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REGISTERED NUMBER: SC592196 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

M. P. C. Coatings Limited

M. P. C. Coatings Limited (Registered number: SC592196)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Report of the Accountants 6

M. P. C. Coatings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: G McManus





SECRETARY: G McManus





REGISTERED OFFICE: Unit 16
Parkburn Industrial Estate
Hamilton
Lanarkshire
ML3 0QQ





REGISTERED NUMBER: SC592196 (Scotland)





ACCOUNTANTS: Gordon Ferguson & Co Ltd
76 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

M. P. C. Coatings Limited (Registered number: SC592196)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 163,210 60,086

CURRENT ASSETS
Stocks 3,600 4,100
Debtors 5 134,291 171,217
Cash at bank 617,847 502,532
755,738 677,849
CREDITORS
Amounts falling due within one year 6 169,723 191,182
NET CURRENT ASSETS 586,015 486,667
TOTAL ASSETS LESS CURRENT LIABILITIES 749,225 546,753

CREDITORS
Amounts falling due after more than one year 7 94,643 38,326
NET ASSETS 654,582 508,427

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 654,480 508,325
SHAREHOLDERS' FUNDS 654,582 508,427

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

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

The director acknowledges his 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 director and authorised for issue on 23 September 2024 and were signed by:





G McManus - Director


M. P. C. Coatings Limited (Registered number: SC592196)

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

1. STATUTORY INFORMATION

M. P. C. Coatings Limited is a private company, limited by shares , registered in Scotland. 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 financial statements have been prepared under the historical cost convention.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance 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.

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.

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 8 (2023 - 6 ) .

M. P. C. Coatings Limited (Registered number: SC592196)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 18,350 113,318 131,668
Additions - 134,447 134,447
At 31 March 2024 18,350 247,765 266,115
DEPRECIATION
At 1 April 2023 17,391 54,191 71,582
Charge for year 239 31,084 31,323
At 31 March 2024 17,630 85,275 102,905
NET BOOK VALUE
At 31 March 2024 720 162,490 163,210
At 31 March 2023 959 59,127 60,086

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 24,989
Additions 99,867
At 31 March 2024 124,856
DEPRECIATION
At 1 April 2023 2,603
Charge for year 16,849
At 31 March 2024 19,452
NET BOOK VALUE
At 31 March 2024 105,404
At 31 March 2023 22,386

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors & WIP 112,669 113,264
Subcontractor tax creditor - 44,472
PAYE creditor - 13,481
Other debtors 200 -
VAT 21,422 -
134,291 171,217

M. P. C. Coatings Limited (Registered number: SC592196)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 27,768 13,266
Trade creditors 60,931 65,352
Tax 52,506 90,899
Social security and other taxes 13,842 -
VAT - 9,215
Other creditors 1,571 -
Directors' current accounts 655 -
Accrued expenses 2,450 2,450
169,723 191,182

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 11,667 21,667
Hire purchase contracts 82,976 16,659
94,643 38,326

M. P. C. Coatings Limited

Report of the Accountants to the Director of
M. P. C. Coatings Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages two to six and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Gordon Ferguson & Co Ltd
76 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY


Date: .............................................