IRIS Accounts Production v24.1.9.2 05819228 director 31.5.23 30.5.24 30.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058192282023-05-30058192282024-05-30058192282023-05-312024-05-30058192282022-05-30058192282022-05-312023-05-30058192282023-05-3005819228ns15:EnglandWales2023-05-312024-05-3005819228ns14:PoundSterling2023-05-312024-05-3005819228ns10:Director12023-05-312024-05-3005819228ns10:PrivateLimitedCompanyLtd2023-05-312024-05-3005819228ns10:SmallEntities2023-05-312024-05-3005819228ns10:AuditExempt-NoAccountantsReport2023-05-312024-05-3005819228ns10:SmallCompaniesRegimeForDirectorsReport2023-05-312024-05-3005819228ns10:SmallCompaniesRegimeForAccounts2023-05-312024-05-3005819228ns10:FullAccounts2023-05-312024-05-3005819228ns10:RegisteredOffice2023-05-312024-05-3005819228ns5:CurrentFinancialInstruments2024-05-3005819228ns5:CurrentFinancialInstruments2023-05-3005819228ns5:Non-currentFinancialInstruments2024-05-3005819228ns5:Non-currentFinancialInstruments2023-05-3005819228ns5:ShareCapital2024-05-3005819228ns5:ShareCapital2023-05-3005819228ns5:RevaluationReserve2024-05-3005819228ns5:RevaluationReserve2023-05-3005819228ns5:CapitalRedemptionReserve2024-05-3005819228ns5:CapitalRedemptionReserve2023-05-3005819228ns5:RetainedEarningsAccumulatedLosses2024-05-3005819228ns5:RetainedEarningsAccumulatedLosses2023-05-3005819228ns5:PlantMachinery2023-05-312024-05-3005819228ns5:FurnitureFittings2023-05-312024-05-3005819228ns5:MotorVehicles2023-05-312024-05-3005819228ns5:PlantMachinery2023-05-3005819228ns5:FurnitureFittings2023-05-3005819228ns5:MotorVehicles2023-05-3005819228ns5:PlantMachinery2024-05-3005819228ns5:FurnitureFittings2024-05-3005819228ns5:MotorVehicles2024-05-3005819228ns5:PlantMachinery2023-05-3005819228ns5:FurnitureFittings2023-05-3005819228ns5:MotorVehicles2023-05-3005819228ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3005819228ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-05-3005819228ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-312024-05-3005819228ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3005819228ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3005819228ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3005819228ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-05-3005819228ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3005819228ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3005819228ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3005819228ns5:WithinOneYear2024-05-3005819228ns5:WithinOneYear2023-05-3005819228ns5:BetweenOneFiveYears2024-05-3005819228ns5:BetweenOneFiveYears2023-05-3005819228ns5:AllPeriods2024-05-3005819228ns5:AllPeriods2023-05-3005819228ns5:RevaluationReserve2023-05-30
REGISTERED NUMBER: 05819228 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 May 2024

for

Absolute Powder Coatings Limited

Absolute Powder Coatings Limited (Registered number: 05819228)






Contents of the Financial Statements
for the Year Ended 30 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Absolute Powder Coatings Limited

Company Information
for the Year Ended 30 May 2024







DIRECTOR: Mr S Robertson





REGISTERED OFFICE: 1 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





REGISTERED NUMBER: 05819228 (England and Wales)





ACCOUNTANTS: Godfrey Laws & Co Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Absolute Powder Coatings Limited (Registered number: 05819228)

Balance Sheet
30 May 2024

30.5.24 30.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,518 56,578

CURRENT ASSETS
Stocks 23,782 23,591
Debtors 5 261,964 201,234
Cash at bank and in hand 206,996 279,906
492,742 504,731
CREDITORS
Amounts falling due within one year 6 187,068 184,293
NET CURRENT ASSETS 305,674 320,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

391,192

377,016

CREDITORS
Amounts falling due after more than one
year

7

(10,107

)

(20,100

)

PROVISIONS FOR LIABILITIES (16,932 ) (9,413 )
NET ASSETS 364,153 347,503

CAPITAL AND RESERVES
Called up share capital 50 50
Revaluation reserve 9 27,303 27,303
Capital redemption reserve 50 50
Retained earnings 336,750 320,100
364,153 347,503

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 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.

Absolute Powder Coatings Limited (Registered number: 05819228)

Balance Sheet - continued
30 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 August 2024 and were signed by:





Mr S Robertson - Director


Absolute Powder Coatings Limited (Registered number: 05819228)

Notes to the Financial Statements
for the Year Ended 30 May 2024

1. STATUTORY INFORMATION

Absolute Powder 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
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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Absolute Powder Coatings Limited (Registered number: 05819228)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 9 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 31 May 2023 143,395 27,613 756 171,764
Additions - 656 45,389 46,045
Disposals - (157 ) (756 ) (913 )
At 30 May 2024 143,395 28,112 45,389 216,896
DEPRECIATION
At 31 May 2023 93,430 21,239 517 115,186
Charge for year 7,495 1,696 7,565 16,756
Eliminated on disposal - (47 ) (517 ) (564 )
At 30 May 2024 100,925 22,888 7,565 131,378
NET BOOK VALUE
At 30 May 2024 42,470 5,224 37,824 85,518
At 30 May 2023 49,965 6,374 239 56,578

Absolute Powder Coatings Limited (Registered number: 05819228)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 31 May 2023 19,475
Transfer to ownership (19,475 )
At 30 May 2024 -
DEPRECIATION
At 31 May 2023 3,128
Charge for year 2,452
Transfer to ownership (5,580 )
At 30 May 2024 -
NET BOOK VALUE
At 30 May 2024 -
At 30 May 2023 16,347

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Trade debtors 166,191 134,689
Other debtors 36,700 20,202
Intercompany loan APL ltd 192 192
Tax 3,500 -
Prepayments and accrued income 55,381 46,151
261,964 201,234

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.5.24 30.5.23
£    £   
Other loans 10,648 10,648
Hire purchase contracts (see note 8) - 7,283
Trade creditors 54,134 37,901
Tax 49,912 48,290
Social security and other taxes 3,740 6,367
VAT 58,093 53,025
Other creditors 1,161 14,965
Directors' current accounts 50 214
Accrued expenses 9,330 5,600
187,068 184,293

Absolute Powder Coatings Limited (Registered number: 05819228)

Notes to the Financial Statements - continued
for the Year Ended 30 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.5.24 30.5.23
£    £   
Other loans - 1-2 years 10,107 20,100

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.5.24 30.5.23
£    £   
Net obligations repayable:
Within one year - 7,283

Non-cancellable operating leases
30.5.24 30.5.23
£    £   
Within one year 56,724 50,574
Between one and five years 34,236 74,487
90,960 125,061

9. RESERVES
Revaluation
reserve
£   
At 31 May 2023
and 30 May 2024 27,303

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Robertson.