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REGISTERED NUMBER: 02536276 (England and Wales)












L.V.H. COATINGS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


L.V.H. COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P I Hope
Mr I Hope





REGISTERED OFFICE: Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT





REGISTERED NUMBER: 02536276 (England and Wales)





AUDITORS: Wallace Crooke
Chartered Accountants
& Registered Auditors
Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,299 87,544
Investments 5 215,929 175,424
303,228 262,968

CURRENT ASSETS
Stocks 400,159 517,617
Debtors 6 426,756 477,154
Cash at bank 212,647 198,431
1,039,562 1,193,202
CREDITORS
Amounts falling due within one year 7 69,235 175,989
NET CURRENT ASSETS 970,327 1,017,213
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,273,555

1,280,181

CREDITORS
Amounts falling due after more than one
year

8

(7,860

)

-

PROVISIONS FOR LIABILITIES (21,620 ) (21,188 )
NET ASSETS 1,244,075 1,258,993

CAPITAL AND RESERVES
Called up share capital 11 80,800 81,300
Capital redemption reserve 12 12,762 12,262
Retained earnings 12 1,150,513 1,165,431
SHAREHOLDERS' FUNDS 1,244,075 1,258,993

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





Mr P I Hope - Director


L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

L.V.H. Coatings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Laboratory equipment - 15% on cost
Motor vehicles - 25% reducing balance
Computer equipment - 33% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowances for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Assets obtained under hire purchase contracts or finance lease are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in equity shares which are publicly traded or where the fair value can be reliably measured are initially measured at their fair value, with changes in fair value recognised in the income statement. Investments in equity shares where fair value can not be reliably measured are measured at cost less impairment.

Pensions costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Laboratory
property machinery equipment
£    £    £   
COST
At 1 January 2023 106,617 210,112 205,355
Additions - - 1,545
Disposals - - -
At 31 December 2023 106,617 210,112 206,900
DEPRECIATION
At 1 January 2023 104,725 184,929 197,901
Charge for year 879 9,375 2,370
Eliminated on disposal - - -
At 31 December 2023 105,604 194,304 200,271
NET BOOK VALUE
At 31 December 2023 1,013 15,808 6,629
At 31 December 2022 1,892 25,183 7,454

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 89,740 145,279 757,103
Additions 39,749 518 41,812
Disposals (30,025 ) - (30,025 )
At 31 December 2023 99,464 145,797 768,890
DEPRECIATION
At 1 January 2023 52,446 129,558 669,559
Charge for year 16,528 4,766 33,918
Eliminated on disposal (21,886 ) - (21,886 )
At 31 December 2023 47,088 134,324 681,591
NET BOOK VALUE
At 31 December 2023 52,376 11,473 87,299
At 31 December 2022 37,294 15,721 87,544

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 29,409
DEPRECIATION
At 1 January 2023 13,211
Charge for year 4,050
At 31 December 2023 17,261
NET BOOK VALUE
At 31 December 2023 12,148
At 31 December 2022 16,198

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2023 175,424
Additions 29,992
Fair value adjustment 10,513
At 31 December 2023 215,929
NET BOOK VALUE
At 31 December 2023 215,929
At 31 December 2022 175,424

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£   
Valuation in 2017 (45,802 )
Valuation in 2018 35,563
Valuation in 2019 17,918
Valuation in 2020 (18,979 )
Valuation in 2021 20,485
Valuation in 2022 (41,289 )
Valuation in 2023 10,513
Cost 237,520
215,929

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

If listed investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 237,520 207,528

Listed investments were valued on an open market basis on 31 December 2023 by Halifax Investment Manager .

Market value of listed investments at 31 December 2023 - £215,929 (2022 - £175,425)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 346,972 218,583
Other debtors 5,122 4,525
Directors' current accounts 759 759
VAT 13,548 31,891
Prepayments and accrued income 60,355 221,396
426,756 477,154

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 6,615 7,558
Trade creditors 36,836 99,397
Tax - 38,939
Other creditors 2,955 3,242
Accruals and deferred income 22,829 26,853
69,235 175,989

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 7,860 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,615 7,558
Between one and five years 7,860 -
14,475 7,558

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,500 41,372
Between one and five years 8,512 10,622
11,012 51,994

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 14,475 7,558

The debt is secured against the tangible fixed assets for which the hire purchase arrangements have been agreed.

There is a specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof fixed and floating charges over undertaking and all property and assets present and future including goodwill book debts and the benefits of any licences.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80,000 Ordinary £1 80,000 80,000
300 Ordinary A £1 300 300
500 Ordinary B £1 500 1,000
80,800 81,300

12. RESERVES

Capital redemption reserve

Capital redemption reserve includes amounts which have been transferred following the redemption of the company's own shares. No distributions are made from this reserve.

Retained earnings

Retained earnings includes all current and prior period retained profits and losses, less distributions to shareholders.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Jones FCA (Senior Statutory Auditor)
for and on behalf of Wallace Crooke

L.V.H. COATINGS LIMITED (REGISTERED NUMBER: 02536276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. 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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,238.65 (2022: £24,462). Contributions totalling £2,955 (2022: £3,242) were payable to the fund at the balance sheet date and are included in creditors. Outstanding pension amounting to £772 to be paid.

15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.