Company registration number SC422650 (Scotland)
PENTLAND POWDERCOATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PENTLAND POWDERCOATING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PENTLAND POWDERCOATING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,302
26,714
Current assets
Stocks
6,000
6,000
Debtors
4
14,351
20,568
Cash at bank and in hand
80,492
129,097
100,843
155,665
Creditors: amounts falling due within one year
5
(46,236)
(70,113)
Net current assets
54,607
85,552
Total assets less current liabilities
75,909
112,266
Creditors: amounts falling due after more than one year
6
(20,724)
(35,142)
Provisions for liabilities
(4,152)
(5,248)
Net assets
51,033
71,876
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
51,032
71,875
Total equity
51,033
71,876
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PENTLAND POWDERCOATING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 August 2024
Mr P A Renwick
Director
Company Registration No. SC422650
PENTLAND POWDERCOATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Pentland Powdercoating Limited is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, United Kingdom, PA4 8WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and equipment
30% straight line
Fixtures and fittings
10% straight line
Computers
30% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PENTLAND POWDERCOATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
3,243
49,530
3,356
1,185
49,404
106,718
Additions
4,000
4,000
At 31 March 2024
3,243
53,530
3,356
1,185
49,404
110,718
Depreciation and impairment
At 1 April 2023
2,593
43,485
1,430
1,134
31,362
80,004
Depreciation charged in the year
324
4,215
311
51
4,511
9,412
At 31 March 2024
2,917
47,700
1,741
1,185
35,873
89,416
Carrying amount
At 31 March 2024
326
5,830
1,615
13,531
21,302
At 31 March 2023
650
6,045
1,926
51
18,042
26,714
PENTLAND POWDERCOATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,823
18,169
Other debtors
2,342
2,254
Prepayments and accrued income
186
145
14,351
20,568
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,418
5,988
Other borrowings
10,000
10,000
Trade creditors
5,545
11,307
Corporation tax
4,492
17,923
Other taxation and social security
13,123
16,879
Other creditors
1,855
1,348
Accruals and deferred income
6,803
6,668
46,236
70,113
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
4,058
8,476
Other borrowings
16,666
26,666
20,724
35,142
7
Secured Debts
Assets held under hire purchase are secured over the assets in which the agreements relate to.
8
Directors' transactions
The loan has been on an interest free basis and is repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P A Renwick -
-
2,254
2,588
(2,500)
2,342
2,254
2,588
(2,500)
2,342