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Registered number: 06618566
R + K Polymer Glass Coatings Limited
Financial Statements
For The Year Ended 30 June 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06618566
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 147,091 180,317
147,091 180,317
CURRENT ASSETS
Stocks 5 105,589 148,676
Debtors 6 70,112 167,846
Cash at bank and in hand 184,759 130,343
360,460 446,865
Creditors: Amounts Falling Due Within One Year 7 (222,752 ) (256,549 )
NET CURRENT ASSETS (LIABILITIES) 137,708 190,316
TOTAL ASSETS LESS CURRENT LIABILITIES 284,799 370,633
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,889 ) (30,063 )
NET ASSETS 256,910 340,570
CAPITAL AND RESERVES
Called up share capital 8 100,004 100,004
Profit and Loss Account 156,906 240,566
SHAREHOLDERS' FUNDS 256,910 340,570
Page 1
Page 2
For the year ending 30 June 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 Rahul Nehra
Director
29 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
R + K Polymer Glass Coatings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06618566 . The registered office is Unit 12 Falcon Business Park, Meadow Lane, Loughborough, Leicestershire, LE11 1HL.
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. 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 33% straight line
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 7)
6 7
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 88,191 330,519 36,023 7,825 462,558
Additions 8,800 - - - 8,800
As at 30 June 2024 96,991 330,519 36,023 7,825 471,358
Depreciation
As at 1 July 2023 85,110 153,767 35,539 7,825 282,241
Provided during the period 1,423 40,216 387 - 42,026
As at 30 June 2024 86,533 193,983 35,926 7,825 324,267
Net Book Value
As at 30 June 2024 10,458 136,536 97 - 147,091
As at 1 July 2023 3,081 176,752 484 - 180,317
5. Stocks
2024 2023
£ £
Stock 105,589 148,676
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 51,926 150,617
Prepayments and accrued income 18,186 17,229
70,112 167,846
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 96,977 91,801
Corporation tax 18,718 55,152
Other taxes and social security 191 196
VAT 6,714 32,213
Accruals and deferred income 4,065 3,645
Directors' loan accounts 96,087 73,542
222,752 256,549
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,004 100,004
Page 5