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REGISTERED NUMBER: 07560124 (England and Wales)















VALE PROTECTIVE COATINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


VALE PROTECTIVE COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: S Black
S J Durant
J Kirkup
Mrs K A Kirkup





REGISTERED OFFICE: Building 152
Langar Trading Estate
Harby Road
Langar
Nottinghamshire
NG13 9HY





REGISTERED NUMBER: 07560124 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,244,037 1,280,050

CURRENT ASSETS
Inventories 386,012 33,520
Debtors 5 2,108,711 2,148,278
Cash at bank 33,517 -
2,528,240 2,181,798
CREDITORS
Amounts falling due within one year 6 3,198,608 2,765,071
NET CURRENT LIABILITIES (670,368 ) (583,273 )
TOTAL ASSETS LESS CURRENT LIABILITIES 573,669 696,777

CREDITORS
Amounts falling due after more than one year 7 (244,347 ) (475,665 )

PROVISIONS FOR LIABILITIES (188,299 ) (144,520 )
NET ASSETS 141,023 76,592

CAPITAL AND RESERVES
Called up share capital 9 475,000 475,000
Retained earnings (333,977 ) (398,408 )
141,023 76,592

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

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

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 and authorised for issue by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





S J Durant - Director


VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)

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

1. STATUTORY INFORMATION

Vale Protective 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.

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
Revenue 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.
Improvements to property - Straight line over 15 years
Plant and machinery - 1 - 15 years straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2022 - 54 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 581,253 1,532,042 256,890 32,579 2,402,764
Additions 53,061 6,223 99,448 3,340 162,072
Disposals - - (37,949 ) - (37,949 )
At 31 August 2023 634,314 1,538,265 318,389 35,919 2,526,887
DEPRECIATION
At 1 September 2022 301,320 698,196 98,766 24,432 1,122,714
Charge for year 40,987 103,923 25,337 3,838 174,085
Eliminated on disposal - - (13,949 ) - (13,949 )
At 31 August 2023 342,307 802,119 110,154 28,270 1,282,850
NET BOOK VALUE
At 31 August 2023 292,007 736,146 208,235 7,649 1,244,037
At 31 August 2022 279,933 833,846 158,124 8,147 1,280,050

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,038,543 1,796,852
Other debtors 31,081 13,015
Prepayments 39,087 338,411
2,108,711 2,148,278

Trade debtors are subject to invoice financing. Where applicable, funds advanced for invoice financing are recorded as payments received on account within creditors.

VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,000 81,880
Hire purchase contracts 82,343 106,044
Trade creditors 934,797 693,099
Payments received on account 1,707,694 1,564,009
Other taxes and social security 305,371 306,287
Other creditors 128,675 7,476
Accrued expenses 17,728 6,276
3,198,608 2,765,071

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 40,333 44,000
Bank loans - 2-5 years - 18,334
Hire purchase contracts 115,606 108,934
Other creditors 88,408 304,397
244,347 475,665

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 197,989 214,978
Finance Factor 1,707,694 1,564,009
1,905,683 1,778,987

Included within creditors is £1,707,694 (2022: £1,564,009) due to the finance factoring provider, which is secured on the trade debtors of the company up to the limit of £1,800,000 (2022: £1,500,000). Personal guarantees were provided to the finance factoring provider in respect of the liabilities of Vale Protective Coatings Ltd by the directors, namely Mr S Durant, Mr J Kirkup, Mrs K Kirkup, Mr S Black.

Included within hire purchase contracts are contracts amounting to £6,167 (2022: £6,167) that are personally guaranteed by the directors.

9. CALLED UP SHARE CAPITAL

Allotted, issued and full paid:
Number: Class: Nominal 2023 2022
value: £ £
232,500 Redeemable Preference £2 465,000 465,000
2,250 A Ordinary £1 2,250 2,250
1,125 B Ordinary £1 1,125 1,125
2,250 C Ordinary £1 2,250 2,250
1,125 D Ordinary £1 1,125 1,125
3,250 E Ordinary £1 3,250 3,250
475,000 475,000

VALE PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 07560124)

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

10. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

2023 2022
£ £
Due in less than one year106,507106,507
Due in more than one year175,141281,648


11. RELATED PARTY DISCLOSURES

Included within Other creditors is a loan of £192,408 (2022: £304,397) introduced by Mr A Black, the father of Mr S Black and Mrs K Kirkup, directors and ordinary shareholders of the company. The loan is an interest free loan and repayable on demand.

12. GOING CONCERN

The directors recognise that the company has net current liabilities of £670,368 (2022: £583,273) at the statement of financial position date.The company has a good working relationship with its commercial factoring provider, who supports the company. The directors therefore consider that it is appropriate to prepare the accounts on the going concern basis.