Chingford Technical Coatings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01478326 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28th February 2019

for

Chingford Technical Coatings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Searle

SECRETARY:

Mrs D Searle

REGISTERED OFFICE:

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

BUSINESS ADDRESS:

Unit 1

Denmark Street

Maidenhead

Berkshire

SL6 7BN

REGISTERED NUMBER:

01478326 (England and Wales)

ACCOUNTANTS:

Hannaways

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

FIXED ASSETS

Tangible assets

4

55,972

54,333

CURRENT ASSETS

Stocks

5

2,500

2,500

Debtors

6

43,071

51,731

Cash at bank

15,674

8,798

61,245

63,029

CREDITORS

Amounts falling due within one year

7

55,260

46,010

NET CURRENT ASSETS

5,985

17,019

TOTAL ASSETS LESS CURRENT LIABILITIES

61,957

71,352

CREDITORS

Amounts falling due after more than one year

8

17,567

15,081

NET ASSETS

44,390

56,271

CAPITAL AND RESERVES

Called up share capital

12

2,700

2,700

Retained earnings

13

41,690

53,571

SHAREHOLDERS' FUNDS

44,390

56,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2019 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 25th June 2019 and were signed by:

S Searle - Director

1.	STATUTORY INFORMATION

Chingford Technical Coatings Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st March 2018

94,700

19,339

39,032

153,071

Additions

10,199

2,834

-

13,033

At 28th February 2019

104,899

22,173

39,032

166,104

DEPRECIATION

At 1st March 2018

60,108

12,487

26,143

98,738

Charge for year

6,719

1,453

3,222

11,394

At 28th February 2019

66,827

13,940

29,365

110,132

NET BOOK VALUE

At 28th February 2019

38,072

8,233

9,667

55,972

At 28th February 2018

34,592

6,852

12,889

54,333

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

Motor

vehicles

£

COST

At 1st March 2018

and 28th February 2019

39,032

DEPRECIATION

At 1st March 2018

26,143

Charge for year

3,222

At 28th February 2019

29,365

NET BOOK VALUE

At 28th February 2019

9,667

At 28th February 2018

12,889

5.

STOCKS

2019

2018

£

£

Stocks

2,500

2,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

43,071

51,731

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 9)

7,280

5,040

Hire purchase contracts (see note 10)

4,161

6,241

Trade creditors

21,815

14,294

Corporation tax

6,260

10,028

Social security and other taxes

3,582

6,631

Directors' current accounts

11,437

3,051

Accrued expenses

725

725

55,260

46,010

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 9)

17,567

10,920

Hire purchase contracts (see note 10)

-

4,161

17,567

15,081

9.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

7,280

5,040

Amounts falling due between one and two years:

Bank loans - 1-2 years

7,025

5,040

Amounts falling due between two and five years:

Bank loans - 2-5 years

10,542

5,880

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Gross obligations repayable:

Within one year

4,581

6,871

Between one and five years

-

4,581

4,581

11,452

Finance charges repayable:

Within one year

420

630

Between one and five years

-

420

420

1,050

Net obligations repayable:

Within one year

4,161

6,241

Between one and five years

-

4,161

4,161

10,402

Non-cancellable operating

leases

2019

2018

£

£

Between one and five years

8,700

8,700

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

24,847

15,960

The bank loan has been personally guaranteed by the director.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2,700

Ordinary

£1

2,700

2,700

13.

RESERVES

Retained

earnings

£

At 1st March 2018

53,571

Profit for the year

26,043

Dividends

(37,924

)

At 28th February 2019

41,690

14.	ULTIMATE CONTROLLING PARTY

The controlling party is S Searle.