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REGISTERED NUMBER: 08142262 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

PERFECT INDUSTRIAL COATINGS LIMITED

PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PERFECT INDUSTRIAL COATINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S J Digby
C M Digby





REGISTERED OFFICE: 86 Tanners Drive
Blakelands
Milton Keynes
Buckinghamshire
MK14 5BP





REGISTERED NUMBER: 08142262 (England and Wales)





ACCOUNTANTS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 5,945 7,954

CURRENT ASSETS
Inventories 4,540 6,392
Debtors 5 7,623 11,442
Cash at bank and in hand 95,354 98,445
107,517 116,279
CREDITORS
Amounts falling due within one year 6 17,683 25,026
NET CURRENT ASSETS 89,834 91,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,779

99,207

PROVISIONS FOR LIABILITIES 1,130 1,829
NET ASSETS 94,649 97,378

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 94,648 97,377
SHAREHOLDERS' FUNDS 94,649 97,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)

BALANCE SHEET - continued
31 JULY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





C M Digby - Director


PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)

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

1. STATUTORY INFORMATION

Perfect Industrial 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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue (also described as sales or turnover) is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue Recognition

Revenue is recognised on the sale of goods when the goods are delivered and title has passed, and is recognised on the provision of services on a percentage degree of completion basis calculated by reference to the time expended compared to the total anticipated time.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The cost of tangible fixed assets includes only expenditure directly incurred in bringing the assets into working condition for their intended use. Borrowing costs are not capitalised.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories (also described as stock) are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such on the balance sheet.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being interest rate swaps and forward foreign exchange contracts. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)

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

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 (including fair value adjustments) that have originated but not reversed at the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded as recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 August 2023
and 31 July 2024 12,307
DEPRECIATION
At 1 August 2023 4,353
Charge for year 2,009
At 31 July 2024 6,362
NET BOOK VALUE
At 31 July 2024 5,945
At 31 July 2023 7,954

PERFECT INDUSTRIAL COATINGS LIMITED (REGISTERED NUMBER: 08142262)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 6,528 11,442
Other debtors 1,095 -
7,623 11,442

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 1,855 838
Taxation and social security 9,965 20,873
Other creditors 5,863 3,315
17,683 25,026

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
C M Digby and S J Digby
Balance outstanding at start of year - 100
Amounts repaid - (100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The directors' loan account is interest free and repayable on demand.

The maximum the loan account was overdrawn during the year was £0 (2023: £100).