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REGISTERED NUMBER: 11155353 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Nu-Coat Ltd

Nu-Coat Ltd (Registered number: 11155353)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nu-Coat Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr M H Davies
Ms E Fairhurst
Ms L S Hart
Mr P Mccann
Mr R Musto
Mr P Noble
Mr A G K Wallace
Mr C G Martin





SECRETARY: Mr M H Davies





REGISTERED OFFICE: 7b Fairlie Road
Slough
Berkshire
SL1 4PY





REGISTERED NUMBER: 11155353 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Nu-Coat Ltd (Registered number: 11155353)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 367,272 152,261

CURRENT ASSETS
Stocks 845,503 925,273
Debtors 5 181,057 237,244
Cash at bank 30,227 55,699
1,056,787 1,218,216
CREDITORS
Amounts falling due within one year 6 (377,637 ) (425,376 )
NET CURRENT ASSETS 679,150 792,840
TOTAL ASSETS LESS CURRENT LIABILITIES 1,046,422 945,101

CREDITORS
Amounts falling due after more than one year 7 (1,321,600 ) (854,600 )
NET (LIABILITIES)/ASSETS (275,178 ) 90,501

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 281,912 281,912
Retained earnings (557,190 ) (191,511 )
(275,178 ) 90,501

Nu-Coat Ltd (Registered number: 11155353)

Balance Sheet - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 2 July 2024 and were signed on its behalf by:





Mr A G K Wallace - Director


Nu-Coat Ltd (Registered number: 11155353)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Nu-Coat Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 financial statements have been prepared under the historical cost convention.

As at the balance sheet date the company had net liabilities of (£241,666) (2022: £90,501) and net current liabilities of £1,079,934 (2022: £945,101),. The financial statements have been prepared on the going concern basis which assumes that the group and the company will continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements. In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements the directors have had regard to the tracking performance, cash flow forecast for the company for the period following, and a detailed review of the working capital requirements for the same period. These forecasts show that the company should be able to continue to operate within their existing facilities.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern and, therefore that they may be unable to realise assets and discharge liabilities in the normal course of business. The directors are of the opinion that the group will receive sufficient cash inflows to meet its liabilities as they fall due for the foreseeable future, and will continue to receive the support of the trading company. Accordingly, these financial statements have been prepared on the going concern basis and do not include the adjustments that would result if the company were unable to continue as a going concern.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates.

Turnover
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when goods are dispatched, which is when the goods are invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the lease term
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 50% on cost

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. Cost include all costs of purchase and other costs in bringing the stock to its present location and condition. Net realisable value is based on estimated selling price less additional cost to completion and sale.

At each reporting date, stock is 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 the statement of comprehensive income.

Nu-Coat Ltd (Registered number: 11155353)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

Nu-Coat Ltd (Registered number: 11155353)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 255,898
Additions 295,879
At 31 January 2024 551,777
DEPRECIATION
At 1 February 2023 103,637
Charge for year 80,868
At 31 January 2024 184,505
NET BOOK VALUE
At 31 January 2024 367,272
At 31 January 2023 152,261

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 45,584 47,772
Other debtors 135,473 189,472
181,057 237,244

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 121,519 158,909
Taxation and social security 77,517 114,959
Other creditors 178,601 151,508
377,637 425,376

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Other creditors 1,321,600 854,600

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year 3,640 50,000
Between one and five years 1,033 -
4,673 50,000

Nu-Coat Ltd (Registered number: 11155353)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. RELATED PARTY DISCLOSURES

Included within debtors due within one year is an amount of £37,650 (2023: £25,543) due from an associated company.

Included within creditors due after more than one year is an amount of £1,321,600 (2023: £874,833) due to an associated company.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A G K Wallace.