REGISTERED NUMBER: SC380325 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

F I Coatings Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

204,923

218,926

204,923

218,926

CURRENT ASSETS

Stocks

390,682

268,704

Debtors

6

994,421

743,242

Cash at bank

44,770

27,289

1,429,873

1,039,235

CREDITORS

Amounts falling due within one year

7

(1,391,211

)

(1,132,972

)

NET CURRENT ASSETS/(LIABILITIES)

38,662

(93,737

)

TOTAL ASSETS LESS CURRENT LIABILITIES

243,585

125,189

CREDITORS

Amounts falling due after more than one year

8

(188,512

)

(81,597

)

PROVISIONS FOR LIABILITIES

(51,230

)

(41,596

)

NET ASSETS

3,843

1,996

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,843

996

SHAREHOLDERS' FUNDS

3,843

1,996

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

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

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 May 2025 and were signed by:

Mr L S D'Warte - Director

1.	STATUTORY INFORMATION

F I Coatings Limited is a private company, limited by shares, domiciled in Scotland, registration number SC380325. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

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.

Turnover

Turnover represents net invoiced sales of shotblasting and industrial painting, excluding value added tax. Sales are recognised at the point at which the service is complete.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks and work in progress 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 expenditure and an appropriate of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

8,000

AMORTISATION

At 1 January 2024

and 31 December 2024

8,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

438,965

Additions

40,732

Disposals

(4,997

)

At 31 December 2024

474,700

DEPRECIATION

At 1 January 2024

220,039

Charge for year

50,178

Eliminated on disposal

(440

)

At 31 December 2024

269,777

NET BOOK VALUE

At 31 December 2024

204,923

At 31 December 2023

218,926

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

112,700

DEPRECIATION

At 1 January 2024

8,446

Charge for year

21,280

At 31 December 2024

29,726

NET BOOK VALUE

At 31 December 2024

82,974

At 31 December 2023

104,254

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

716,230

568,979

Amounts owed by associates

101,140

84,338

Other debtors

177,051

89,925

994,421

743,242

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

72,533

13,976

Hire purchase contracts

22,540

22,540

Trade creditors

604,705

349,391

Taxation and social security

216,242

254,246

Other creditors

475,191

492,819

1,391,211

1,132,972

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

129,455

-

Hire purchase contracts

59,057

81,597

188,512

81,597

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

201,988

13,976

The bank loan provided is secured by way of bond and floating charge over the company and of personal guarantee of Mr L S D'Warte.

The mortgage loan provided is secured over the property to which it relates.

The factoring creditor is secured by floating charge over all sums due to RBS Invoice Finance Limited.

10.	RELATED PARTY DISCLOSURES

At the year-end, companies under common control owed £101,140 (2023: £84,338).