Company Registration No. SC510680 (Scotland)
Carella Coatings Ltd
Unaudited accounts
for the year ended 31 July 2024
Carella Coatings Ltd
Unaudited accounts
Contents
Carella Coatings Ltd
Company Information
for the year ended 31 July 2024
Directors
Mrs Caroline Dunsmore
Mr Steven Dunsmore
Company Number
SC510680 (Scotland)
Registered Office
2Gether House
25 Daisy Street
Glasgow
Lanarkshire
G42 8JN
Scotland
Carella Coatings Ltd
Statement of financial position
as at 31 July 2024
Tangible assets
62,687
7,380
Cash at bank and in hand
39,464
3
Creditors: amounts falling due within one year
(96,616)
(68,902)
Net current assets
6,088
22,452
Total assets less current liabilities
68,775
29,832
Creditors: amounts falling due after more than one year
(5,942)
(15,127)
Provisions for liabilities
Deferred tax
(15,671)
(1,402)
Called up share capital
2
2
Profit and loss account
47,160
13,301
Shareholders' funds
47,162
13,303
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by
Mrs Caroline Dunsmore
Director
Company Registration No. SC510680
Carella Coatings Ltd
Notes to the Accounts
for the year ended 31 July 2024
Carella Coatings Ltd is a private company, limited by shares, registered in Scotland, registration number SC510680. The registered office is 2Gether House, 25 Daisy Street, Glasgow, Lanarkshire, G42 8JN, Scotland.
2
Compliance with accounting standards
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
33.33% straight line
Carella Coatings Ltd
Notes to the Accounts
for the year ended 31 July 2024
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement
of income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2023
11,414
23,189
6,133
40,736
Additions
-
59,970
-
59,970
At 31 July 2024
11,414
83,159
6,133
100,706
At 1 August 2023
8,757
19,652
4,947
33,356
Charge for the year
531
3,383
749
4,663
At 31 July 2024
9,288
23,035
5,696
38,019
At 31 July 2024
2,126
60,124
437
62,687
At 31 July 2023
2,657
3,537
1,186
7,380
Amounts falling due within one year
Trade debtors
44,371
89,339
Carella Coatings Ltd
Notes to the Accounts
for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
8,320
26,516
Obligations under finance leases and hire purchase contracts
53,073
-
Trade creditors
20,066
9,245
Taxes and social security
11,839
15,814
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 10 (2023: 10).