IRIS Accounts Production v24.1.9.2 03861176 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038611762022-10-31038611762023-10-31038611762022-11-012023-10-31038611762021-04-30038611762021-05-012022-10-31038611762022-10-3103861176ns15:EnglandWales2022-11-012023-10-3103861176ns14:PoundSterling2022-11-012023-10-3103861176ns10:Director12022-11-012023-10-3103861176ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103861176ns10:SmallEntities2022-11-012023-10-3103861176ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3103861176ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3103861176ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3103861176ns10:FullAccounts2022-11-012023-10-3103861176ns10:Director22022-11-012023-10-3103861176ns10:RegisteredOffice2022-11-012023-10-3103861176ns5:CurrentFinancialInstruments2023-10-3103861176ns5:CurrentFinancialInstruments2022-10-3103861176ns5:Non-currentFinancialInstruments2023-10-3103861176ns5:Non-currentFinancialInstruments2022-10-3103861176ns5:ShareCapital2023-10-3103861176ns5:ShareCapital2022-10-3103861176ns5:RetainedEarningsAccumulatedLosses2023-10-3103861176ns5:RetainedEarningsAccumulatedLosses2022-10-3103861176ns5:PlantMachinery2022-11-012023-10-3103861176ns5:FurnitureFittings2022-11-012023-10-3103861176ns5:ComputerEquipment2022-11-012023-10-3103861176ns5:PlantMachinery2022-10-3103861176ns5:FurnitureFittings2022-10-3103861176ns5:ComputerEquipment2022-10-3103861176ns5:PlantMachinery2023-10-3103861176ns5:FurnitureFittings2023-10-3103861176ns5:ComputerEquipment2023-10-3103861176ns5:PlantMachinery2022-10-3103861176ns5:FurnitureFittings2022-10-3103861176ns5:ComputerEquipment2022-10-3103861176ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103861176ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31
REGISTERED NUMBER: 03861176 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 October 2023

for

RS Coatings Limited

RS Coatings Limited (Registered number: 03861176)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RS Coatings Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: M Bromley
P P K Llewellyn-Stamp





REGISTERED OFFICE: 16-20 Howlett Way
Thetford
Norfolk
IP24 1HZ





REGISTERED NUMBER: 03861176 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

RS Coatings Limited (Registered number: 03861176)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,408 40,479

CURRENT ASSETS
Stocks 13,470 19,465
Debtors 5 43,518 30,299
Cash at bank and in hand 73 73
57,061 49,837
CREDITORS
Amounts falling due within one year 6 144,212 177,799
NET CURRENT LIABILITIES (87,151 ) (127,962 )
TOTAL ASSETS LESS CURRENT LIABILITIES (55,743 ) (87,483 )

CREDITORS
Amounts falling due after more than one
year

7

40,317

42,500
NET LIABILITIES (96,060 ) (129,983 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (96,062 ) (129,985 )
(96,060 ) (129,983 )

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

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

The directors acknowledge their 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.

RS Coatings Limited (Registered number: 03861176)

Balance Sheet - continued
31 October 2023


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 Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





P P K Llewellyn-Stamp - Director


RS Coatings Limited (Registered number: 03861176)

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

1. STATUTORY INFORMATION

RS Coatings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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

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

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

RS Coatings Limited (Registered number: 03861176)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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

RS Coatings Limited (Registered number: 03861176)

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

2. ACCOUNTING POLICIES - continued

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.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Going concern
Having estimated the projected results and cash flow of the company, it is expected that the company's results will improve in the next twelve months. The directors are confident that the cash demands of the company will be satisfied, and it is therefore appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 81,319 1,523 18,022 100,864
Disposals - (1,523 ) (14,262 ) (15,785 )
At 31 October 2023 81,319 - 3,760 85,079
DEPRECIATION
At 1 November 2022 45,922 980 13,483 60,385
Charge for year 5,310 - 441 5,751
Eliminated on disposal - (980 ) (11,485 ) (12,465 )
At 31 October 2023 51,232 - 2,439 53,671
NET BOOK VALUE
At 31 October 2023 30,087 - 1,321 31,408
At 31 October 2022 35,397 543 4,539 40,479

RS Coatings Limited (Registered number: 03861176)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,332 22,937
Amounts owed by group undertakings 34,185 2,219
Other debtors 1,001 5,143
43,518 30,299

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,215 36,132
Trade creditors 36,029 37,348
Amounts owed to group undertakings 55,388 76,217
Taxation and social security 15,580 23,102
Other creditors 5,000 5,000
144,212 177,799

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 40,317 42,500

8. SECURED DEBTS

The bank holds a debenture from the company which incorporates a fixed and floating charge over all current and future assets of the company.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Peerless Plastics and Coatings Limited, a company registered in England and Wales.