Spectrum Powder Coaters Limited 09347302 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of powder coating. Digita Accounts Production Advanced 6.30.9574.0 true 09347302 2023-03-01 2024-02-29 09347302 2024-02-29 09347302 core:CurrentFinancialInstruments 2024-02-29 09347302 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 09347302 core:Goodwill 2024-02-29 09347302 core:OtherResidualIntangibleAssets 2024-02-29 09347302 core:FurnitureFittings 2024-02-29 09347302 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 09347302 core:MotorVehicles 2024-02-29 09347302 core:PlantMachinery 2024-02-29 09347302 bus:SmallEntities 2023-03-01 2024-02-29 09347302 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09347302 bus:FilletedAccounts 2023-03-01 2024-02-29 09347302 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09347302 bus:RegisteredOffice 2023-03-01 2024-02-29 09347302 bus:Director3 2023-03-01 2024-02-29 09347302 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09347302 core:ComputerSoftware 2023-03-01 2024-02-29 09347302 core:Goodwill 2023-03-01 2024-02-29 09347302 core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 09347302 core:Buildings 2023-03-01 2024-02-29 09347302 core:FurnitureFittings 2023-03-01 2024-02-29 09347302 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09347302 core:MotorVehicles 2023-03-01 2024-02-29 09347302 core:OfficeEquipment 2023-03-01 2024-02-29 09347302 core:PlantMachinery 2023-03-01 2024-02-29 09347302 core:OtherRelatedParties 2023-03-01 2024-02-29 09347302 countries:AllCountries 2023-03-01 2024-02-29 09347302 2023-02-28 09347302 core:Goodwill 2023-02-28 09347302 core:OtherResidualIntangibleAssets 2023-02-28 09347302 core:FurnitureFittings 2023-02-28 09347302 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 09347302 core:MotorVehicles 2023-02-28 09347302 core:PlantMachinery 2023-02-28 09347302 2022-03-01 2023-02-28 09347302 2023-02-28 09347302 core:CurrentFinancialInstruments 2023-02-28 09347302 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 09347302 core:Goodwill 2023-02-28 09347302 core:OtherResidualIntangibleAssets 2023-02-28 09347302 core:FurnitureFittings 2023-02-28 09347302 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 09347302 core:MotorVehicles 2023-02-28 09347302 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 09347302

Spectrum Powder Coaters Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

image-name
 

Spectrum Powder Coaters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Spectrum Powder Coaters Limited

Company Information

Director

Mr C Shannon

Registered office

5 High March
Daventry
Northamptonshire
NN11 4QE

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,467

5,067

Tangible assets

5

22,908

24,189

 

26,375

29,256

Current assets

 

Stocks

6

18,511

17,600

Debtors

7

120,541

76,805

Cash at bank and in hand

 

83,350

134,391

 

222,402

228,796

Creditors: Amounts falling due within one year

8

(63,030)

(52,603)

Net current assets

 

159,372

176,193

Total assets less current liabilities

 

185,747

205,449

Provisions for liabilities

(2,268)

(2,538)

Net assets

 

183,479

202,911

Capital and reserves

 

Called up share capital

100

100

Retained earnings

183,379

202,811

Shareholders' funds

 

183,479

202,911

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

.........................................
Mr C Shannon
Director

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 09347302.

The address of its registered office is:
5 High March
Daventry
Northamptonshire
NN11 4QE

These financial statements were authorised for issue by the director on 30 August 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.

Turnover

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.

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.

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.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Freehold property

10% on cost

Plant and machinery

10% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Computer software

5 years

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.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 10 (2023 - 9).

4

Intangible assets

Goodwill
 £

Computer software
 £

Total
£

Cost or valuation

At 1 March 2023

1

8,000

8,001

At 29 February 2024

1

8,000

8,001

Amortisation

At 1 March 2023

1

2,933

2,934

Amortisation charge

-

1,600

1,600

At 29 February 2024

1

4,533

4,534

Carrying amount

At 29 February 2024

-

3,467

3,467

At 28 February 2023

-

5,067

5,067

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

2,750

1,849

39,856

26,546

71,001

Additions

-

628

5,750

-

6,378

At 29 February 2024

2,750

2,477

45,606

26,546

77,379

Depreciation

At 1 March 2023

2,200

1,298

27,461

15,853

46,812

Charge for the year

275

209

3,305

3,870

7,659

At 29 February 2024

2,475

1,507

30,766

19,723

54,471

Carrying amount

At 29 February 2024

275

970

14,840

6,823

22,908

At 28 February 2023

550

551

12,395

10,693

24,189

Included within the net book value of land and buildings above is £275 (2023 - £550) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Inventory

18,511

17,600

7

Debtors

Current

2024
£

2023
£

Trade debtors

115,490

71,776

Prepayments

4,664

4,841

Other debtors

387

188

 

120,541

76,805

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

23,765

28,359

Other creditors

1,467

1,222

Accruals

10,278

6,327

VAT Control account

19,082

4,273

PAYE and NIC creditor

3,248

3,636

Corporation tax control

5,190

8,786

63,030

52,603

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £77,100 (2023 - £102,800).

10

Related party transactions

Summary of transactions with other related parties

Henderson Fabrications UK Limited

A company under common control.

During the year, Spectrum Powder Coaters Limited made sales to Henderson Fabrications UK Limited of £200,058 (2023: £240,972). The balance due from Henderson Fabrications UK Limited at the balance sheet date was £40,601 (2023: £16,297).