N.K. Aluminium Coatings Limited NI685680 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of providing specialist aluminium coatings and related anti-corrosive treatments. Digita Accounts Production Advanced 6.30.9574.0 true true NI685680 2023-05-01 2024-04-30 NI685680 2024-04-30 NI685680 bus:OrdinaryShareClass1 2024-04-30 NI685680 core:CurrentFinancialInstruments 2024-04-30 NI685680 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI685680 core:LandBuildings core:ShortLeaseholdAssets 2024-04-30 NI685680 core:PlantMachinery 2024-04-30 NI685680 bus:SmallEntities 2023-05-01 2024-04-30 NI685680 bus:Audited 2023-05-01 2024-04-30 NI685680 bus:FilletedAccounts 2023-05-01 2024-04-30 NI685680 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI685680 bus:RegisteredOffice 2023-05-01 2024-04-30 NI685680 bus:Director1 2023-05-01 2024-04-30 NI685680 bus:Director3 2023-05-01 2024-04-30 NI685680 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI685680 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI685680 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 NI685680 core:LeaseholdImprovements 2023-05-01 2024-04-30 NI685680 core:PlantMachinery 2023-05-01 2024-04-30 NI685680 countries:NorthernIreland 2023-05-01 2024-04-30 NI685680 2023-04-30 NI685680 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 NI685680 core:PlantMachinery 2023-04-30 NI685680 2022-05-01 2023-04-30 NI685680 2023-04-30 NI685680 bus:OrdinaryShareClass1 2023-04-30 NI685680 core:CurrentFinancialInstruments 2023-04-30 NI685680 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI685680 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 NI685680 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI685680

N.K. Aluminium Coatings Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

N.K. Aluminium Coatings Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

N.K. Aluminium Coatings Limited

(Registration number: NI685680)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,495

55,916

Current assets

 

Stocks

5

55,296

63,567

Debtors

6

217,864

206,769

Cash at bank and in hand

 

21,974

158,461

 

295,134

428,797

Creditors: Amounts falling due within one year

7

(267,212)

(419,564)

Net current assets

 

27,922

9,233

Net assets

 

74,417

65,149

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

74,317

65,049

Shareholders' funds

 

74,417

65,149

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Allan Davidson
Director

.........................................
Paul Harvey
Director

 
     
 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
12 Michelin Road
Mallusk
County Antrim
BT36 4PT
Northern Ireland

These financial statements were authorised for issue by the Board on 14 November 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).

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 14 November 2024 was Brian Stewart, who signed for and on behalf of RBCA Limited.

Revenue recognition

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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

Leasehold improvements

10% per annum straight line

Plant and equipment

10% - 20% per annum straight line

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.

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

8,140

57,177

65,317

At 30 April 2024

8,140

57,177

65,317

Depreciation

At 1 May 2023

791

8,609

9,400

Charge for the year

814

8,608

9,422

At 30 April 2024

1,605

17,217

18,822

Carrying amount

At 30 April 2024

6,535

39,960

46,495

At 30 April 2023

7,349

48,567

55,916

5

Stocks

2024
£

2023
£

Other inventories

55,296

63,567

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

184,877

179,474

Amounts owed by group undertakings

9

-

20,052

Prepayments and accrued income

 

32,737

-

Other debtors

 

250

7,243

   

217,864

206,769

 

N.K. Aluminium Coatings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

74,275

98,246

Amounts owed to group undertakings

9

146,362

149,302

Corporation tax

 

6,570

25,546

Other taxation and social security

 

15,574

25,373

Accruals and deferred income

 

23,259

-

Other creditors

 

1,172

121,097

 

267,212

419,564

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

10

Parent company

N.K. Holdings Limited, a company incorporated in Northern Ireland, is considered by the directors as being the company's controlling party and ultimate parent company.

N.K. Holdings Limited has included the results of N.K. Aluminium Coatings Limited in its group financial statements, copies of which are available from its registered office at 40 Trailcock Road, Carrickfergus, BT38 7NU.