| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Contents of the Financial Statements |
| for the year ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED |
| Company Information |
| for the year ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 5th Floor |
| Palladium House |
| 1-4 Argyll Street |
| London |
| W1F 7TA |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Property, plant and equipment | 6 |
| CURRENT ASSETS |
| Inventories | 7 |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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. |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Statement of Financial Position - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements |
| for the year ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Advanced Surface Treatments (Coventry) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| Going concern |
| The directors of the company have reviewed cash flow forecasts and budgets for 2020 and 2021 and based on these the directors are of the opinion that it is appropriate for the company to prepare accounts on a going concern basis. |
| Revenue |
| Revenue represents the total amount receivable, net of value added tax, for goods and services provided in the ordinary course of business. |
| Goodwill |
| Tangible fixed assets |
| Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures and fittings | over 5 years |
| Motor Vehicles | over 5 years |
| Computer Equipment | over 5 years |
| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Stocks |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
| Current taxation assets and liabilities are not discounted. |
| Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
| Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme, where the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments. |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
| a) Basic financial assets |
| Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
| At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| b) Basic financial liabilities and equity |
| Financial liabilities are classified as liabilities and equity instruments 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. |
| Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
| Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
| Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
| c) Equity instruments |
| The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2024 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2024 |
| 7. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| ADVANCED SURFACE TREATMENTS (COVENTRY) |
| LIMITED (REGISTERED NUMBER: 10272317) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2024 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| The invoice discounting facility is secured by an all assets charge incorporating a fixed and floating charge over all the assets, present and future, of the company. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 50,000 | 50,000 |
| 13. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| 14. | RELATED PARTY DISCLOSURES |
| Metal Colours Holdings Limited |
| Parent undertaking |
| At the balance sheet date Metal Colours Holdings Limited owed £817,669 (2023: £581,077) to the Company. The amount is unsecured, interest free and there is no fixed date for repayment. |
| Alpha Industrial Limited |
| Fellow subsidiary |
| At the balance sheet date, Alpha Industrial Limited owed £16,939 (2023: £26,346) to the Company. The amount is unsecured, interest free and there is no fixed date for repayment. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Metal Colours Holdings Limited. |
| The ultimate controlling party is |