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Registered number: 04637025
C J Powder Coatings Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04637025
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 15,000 15,000
Tangible Assets 5 87,665 101,014
102,665 116,014
CURRENT ASSETS
Stocks 6 1,687 3,145
Debtors 7 66,905 53,550
Cash at bank and in hand 21,645 24,446
90,237 81,141
Creditors: Amounts Falling Due Within One Year 8 (65,371 ) (50,737 )
NET CURRENT ASSETS (LIABILITIES) 24,866 30,404
TOTAL ASSETS LESS CURRENT LIABILITIES 127,531 146,418
NET ASSETS 127,531 146,418
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 127,431 146,318
SHAREHOLDERS' FUNDS 127,531 146,418
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Hutson
Director
28/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
C J Powder Coatings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04637025 . The registered office is Unit 8, Humberston Business Centre, Jackson Place, Wilton Road Ind Est, Humberston, Grimsby, Lincolnshire, DN36 4AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% Reducing Balance
Plant & Machinery 15% Reducing Balance
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 15,000
As at 30 April 2024 15,000
Net Book Value
As at 30 April 2024 15,000
As at 1 May 2023 15,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 12,020 277,707 4,663 294,390
As at 30 April 2024 12,020 277,707 4,663 294,390
Depreciation
As at 1 May 2023 - 189,423 3,953 193,376
Provided during the period - 13,242 107 13,349
As at 30 April 2024 - 202,665 4,060 206,725
Net Book Value
As at 30 April 2024 12,020 75,042 603 87,665
As at 1 May 2023 12,020 88,284 710 101,014
6. Stocks
2024 2023
£ £
Stock 1,687 3,145
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 54,579 34,315
Prepayments and accrued income 4,078 5,403
Directors' loan accounts 8,248 13,832
66,905 53,550
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,563 10,378
Corporation tax 22,463 10,102
Other taxes and social security 2,580 14,211
VAT 17,722 15,196
Other creditors 193 -
Accruals and deferred income 850 850
65,371 50,737
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Leslie Bellamy 5,520 42,267 41,000 - 6,787
Mr Matthew Hutson 8,312 42,549 41,000 - 9,861
The above loan is unsecured, interest free and repayable on demand.
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