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Registered Number: 01278829
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 December 2024

for

GRANLYN SPECIALIST COATINGS LIMITED

Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Granlyn Specialist Coatings Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Granlyn Specialist Coatings Limited for the year ended 31 December 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Granlyn Specialist Coatings Limited , as a body, in accordance with the terms of our engagement letter dated .

Our work has been undertaken solely to prepare for your approval the accounts of Granlyn Specialist Coatings Limited and state those matters that we have agreed to state to the Board of Directors of Granlyn Specialist Coatings Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Granlyn Specialist Coatings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Granlyn Specialist Coatings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Granlyn Specialist Coatings Limited . You consider that Granlyn Specialist Coatings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Granlyn Specialist Coatings Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts



....................................................
J W Smith & Co Ltd - Scarborough
Hopper Hill Road
Scarborough Business Park
Scarborough
North Yorkshire
YO11 3YS
08 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 24,146    28,032 
24,146    28,032 
Current assets      
Stocks 536,447    469,675 
Debtors 1,914,895    1,822,070 
Cash at bank and in hand 51,517    60,549 
2,502,859    2,352,294 
Creditors: amount falling due within one year (1,146,760)   (958,314)
Net current assets 1,356,099    1,393,980 
 
Total assets less current liabilities 1,380,245    1,422,012 
Creditors: amount falling due after more than one year (225,220)   (247,500)
Provisions for liabilities (4,588)   (3,490)
Net assets 1,150,437    1,171,022 
 

Capital and reserves
     
Called up share capital 86    86 
Share premium account 154,978    154,978 
Capital Redemption Reserve 36    36 
Profit and loss account 995,337    1,015,922 
Shareholders' funds 1,150,437    1,171,022 
 


For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 08 February 2025 and were signed on its behalf by:


-------------------------------
Graham Anthony O'Neill
Director
2
General Information
Granlyn Specialist Coatings Limited is a private company, limited by shares, registered in England and Wales, registration number 01278829, registration address Granlyn Holdings, Bank Street, West Bromwich, West Midlands, B71 1HF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Discounted debts
The company includes discounted debts within trade debtors since most of the risks and rewards of ownership of the discounted debts have not passed to the funder. A corresponding liability is included in liabilities in respect of the proceeds received from the funder.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees

Average number of employees during the year was 19 (2023 : 16).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 January 2024 10,434    270,782    281,216 
Additions    
Disposals    
At 31 December 2024 10,434    270,782    281,216 
Depreciation
At 01 January 2024 2,978    250,382    253,360 
Charge for year 1,428    2,282    3,710 
On disposals    
At 31 December 2024 4,406    252,664    257,070 
Net book values
Closing balance as at 31 December 2024 6,028    18,118    24,146 
Opening balance as at 01 January 2024 8,476    19,556    28,032 


3