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REGISTERED NUMBER: 11121497 (England and Wales)















R C Coatings Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






R C Coatings Limited (Registered number: 11121497)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


R C Coatings Limited

Company Information
for the Year Ended 31 March 2024







Director: R A J Garland





Registered office: 5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP





Business address: Unit A & R North River road
Eurocentre
Great Yarmouth
Norfolk
NR301TE





Registered number: 11121497 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

R C Coatings Limited (Registered number: 11121497)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 81,858 76,898

Current assets
Stocks 89,500 29,000
Debtors 5 71,530 47,556
Cash at bank and in hand 17,412 23,058
178,442 99,614
Creditors
Amounts falling due within one year 6 227,842 134,391
Net current liabilities (49,400 ) (34,777 )
Total assets less current liabilities 32,458 42,121

Creditors
Amounts falling due after more than one
year

7

(28,294

)

(46,027

)

Provisions for liabilities (67 ) (1,819 )
Net assets/(liabilities) 4,097 (5,725 )

Capital and reserves
Called up share capital 1 1
Retained earnings 4,096 (5,726 )
Shareholders' funds 4,097 (5,725 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

R C Coatings Limited (Registered number: 11121497)

Statement of Financial Position - continued
31 March 2024


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 5 August 2024 and were signed by:





R A J Garland - Director


R C Coatings Limited (Registered number: 11121497)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

R C 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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be readily measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold;
- the amount of turnover can be measured reliably
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

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 - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computers and equipment - 33% 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.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.


R C Coatings Limited (Registered number: 11121497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. Employees and directors

The average number of employees during the year was 8 (2023 - 6 ) .

4. Tangible fixed assets
Improvements Computers
to Plant and Motor and
property machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 12,908 73,765 5,200 4,607 96,480
Additions - 12,196 2,720 2,727 17,643
At 31 March 2024 12,908 85,961 7,920 7,334 114,123
Depreciation
At 1 April 2023 1,291 14,941 750 2,600 19,582
Charge for year 1,161 9,553 838 1,131 12,683
At 31 March 2024 2,452 24,494 1,588 3,731 32,265
Net book value
At 31 March 2024 10,456 61,467 6,332 3,603 81,858
At 31 March 2023 11,617 58,824 4,450 2,007 76,898

R C Coatings Limited (Registered number: 11121497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade debtors 41,674 33,914
Other debtors 29,856 13,642
71,530 47,556

6. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 4,931 5,000
Trade creditors 141,348 71,301
Amounts owed to associates 21,935 21,167
Taxation and social security 19,041 6,333
Other creditors 40,587 30,590
227,842 134,391

7. Creditors: amounts falling due after more than one year
31/3/24 31/3/23
£    £   
Bank loans 8,438 13,369
Other creditors 19,856 32,658
28,294 46,027

8. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
R A J Garland
Balance outstanding at start of year (38 ) (1,650 )
Amounts advanced 19,465 6,124
Amounts repaid - (4,512 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,427 (38 )