Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12432103 2023-03-01 2024-02-29 12432103 2022-03-01 2023-02-28 12432103 2024-02-29 12432103 2023-02-28 12432103 c:Director2 2023-03-01 2024-02-29 12432103 d:PlantMachinery 2023-03-01 2024-02-29 12432103 d:PlantMachinery 2024-02-29 12432103 d:PlantMachinery 2023-02-28 12432103 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12432103 d:ComputerEquipment 2023-03-01 2024-02-29 12432103 d:ComputerEquipment 2024-02-29 12432103 d:ComputerEquipment 2023-02-28 12432103 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12432103 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12432103 d:CurrentFinancialInstruments 2024-02-29 12432103 d:CurrentFinancialInstruments 2023-02-28 12432103 d:Non-currentFinancialInstruments 2024-02-29 12432103 d:Non-currentFinancialInstruments 2023-02-28 12432103 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12432103 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12432103 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 12432103 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12432103 d:ShareCapital 2024-02-29 12432103 d:ShareCapital 2023-02-28 12432103 d:RetainedEarningsAccumulatedLosses 2024-02-29 12432103 d:RetainedEarningsAccumulatedLosses 2023-02-28 12432103 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 12432103 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 12432103 d:TaxLossesCarry-forwardsDeferredTax 2024-02-29 12432103 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 12432103 d:OtherDeferredTax 2024-02-29 12432103 d:OtherDeferredTax 2023-02-28 12432103 c:FRS102 2023-03-01 2024-02-29 12432103 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12432103 c:FullAccounts 2023-03-01 2024-02-29 12432103 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12432103 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 12432103










CGC POWDER COATING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CGC POWDER COATING LIMITED
REGISTERED NUMBER: 12432103

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
31,061
35,334

  
31,061
35,334

Current assets
  

Stocks
  
2,075
2,600

Debtors: amounts falling due within one year
 5 
16,366
16,265

Cash at bank and in hand
 6 
30,423
44,509

  
48,864
63,374

Creditors: amounts falling due within one year
 7 
(21,666)
(18,570)

Net current assets
  
 
 
27,198
 
 
44,804

Total assets less current liabilities
  
58,259
80,138

Creditors: amounts falling due after more than one year
 8 
(31,074)
(53,958)

Provisions for liabilities
  

Deferred tax
 9 
(5,051)
(4,800)

  
 
 
(5,051)
 
 
(4,800)

Net assets
  
22,134
21,380


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
22,132
21,378

  
22,134
21,380


Page 1

 
CGC POWDER COATING LIMITED
REGISTERED NUMBER: 12432103
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Cope
Director

Date: 9 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

CGC Powder Coating Limited is a company limited by shares, registered in England and Wales,
registered number 12432103. The registered office and principal place of business is 19 Paynes Lane,
Rugby, CV21 2UH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
41,632
333
41,965



At 29 February 2024

41,632
333
41,965



Depreciation


At 1 March 2023
6,439
192
6,631


Charge for the year on owned assets
4,163
110
4,273



At 29 February 2024

10,602
302
10,904



Net book value



At 29 February 2024
31,030
31
31,061



At 28 February 2023
35,193
141
35,334


5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
16,364
16,262

Other debtors
-
1

Called up share capital not paid
2
2

16,366
16,265



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
30,423
44,509


Page 7

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
9,193
8,573

Trade creditors
4,187
890

Other taxation and social security
6,164
7,113

Other creditors
622
494

Accruals and deferred income
1,500
1,500

21,666
18,570



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
17,383
26,576

Government grants received
13,691
27,382

31,074
53,958



9.


Deferred taxation






2024


£






At beginning of year
(4,800)


Charged to profit or loss
(251)



At end of year
(5,051)

Page 8

 
CGC POWDER COATING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(7,765)
(8,834)

Tax losses carried forward
2,676
4,000

Short term timing differences
38
34

(5,051)
(4,800)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. Contributions totalling £151
(2023 - £135) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9