

24,590

24,590

At 31 October 2023

40,820

40,820

Amortisation

At 1 November 2022

5,410

5,410

Amortisation charge

5,404

5,404

At 31 October 2023

10,814

10,814

Carrying amount

At 31 October 2023

30,006

30,006

At 31 October 2022

10,820

10,820

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

63,810

-

7,775

71,585

Additions

7,500

30,181

4,443

42,124

Disposals

(35,410)

-

-

(35,410)

At 31 October 2023

35,900

30,181

12,218

78,299

Depreciation

At 1 November 2022

33,659

-

2,591

36,250

Charge for the year

17,252

1,522

3,517

22,291

Eliminated on disposal

(35,409)

-

-

(35,409)

At 31 October 2023

15,502

1,522

6,108

23,132

Carrying amount

At 31 October 2023

20,398

28,659

6,110

55,167

At 31 October 2022

30,151

-

5,183

35,334

 

Specialised Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

512,266

509,531

Amounts owed by related parties

49,855

39,216

Prepayments

27,246

29,044

 

589,367

577,791

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

5,925

Trade creditors

189,674

145,194

Amounts owed to group undertakings and undertakings in which the company has a participating interest

95,060

125,382

Taxation and social security

88,814

84,764

Accruals and deferred income

25,308

25,995

Other creditors

101,313

54,299

500,169

441,559

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £56,982).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

-

7,457

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £7,457).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

Ordinary A shares of £1 each

1

1

1

1

100

100

100

100