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Registration number: 09641335

Coatings Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Coatings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Coatings Limited

(Registration number: 09641335)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

181,418

189,302

Current assets

 

Stocks

5

25,532

56,112

Debtors

6

856,958

961,544

Cash at bank and in hand

 

18,613

31,698

 

901,103

1,049,354

Creditors: Amounts falling due within one year

7

(803,365)

(945,261)

Net current assets

 

97,738

104,093

Total assets less current liabilities

 

279,156

293,395

Creditors: Amounts falling due after more than one year

7

(73,630)

(127,897)

Provisions for liabilities

(45,353)

(34,835)

Net assets

 

160,173

130,663

Capital and reserves

 

Called up share capital

150

150

Retained earnings

160,023

130,513

Shareholders' funds

 

160,173

130,663

 

Coatings Limited

(Registration number: 09641335)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 August 2024
 

.........................................
Mr N Donovan
Director

 

Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

The principal place of business is:
Britannia House
Unit 9
Dock Road
Wallasey
Wirral
CH41 1DF

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Coatings Limited

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

Government grants

Government grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate,

Any amounts outstanding at the year end will be included within other debtors.

Tax

The tax expense for the period comprises current and deferred tax.

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Computer equipment

20% reducing balance

Plant and machinery

15% reducing balance

Leasehold improvements

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicle

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Coatings Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 25).

 

Coatings Limited

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

4

Tangible assets

Leasehold property improvements
£

Computer equipment and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

7,010

12,435

-

349,710

369,155

Additions

-

1,083

5,000

15,636

21,719

At 31 December 2023

7,010

13,518

5,000

365,346

390,874

Depreciation

At 1 January 2023

1,052

7,136

-

171,665

179,853

Charge for the year

893

1,121

417

27,172

29,603

At 31 December 2023

1,945

8,257

417

198,837

209,456

Carrying amount

At 31 December 2023

5,065

5,261

4,583

166,509

181,418

At 31 December 2022

5,958

5,299

-

178,045

189,302

 

Coatings Limited

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

5

Stocks

2023
£

2022
£

Closing stock

25,532

56,112

6

Debtors

Current

2023
£

2022
£

Trade debtors

448,159

543,192

Other debtors

408,799

418,352

 

856,958

961,544

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

54,267

50,762

Trade creditors

161,445

324,312

Taxation and social security

145,641

205,390

Other creditors

442,012

364,797

803,365

945,261

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

73,630

127,897

Included within loans and borrowings are hire purchase liabilities by way of a floating and fixed charge over the property of the company. Further facilities included in other creditors are secured by both fixed and floating charges held over all assets held by the company.

 

Coatings Limited

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

8

Related party transactions

At 31 December 2023 the Company was owed £219,764 by Coatings Holdings (Wirral) Limited. Coatings Holdings (Wirral) Limited is a related party as Coatings Limited is a 100% subsidiary of Coatings Holdings (Wirral) Limited. This loan is interest free and repayable on demand.

At 31 December 2023 the Company was owed £135,816 by Metals Online Limited. Metals Online Limited is a related party as the director is also a director of Metals Online Limited. This loan is interest free and repayable on demand.

At 31 December 2023 the Company was owed £27,953 by D4 Facades and Interiors Limited. D4 Facades and Interiors Limited is a related party as the director is also a director of D4 Facades and Interiors Limited. This loan is interest free and repayable on demand.