Registered number
SC555600
Xtreme Powder Coating Ltd
Filleted Accounts
31 January 2024
Xtreme Powder Coating Ltd
Registered number: SC555600
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,937 8,234
Current assets
Cash at bank and in hand 4,023 1,346
Creditors: amounts falling due within one year 4 1,011 (1,906)
Net current assets/(liabilities) 5,034 (560)
Total assets less current liabilities 39,971 7,674
Creditors: amounts falling due after more than one year 5 (25,970) (7,212)
Net assets 14,001 462
Capital and reserves
Called up share capital 1 1
Profit and loss account 14,000 461
Shareholder's funds 14,001 462
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Bain
Director
Approved by the board on 31 October 2024
Xtreme Powder Coating Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Motor Vehicles 15% on a Reducing Balance basis
Fixtures, fittings, tools and equipment 15% on a Reducing Balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 10,223 1,800 12,023
Additions 38,005 - 38,005
At 31 January 2024 48,228 1,800 50,028
Depreciation
At 1 February 2023 2,959 830 3,789
Charge for the year 11,302 - 11,302
At 31 January 2024 14,261 830 15,091
Net book value
At 31 January 2024 33,967 970 34,937
At 31 January 2023 7,264 970 8,234
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 93 191
Corporation tax 4,384 170
Other taxes and social security costs (6,644) -
Other creditors 1,156 1,545
(1,011) 1,906
5 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 18,819 -
Other creditors 7,151 7,212
25,970 7,212
6 Other information
Xtreme Powder Coating Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Unit 3
Meadowfield Ind Est
Burntisland
Fife
KY3 0LH
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