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Registration number: 09418056

Prepared for the registrar

Advanced Coated Products Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Advanced Coated Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Advanced Coated Products Limited

Company Information

Directors

Dr N C Trilk

M P Urquhart

Registered office

The Vineyards Industrial Estate
Gloucester Road
Cheltenham
Gloucestershire
GL51 8NH

Solicitors

Penningtons Manches Cooper LLP
Apex Plaza
Forbury Road
Reading
Berkshire
RG1 1AX

Bankers

Barclays Bank PLC
Apex Plaza
Fortbury Road
Reading
Berkshire
RG1 1AX

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Advanced Coated Products Limited

(Registration number: 09418056)
Balance Sheet as at 30 September 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Tangible assets

4

167

149

Current assets

 

Stocks

5

449

532

Debtors

6

979

1,145

Cash at bank and in hand

 

144

95

 

1,572

1,772

Creditors: Amounts falling due within one year

7

(1,165)

(1,355)

Net current assets

 

407

417

Total assets less current liabilities

 

574

566

Creditors: Amounts falling due after more than one year

7

(120)

(140)

Deferred tax liabilities

10

(43)

(38)

Net assets

 

411

388

Capital and reserves

 

Called up share capital

11

-

-

Profit and loss account

411

388

Shareholders' funds

 

411

388

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 June 2025 and signed on its behalf by:
 


M P Urquhart
Director

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Vineyards Industrial Estate
Gloucester Road
Cheltenham
Gloucestershire
GL51 8NH

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest thousand Pounds.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources and facilities in place to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods and services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Assets and liabilities denominated in foreign currencies are translated at the rate of exchanged ruling at the
balance sheet date. All differences are taken to the profit and loss account. Transactions in foreign currencies
during the year are recorded at the rate ruling at the date of the transaction.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred tax is determined using tax rates and laws that have been enacted or substantively
enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

2 to 25 years straight line

Office equipment

2 to 5 years straight line

Plant and machinery

3 to 25 years straight line

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Raw materials are purchase cost on a first-in, first-out basis.Work in progress and finished goods are the cost of direct material and labour plus attributable overheads on a normal level of activity.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price. All are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing
borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of
transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss
Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable
and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 19).

 

4

Tangible assets

Fixtures and fittings
 £ 000

Office equipment
 £ 000

Plant and machinery
 £ 000

Total
£ 000

Cost

At 1 October 2023

150

42

295

487

Additions

-

-

59

59

Transfers

(26)

(21)

47

-

At 30 September 2024

124

21

401

546

Depreciation

At 1 October 2023

72

36

230

338

Charge for the year

7

7

27

41

Transfers

(26)

(22)

48

-

At 30 September 2024

53

21

305

379

Carrying amount

At 30 September 2024

71

-

96

167

At 30 September 2023

78

6

65

149

 

5

Stocks

2024
£ 000

2023
£ 000

Raw materials and consumables

220

228

Work in progress

58

121

Finished goods and goods for resale

171

183

449

532

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

6

Debtors

2024
£ 000

2023
£ 000

Trade debtors

814

889

Prepayments

137

169

Other debtors

28

87

979

1,145

 

7

Creditors

Note

2024
 £ 000

2023
 £ 000

Due within one year

 

Loans and borrowings

8

320

884

Trade creditors

 

243

204

Amounts due to related parties

 

188

8

Social security and other taxes

 

75

81

Outstanding defined contribution pension costs

 

6

6

Other creditors

 

29

29

Accrued expenses

 

192

110

Corporation tax liability

112

33

 

1,165

1,355

Note

2024
£ 000

2023
£ 000

Due after one year

 

Loans and borrowings

8

120

140

 

8

Loans and borrowings

Current loans and borrowings

2024
£ 000

2023
£ 000

Other borrowings

320

884

Non-current loans and borrowings

2024
£ 000

2023
£ 000

Other borrowings

120

140

The company has two loans in place from a related party under common control of the directors. Both loans are secured by a fixed charge over the assets of the company and carry an interest charge of 4% above the Bank of England Base Rate. The first loan of £180,000 (2023 - £380,000) has repayment terms of £20,000 per month and the second loan of £260,000 (2023 - £644,000) has no fixed repayment terms and is repayable on demand.

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

9

Obligations under operating leases

The total of future minimum lease payments is as follows:

2024
£ 000

2023
£ 000

Not later than one year

14

225

Later than one year and not later than five years

575

838

589

1,063

The amount of non-cancellable operating lease payments recognised as an expense during the year was £158,000 (2023 - £228,000).

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£ 000

Accelerated capital allowances

42

Other timing differences

1

43

2023

Liability
£ 000

Accelerated capital allowances

37

Other timing differences

1

38

 

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

A Ordinary shares of £1 each

1

1

1

1

101

101

101

101

Rights, preferences and restrictions

A Ordinary shares do not carry voting rights, in all other respects all shares rank pari passu.
 

 

12

Related party transactions

During the year, rent of £54,000 (2023 - £216,000) was paid to a company under common control.

At the balance sheet date loans due to a company under common control of the directors totalled £440,000 (2023 - £1,024,000). The loan terms are included in note 8. Interest of £59,000 (2023 - £4,000) was paid during the year on these loans.

 

Advanced Coated Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

13

Parent and ultimate parent undertaking

The company's immediate parent is Brightborough Capital Limited, incorporated in England and Wales.

 The ultimate parent is Brightborough Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Brightborough Group Limited. These financial statements are available upon request from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

 

 

14

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 June 2025 was Ryan Hancock, who signed for and on behalf of Hazlewoods LLP.