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Registration number: 03895796

Specialised Coatings Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Specialised Coatings Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Specialised Coatings Holdings Limited

(Registration number: 03895796)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

2,598,791

 

2,652,871

Investments

5

 

357,733

 

357,733

   

2,956,524

 

3,010,604

Current assets

   

 

Debtors

6

197,890

 

158,031

 

Cash at bank and in hand

 

2,108

 

2,466

 

 

199,998

 

160,497

 

Creditors: Amounts falling due within one year

7

(285,105)

 

(206,992)

 

Net current liabilities

   

(85,107)

 

(46,495)

Total assets less current liabilities

   

2,871,417

 

2,964,109

Creditors: Amounts falling due after more than one year

7

 

(485,446)

 

(572,978)

Provisions for liabilities

 

(480,057)

 

(490,057)

Net assets

   

1,905,914

 

1,901,074

Capital and reserves

   

 

Called up share capital

9

101

 

101

 

Share premium reserve

139,950

 

139,950

 

Capital redemption reserve

50

 

50

 

Revaluation reserve

1,377,169

 

1,377,169

 

Retained earnings

388,644

 

383,804

 

Shareholders' funds

   

1,905,914

 

1,901,074

 

Specialised Coatings Holdings Limited

(Registration number: 03895796)
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 2 July 2024 and signed on its behalf by:
 

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

 

Specialised Coatings Holdings 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 2 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.

Group accounts not prepared

Specialised Coatings Holdings Limited is exempt from preparing group financial statements as the group is small.

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 provision of services in the ordinary course of the company’s activities and the leasing of premises. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 Holdings Limited

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

Other grants

Grants relating to assets shall be 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 shall be recognised as deferred income and not deducted from the carrying amount of the asset.

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

Freehold land

No depreciation

Freehold buildings

2% straight line

Plant and machinery

20% straight line basis

Fixtures, fittings and equipment

25% straight line basis

Motor vehicles

25% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Specialised Coatings Holdings Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

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 3 (2022 - 2).

 

Specialised Coatings Holdings Limited

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

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

2,554,221

57,989

80,067

892,401

3,584,678

Additions

-

-

10,500

-

10,500

At 31 October 2023

2,554,221

57,989

90,567

892,401

3,595,178

Depreciation

At 1 November 2022

32,168

57,989

59,021

782,629

931,807

Charge for the year

16,084

-

10,467

38,029

64,580

At 31 October 2023

48,252

57,989

69,488

820,658

996,387

Carrying amount

At 31 October 2023

2,505,969

-

21,079

71,743

2,598,791

At 31 October 2022

2,522,053

-

21,046

109,772

2,652,871

Included within the net book value of land and buildings above is £2,505,969 (2022 - £2,522,053) in respect of freehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

357,733

357,733

Subsidiaries

£

Cost or valuation

At 1 November 2022

357,733

Carrying amount

At 31 October 2023

357,733

At 31 October 2022

357,733

 

Specialised Coatings Holdings Limited

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

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

197,290

157,015

Prepayments

 

600

600

Other debtors

 

-

416

   

197,890

158,031

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

109,031

95,029

Trade creditors

 

8,483

1,875

Taxation and social security

 

75,890

17,402

Accruals and deferred income

 

91,701

92,600

Other creditors

 

-

86

 

285,105

206,992

Creditors due after one year include bank loans and overdrafts which are secured of £67,572 (2022 - £64,875).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

485,446

572,978

2023
£

2022
£

Due after more than five years

After more than five years by instalments

74,878

174,589

-

-

Creditors include bank loans and overdrafts which are secured of £488,551 (2022 - £572,978).

 

Specialised Coatings Holdings Limited

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

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

67,683

64,875

Other borrowings

41,348

30,154

109,031

95,029

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

485,446

572,978

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

1

1

1

1

101

101

101

101

10

Related party transactions

 

Specialised Coatings Holdings Limited

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

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

41,348

2022

Key management
£

Amounts payable to related party

30,154