Premier Protective Coatings Limited NI640822 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is sale of paint and powder coating products Digita Accounts Production Advanced 6.30.9574.0 true true false NI640822 2023-01-01 2023-12-31 NI640822 2023-12-31 NI640822 bus:OrdinaryShareClass1 2023-12-31 NI640822 core:CurrentFinancialInstruments 2023-12-31 NI640822 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI640822 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI640822 core:FurnitureFittingsToolsEquipment 2023-12-31 NI640822 core:OtherPropertyPlantEquipment 2023-12-31 NI640822 bus:SmallEntities 2023-01-01 2023-12-31 NI640822 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI640822 bus:FilletedAccounts 2023-01-01 2023-12-31 NI640822 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI640822 bus:RegisteredOffice 2023-01-01 2023-12-31 NI640822 bus:Director1 2023-01-01 2023-12-31 NI640822 bus:Director2 2023-01-01 2023-12-31 NI640822 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI640822 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI640822 core:FurnitureFittings 2023-01-01 2023-12-31 NI640822 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI640822 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI640822 core:ToolsEquipment 2023-01-01 2023-12-31 NI640822 1 2023-01-01 2023-12-31 NI640822 countries:NorthernIreland 2023-01-01 2023-12-31 NI640822 2022-12-31 NI640822 core:FurnitureFittingsToolsEquipment 2022-12-31 NI640822 core:OtherPropertyPlantEquipment 2022-12-31 NI640822 2022-01-01 2022-12-31 NI640822 2022-12-31 NI640822 bus:OrdinaryShareClass1 2022-12-31 NI640822 core:CurrentFinancialInstruments 2022-12-31 NI640822 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI640822 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI640822 core:FurnitureFittingsToolsEquipment 2022-12-31 NI640822 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI640822

Premier Protective Coatings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Premier Protective Coatings Limited

(Registration number: NI640822)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,159

13,423

Current assets

 

Stocks

5

271,265

220,294

Debtors

6

471,046

344,057

Cash at bank and in hand

 

167,624

101,895

 

909,935

666,246

Creditors: Amounts falling due within one year

7

(652,119)

(504,489)

Net current assets

 

257,816

161,757

Total assets less current liabilities

 

265,975

175,180

Creditors: Amounts falling due after more than one year

7

(129,843)

(130,046)

Provisions for liabilities

(2,040)

(2,550)

Net assets

 

134,092

42,584

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

133,992

42,484

Shareholders' funds

 

134,092

42,584

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.

Directors' 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 directors acknowledge their 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.

 

Premier Protective Coatings Limited

(Registration number: NI640822)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
Mr Eugene Dixon
Director

.........................................
Mr Adrian Dixon
Director

 

Premier Protective 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 Northern Ireland.

The address of its registered office is: 12 Sandholes Road, Cookstown, Tyrone, BT80 9AR.

These financial statements were authorised for issue by the Board on 16 May 2024.

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.

Going concern

The accounts have been prepared on the going concern basis

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.

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Premier Protective Coatings Limited

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and equipment

20% straight line

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Premier Protective 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 directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Fixtures and fittings
 £

Plant & Equipment
£

Total
£

Cost or valuation

At 1 January 2023

19,888

103,396

123,284

Additions

3,656

740

4,396

At 31 December 2023

23,544

104,136

127,680

Depreciation

At 1 January 2023

19,486

90,375

109,861

Charge for the year

594

9,066

9,660

At 31 December 2023

20,080

99,441

119,521

Carrying amount

At 31 December 2023

3,464

4,695

8,159

At 31 December 2022

402

13,021

13,423

 

Premier Protective Coatings Limited

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

5

Stocks

2023
£

2022
£

Stocks

271,265

220,294

6

Debtors

Current

2023
£

2022
£

Trade debtors

436,122

328,095

Prepayments

9,324

4,362

Other debtors

25,600

11,600

 

471,046

344,057

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

41,571

24,070

Taxation and social security

76,042

28,573

Other creditors

534,506

451,846

652,119

504,489

Creditors: amounts falling due after more than one year

2023
£

2022
£

Other creditors

129,843

130,046

 

Premier Protective Coatings Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

The following balance was owed (to)/from the directors as the year end:

2023
£

2022
 £

Directors Current account

20,100

6,100



Summary of transactions with other related parties

During the year the company entered into transactions with Maine Surface Finishing Limited, a company controlled by the directors of Premier Protective Coatings Limited. These transactions are as follows:

2023

2022

£

£

Sales to Maine Surface Finishing Limited

789,515

706,187

Purchases from Maine Surface Finishing Limited

2,270,264

1,622,655

Debtor owed from Maine Surface Finishing Limited

-

48,341

Creditor owed to Maine Surface Finishing Limited

583,984

577,553

10

Parent and ultimate parent undertaking

The company's immediate parent is Maine Group Limited, incorporated in Northern Ireland.