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Registration number: 09347302

Spectrum Powder Coaters Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

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Spectrum Powder Coaters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Spectrum Powder Coaters Limited

Company Information

Director

Mr C Shannon

Registered office

5 High March
Daventry
Northamptonshire
NN11 4QE

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

1,867

3,467

Tangible assets

5

16,305

22,908

 

18,172

26,375

Current assets

 

Stocks

6

19,227

18,511

Debtors

7

96,458

120,541

Cash at bank and in hand

 

42,075

83,350

 

157,760

222,402

Creditors: Amounts falling due within one year

8

(97,738)

(63,030)

Net current assets

 

60,022

159,372

Total assets less current liabilities

 

78,194

185,747

Provisions for liabilities

(2,095)

(2,268)

Net assets

 

76,099

183,479

Capital and reserves

 

Called up share capital

25

100

Capital redemption reserve

75

-

Retained earnings

75,999

183,379

Shareholders' funds

 

76,099

183,479

 

Spectrum Powder Coaters Limited

(Registration number: 09347302)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. 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 director on 10 July 2025
 

.........................................
Mr C Shannon
Director

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 09347302.

The address of its registered office is:
5 High March
Daventry
Northamptonshire
NN11 4QE

These financial statements were authorised for issue by the director on 10 July 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

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

The current income 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.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

10% on cost

Plant and machinery

10% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Computer software

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 during the year, including the director, was 7 (2024 - 10).

4

Intangible assets

Goodwill
 £

Computer software
 £

Total
£

Cost or valuation

At 1 March 2024

1

8,000

8,001

At 28 February 2025

1

8,000

8,001

Amortisation

At 1 March 2024

1

4,533

4,534

Amortisation charge

-

1,600

1,600

At 28 February 2025

1

6,133

6,134

Carrying amount

At 28 February 2025

-

1,867

1,867

At 29 February 2024

-

3,467

3,467

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

2,750

2,477

45,606

26,546

77,379

Additions

-

1,100

-

4,000

5,100

Disposals

-

(1,104)

-

(26,546)

(27,650)

At 28 February 2025

2,750

2,473

45,606

4,000

54,829

Depreciation

At 1 March 2024

2,475

1,507

30,766

19,723

54,471

Charge for the year

275

384

3,688

533

4,880

Eliminated on disposal

-

(1,104)

-

(19,723)

(20,827)

At 28 February 2025

2,750

787

34,454

533

38,524

Carrying amount

At 28 February 2025

-

1,686

11,152

3,467

16,305

At 29 February 2024

275

970

14,840

6,823

22,908

Included within the net book value of land and buildings above is £Nil (2024 - £275) in respect of freehold land and buildings.
 

6

Stocks

2025
£

2024
£

Inventory

19,227

18,511

7

Debtors

Current

2025
£

2024
£

Trade debtors

88,496

115,490

Prepayments

3,851

4,664

Other debtors

4,111

387

 

96,458

120,541

 

Spectrum Powder Coaters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

25,550

-

Trade creditors

 

21,519

23,765

Taxation and social security

 

37,601

27,520

Accruals and deferred income

 

13,068

10,278

Other creditors

 

-

1,467

 

97,738

63,030

9

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Other borrowings

25,550

-

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £51,400 (2024 - £77,100).