Company registration number 07009531 (England and Wales)
ENGINEERED PERFORMANCE COATINGS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ENGINEERED PERFORMANCE COATINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ENGINEERED PERFORMANCE COATINGS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
858,562
1,065,436
Current assets
Stocks
565,541
526,254
Debtors
4
1,247,013
1,362,507
Cash at bank and in hand
546,122
1,590,611
2,358,676
3,479,372
Creditors: amounts falling due within one year
5
(770,119)
(903,758)
Net current assets
1,588,557
2,575,614
Total assets less current liabilities
2,447,119
3,641,050
Creditors: amounts falling due after more than one year
6
(318,809)
(630,695)
Provisions for liabilities
7
(104,760)
(211,437)
Net assets
2,023,550
2,798,918
Capital and reserves
Called up share capital
95,200
95,200
Capital redemption reserve
5,000
5,000
Profit and loss reserves
1,923,350
2,698,718
Total equity
2,023,550
2,798,918

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 December 2025 and are signed on its behalf by:
Mr D R Winnel
Director
Company Registration No. 07009531
ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Engineered Performance Coatings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lanesborough House, The Laurels Business Park, Heol Y Rhosog, Cardiff, United Kingdom, CF3 2EW.

1.1
Reporting period

The accounting period of the company was changed in the prior period from 31 March to 31 December so as to be coterminous with the year end of its parent company. Accordingly, the previous financial statements were prepared for 9 months from 1 April 2023 to 31 December 2023.

C omparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc
over 3 - 20 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified 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.

ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16

Related parties

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
50
47
ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
2,828,987
Additions
56,301
At 31 December 2024
2,885,288
Depreciation and impairment
At 1 January 2024
1,763,551
Depreciation charged in the year
263,175
At 31 December 2024
2,026,726
Carrying amount
At 31 December 2024
858,562
At 31 December 2023
1,065,436
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
751,018
785,093
Amounts owed by group undertakings
230,142
407,897
Other debtors
265,853
169,517
1,247,013
1,362,507

Amounts owed by group undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
230,835
228,369
Trade creditors
240,812
385,056
Corporation tax
-
0
14
Other taxation and social security
97,706
96,149
Other creditors
200,766
194,170
770,119
903,758
ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Creditors: amounts falling due within one year
(Continued)
- 7 -

Amounts owed as bank loans have been secured as part of the Coronavirus Business Interruption Loan scheme and includes £70,835 (2023: £68,369) in current liabilities and £6,169 (2023: £61,839) in non-current liabilities. These amounts are secured by a fixed and floating charge over the assets of the company. Interest is charged at 8.9%. Amounts are repayable by monthly instalments and are due by 31 January 2026.

Amounts owed as bank loans have been secured as part of the Coronavirus Business Interruption Loan scheme and includes £160,000 (2023: £160,000) in current liabilities and £213,333 (2023: £373,333) in non-current liabilities. These amounts are secured by a fixed and floating charge over the assets of the company. Interest is charged at the Bank of England base rate plus 3.8%. Amounts are repayable by monthly instalments and are due by 30 April 2027.

Included in other creditors are hire purchase liabilities of £94,701 (2023: £116,216) in current liabilities and £99,307 (2023: £195,523) in non-current liabilities. These contracts are secured against the assets to which they relate. Interest rates underlying all obligations under finance leases are fixed at respective contract rates ranging from 6.6% to 10.9%. Amounts are repayable by monthly instalments and the average lease term is 4 years.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
219,502
435,172
Other creditors
99,307
195,523
318,809
630,695
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
104,760
211,437
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Audit report information
(Continued)
- 8 -

Qualified opinion

We have audited the financial statements of Engineered Performance Coatings Ltd (the 'company') for the year ended 31 December 2024 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

Under the Companies Act 2006, the company was exempt from audit for the period ended 31 March 2023. As a consequence, the financial statements of the company for the period ended 31 March 2023 were unaudited. For the period ended 31 December 2023, the directors were no longer able to take advantage of the exemption from audit available under section 477 of the Companies Act 2006.

We were not appointed to act for the company until after 31 March 2023 and thus did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the quantities of certain items of stock at 31 March 2023 using alternative audit procedures. Furthermore, management were unable to provide us with sufficient appropriate audit evidence in relation to the cost of certain items of stock. We were therefore unable to obtain sufficient appropriate audit evidence about the carrying value of the company's stock as at 31 March 2023. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the period ended 31 December 2023. Our audit opinion on the financial statements for the year ended December 2024 is modified accordingly due to the possible effect of this matter on the period ended 31 December 2023, which forms the comparative period of these financial statements.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Senior Statutory Auditor:
Rebecca Hudson
Statutory Auditor:
Azets Audit Services
9
Financial commitments, guarantees and contingent liabilities

As at 31 December 20 24, the company had no commitments, guarantees or contingencies (2023: £Nil) other than as disclosed in the operating lease commitment and capital commitments notes.

ENGINEERED PERFORMANCE COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
386,521
437,804
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
98,016
-
12
Parent company

The smallest group of which Engineered Performance Coatings Ltd is a member and for which consolidated financial statements are prepared is headed by Surface Technology Services B.V., a company incorporated in the Netherlands and whose principal place of business is Dijkgraaf 40, 6921 RL Duiven, Netherlands. The consolidated financial statements of this group are available to the public from Dijkgraaf 40, 6921 RL Duiven, Netherlands.

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