Company Registration No. SC418202 (Scotland)
Inverness Powder Coating Limited
Unaudited accounts
for the period from 1 August 2023 to 30 July 2024
Inverness Powder Coating Limited
Unaudited accounts
Contents
Inverness Powder Coating Limited
Company Information
for the period from 1 August 2023 to 30 July 2024
Company Number
SC418202 (Scotland)
Registered Office
26 Shore Street
Inverness
IV1 1NG
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Inverness Powder Coating Limited
Statement of financial position
as at 30 July 2024
Tangible assets
285,277
127,646
Cash at bank and in hand
5,377
3,181
Creditors: amounts falling due within one year
(304,388)
(194,495)
Net current assets
27,032
23,139
Total assets less current liabilities
312,309
150,785
Creditors: amounts falling due after more than one year
(261,915)
(111,406)
Provisions for liabilities
Deferred tax
(26,758)
(19,565)
Called up share capital
100
100
Profit and loss account
23,536
19,714
Shareholders' funds
23,636
19,814
For the period ending 30 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 October 2025 and were signed on its behalf by
K Wood
Director
Company Registration No. SC418202
Inverness Powder Coating Limited
Notes to the Accounts
for the period from 1 August 2023 to 30 July 2024
Inverness Powder Coating Limited is a private company, limited by shares, registered in Scotland, registration number SC418202. The registered office is 26 Shore Street, Inverness, IV1 1NG.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Inverness Powder Coating Limited
Notes to the Accounts
for the period from 1 August 2023 to 30 July 2024
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Intangible fixed assets
Total
5
Tangible fixed assets
Total
Charge for the period
14,568
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
224,086
20,548
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Operating lease commitments
2024
2023
At 30 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
71,511
97,515
Included in debtors is a loan of £185,289 to the director K Wood (2023 - £117,686). The loan attracts interest at the statutory rate, is unsecured, and has no fixed term of repayment.
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Average number of employees
During the period the average number of employees was 5 (2023: 3).