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REGISTERED NUMBER: 04058038 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPECIALIST COATINGS (GB) LIMITED

SPECIALIST COATINGS (GB) LIMITED (REGISTERED NUMBER: 04058038)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 6

SPECIALIST COATINGS (GB) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: P Lambert-Gorwyn





SECRETARY: A T Lambert-Gorwyn





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 04058038 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

SPECIALIST COATINGS (GB) LIMITED (REGISTERED NUMBER: 04058038)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 62,225 25,946

CURRENT ASSETS
Stocks 18,616 14,641
Debtors 5 36,221 186,862
Cash at bank 324,709 219,233
379,546 420,736
CREDITORS
Amounts falling due within one year 6 115,182 339,977
NET CURRENT ASSETS 264,364 80,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,589

106,705

PROVISIONS FOR LIABILITIES 15,556 5,468
NET ASSETS 311,033 101,237

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 311,032 101,236
SHAREHOLDERS' FUNDS 311,033 101,237

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 26 July 2024 and were signed by:




P Lambert-Gorwyn - Director


SPECIALIST COATINGS (GB) LIMITED (REGISTERED NUMBER: 04058038)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Specialist Coatings (GB) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

As at the balance sheet date the company had net current liabilities and net overall liabilities. The continued support of the director means that the company's ability to continue as a going concern is not called into question.

As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents net invoiced sale of goods and services, excluding value added tax. Turnover is recognised when the service has been performed.

Where payments are received from customers in advance of services provided, the amounts are recorded as
Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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.

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.

SPECIALIST COATINGS (GB) LIMITED (REGISTERED NUMBER: 04058038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 - 24,518 1,095 21,128 46,741
Additions 46,343 3,401 - 1,409 51,153
At 31 December 2023 46,343 27,919 1,095 22,537 97,894
DEPRECIATION
At 1 January 2023 - 6,420 1,008 13,367 20,795
Charge for year 4,755 5,375 22 4,722 14,874
At 31 December 2023 4,755 11,795 1,030 18,089 35,669
NET BOOK VALUE
At 31 December 2023 41,588 16,124 65 4,448 62,225
At 31 December 2022 - 18,098 87 7,761 25,946

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 111 169,290
Other debtors 10,063 9,120
Directors' current accounts 18,573 -
VAT 104 5,653
Prepayments 7,370 2,799
36,221 186,862

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,401 37,100
Tax 82,059 657
Social security and other taxes 1,778 6,877
Directors' current accounts - 32
Accruals and deferred income 3,498 293,111
Accrued expenses 26,446 2,200
115,182 339,977

SPECIALIST COATINGS (GB) LIMITED (REGISTERED NUMBER: 04058038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. 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
£    £   
P Lambert-Gorwyn
Balance outstanding at start of year (32 ) (41 )
Amounts advanced 20,300 1,098
Amounts repaid (1,695 ) (1,089 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,573 (32 )

At the start of the year, Mr Lambert-Gorwyn was owed £31 by the company. During the year, £20,092 was advanced to the director and £1,695 was repaid. At the year end, £18,573 was owed by the director to the company. Interest has been added to the average balance during the year at 2.25%. The outstanding balance was repaid within 9 months of the year end.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPECIALIST COATINGS (GB) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialist Coatings (GB) Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Specialist Coatings (GB) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialist Coatings (GB) Limited and state those matters that we have agreed to state to the director of Specialist Coatings (GB) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Coatings (GB) Limited and its director for our work or for this report.

It is your duty to ensure that Specialist Coatings (GB) 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 profit of Specialist Coatings (GB) Limited. You consider that Specialist Coatings (GB) Limited 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 Specialist Coatings (GB) Limited. 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.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


26 July 2024