Registered number
07100784
SBM Coatings Limited
Filleted Accounts
31 March 2024
SBM Coatings Limited
Registered number: 07100784
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 169,958 169,958
Current assets
Debtors 4 10,839 54,398
Cash at bank and in hand 11,711 2,053
22,550 56,451
Creditors: amounts falling due within one year 5 (141,071) (109,249)
Net current liabilities (118,521) (52,798)
Total assets less current liabilities 51,437 117,160
Creditors: amounts falling due after more than one year 6 (12,286) (32,812)
Net assets 39,151 84,348
Capital and reserves
Called up share capital 10 10
Profit and loss account 39,141 84,338
Shareholders' funds 39,151 84,348
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 members have 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.
B Morris
Director
Approved by the board on 19 December 2024
SBM Coatings Limited
Notes to the Accounts
for the year ended 31 March 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). In the previous year the company prepared it's financial statements as a Micro company but has chosen to move from this to align with it's wholly owned subsidiary.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 169,958
At 31 March 2024 169,958
Historical cost
At 1 April 2023 169,958
At 31 March 2024 169,958
The company purchased 100% of the Share Capital of The Premier Plating Company (North East) Limited (4468506) on 28 August 2020.
4 Debtors 2024 2023
£ £
Directors loan account 10,739 54,398
Other debtors 100 -
10,839 54,398
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,526 23,772
Trade creditors 2,448 1,637
Taxation and social security costs 1,118 2,072
Other creditors 116,979 81,768
141,071 109,249
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,286 32,812
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 32,812 56,584
Security over the loans has been given by way of a personal guarantee by the Director.
8 Events after the reporting date
On 4 April 2023 the company invested in a newly incorporated, dormant company, Premier Plating Limited.
9 Related party transactions
The company purchased 100% of the Share Capital of The Premier Plating Company (North East) Limited on 28 August 2020. Management charges of £15,000 (2023:£15,000) and dividends of £100,000 (2023: £100,000) have been received from the subsidiary company. At the year end there was a balance by the company of £116,479 (2023:(£81,368)) and this has no fixed date for repayment.
10 Controlling party
The company is controlled by the Director by virtue of his Directorship and majority shareholding.
11 Other information
SBM Coatings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Premier House
Station Industrial Estate
Prudhoe
Notherumberland NE62 6NP
NE62 6NP
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