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REGISTERED NUMBER: 01715832 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MODULAR COATINGS LIMITED

MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODULAR COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr S A Hensman





SECRETARY: Mr S A Hensman





REGISTERED OFFICE: Garter Street
Sheffield
South Yorkshire
S4 7QX





REGISTERED NUMBER: 01715832 (England and Wales)

MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 119,468 123,685

CURRENT ASSETS
Stocks 3,762 3,762
Debtors 5 52,045 24,734
Cash at bank 23,748 3,595
79,555 32,091
CREDITORS
Amounts falling due within one year 6 27,665 21,309
NET CURRENT ASSETS 51,890 10,782
TOTAL ASSETS LESS CURRENT LIABILITIES 171,358 134,467

PROVISIONS FOR LIABILITIES 29,165 37,500
NET ASSETS 142,193 96,967

CAPITAL AND RESERVES
Called up share capital 7 50 50
Revaluation reserve 8 71,400 74,700
Retained earnings 8 70,743 22,217
SHAREHOLDERS' FUNDS 142,193 96,967

MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

BALANCE SHEET - continued
31 MARCH 2024


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 11 October 2024 and were signed by:





Mr S A Hensman - Director


MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Modular 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 financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT.

When the outcome of a transaction can be estimated reliably, turnover from industrial coatings is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses that are recoverable.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land & Buildings- 2% straight line
Fixtures & fittings- 15% reducing balance
Plant & equipment- 15% reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 5 ) .

MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 180,000 57,064 237,064
DEPRECIATION
At 1 April 2023 60,433 52,946 113,379
Charge for year 3,600 617 4,217
At 31 March 2024 64,033 53,563 117,596
NET BOOK VALUE
At 31 March 2024 115,967 3,501 119,468
At 31 March 2023 119,567 4,118 123,685

The property was revalued by the Directors at £180,000 based on the current market.

If the property had not been revalued it would have been included at the following historical cost:


31.03.24
£   
Cost15,000

5. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 50,661 21,062
Prepayments and accrued income 1,384 1,309
52,045 22,371

MODULAR COATINGS LIMITED (REGISTERED NUMBER: 01715832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS - continued
31.3.24 31.3.23
£    £   
Amounts falling due after more than one year:
Other debtors - 2,363

Aggregate amounts 52,045 24,734

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 6,451
Trade creditors 4,196 2,705
Corporation tax 9,719 4,908
Social security and other taxes 1,900 1,403
VAT 8,219 4,397
Other creditors 806 -
Directors' current accounts 525 -
Accruals and deferred income 2,300 1,445
27,665 21,309

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50 Ordinary £1 50 50

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 22,217 74,700 96,917
Profit for the year 45,226 - 45,226
Excess depreciation 3,300 (3,300 ) -
At 31 March 2024 70,743 71,400 142,143