HCA Coating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04599565 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

HCA COATING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A J Poyser

SECRETARY:

Mrs T Poyser

REGISTERED OFFICE:

Kingsgate House

Newbury Road

Andover

Hampshire

SP10 4DU

BUSINESS ADDRESS:

Unit 6 Kingsway

Walworth Business Park

Andover

Hampshire

SP10 5LQ

REGISTERED NUMBER:

04599565 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

97,524

100,194

97,524

100,194

CURRENT ASSETS

Stocks

88,742

70,776

Debtors

7

659,536

679,745

Cash at bank

238,247

205,699

986,525

956,220

CREDITORS

Amounts falling due within one year

8

934,852

941,732

NET CURRENT ASSETS

51,673

14,488

TOTAL ASSETS LESS CURRENT LIABILITIES

149,197

114,682

CREDITORS

Amounts falling due after more than one year

9

(16,778

)

(13,392

)

PROVISIONS FOR LIABILITIES

(17,949

)

(17,833

)

NET ASSETS

114,470

83,457

CAPITAL AND RESERVES

Called up share capital

11

150

150

Retained earnings

114,320

83,307

SHAREHOLDERS' FUNDS

114,470

83,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 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 on 14 October 2019 and were signed by:

Mr A J Poyser - Director

1.	STATUTORY INFORMATION

HCA Coating 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of services net of VAT provided under contracts to the extent that there is a right

to consideration and is recorded at the value of consideration due. Turnover is reduced for estimated customer

returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised

evenly over its estimated useful life of four years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual

value, over their expected useful lives on a reducing balance basis at rates of 20% and 25% per annum and on a

straight line basis at the rate of 25% per annum.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered impairment loss. If any such indication exists, the

recoverable amount of an 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 the asset, the company estimates the recoverable

amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable

value). Overheads are charged to the income statement as incurred.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which

the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses

of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an

expense in the period in which the reversal occurs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Taxation

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets. Assets

acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets

acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance element

of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on

the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged to the income statement on a straight line basis.

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.

Debt factoring

The gross amount of trade debtors has been shown on the balance sheet within current assets and the

corresponding liability in respect of the proceeds received from the factor has been shown within current

liabilities.

The interest element of the factor's charges and other factoring costs are recognised as they accrue and are

charged to the income statement.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2018 - 45 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

97,500

AMORTISATION

At 1 April 2018

and 31 March 2019

97,500

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

355,625

85,315

45,012

6,235

492,187

Additions

29,066

-

-

-

29,066

Disposals

(12,045

)

-

-

-

(12,045

)

At 31 March 2019

372,646

85,315

45,012

6,235

509,208

DEPRECIATION

At 1 April 2018

283,017

70,156

33,110

5,710

391,993

Charge for year

22,924

3,032

2,976

161

29,093

Eliminated on disposal

(9,402

)

-

-

-

(9,402

)

At 31 March 2019

296,539

73,188

36,086

5,871

411,684

NET BOOK VALUE

At 31 March 2019

76,107

12,127

8,926

364

97,524

At 31 March 2018

72,608

15,159

11,902

525

100,194

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2018

28,800

40,312

69,112

Additions

19,455

-

19,455

Transfer to ownership

-

(40,312

)

(40,312

)

At 31 March 2019

48,255

-

48,255

DEPRECIATION

At 1 April 2018

9,892

28,870

38,762

Charge for year

9,591

2,861

12,452

Transfer to ownership

-

(31,731

)

(31,731

)

At 31 March 2019

19,483

-

19,483

NET BOOK VALUE

At 31 March 2019

28,772

-

28,772

At 31 March 2018

18,908

11,442

30,350

7.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

348,968

361,185

Amounts owed by group undertakings

243,369

215,036

Other debtors

3,092

56,107

595,429

632,328

Amounts falling due after more than one year:

Amounts owed by group undertakings

64,107

47,417

Aggregate amounts

659,536

679,745

Included in other debtors falling due within one year is £2,856 (2018:£1,531) in relation to prepayments and

accrued income.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

9,297

10,052

Trade creditors

458,899

442,410

Taxation and social security

161,496

149,638

Other creditors

305,160

339,632

934,852

941,732

Included in other creditors is £22,716 (2018:£31,050) in relation to accruals and deferred income.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

16,778

13,392

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Close Invoice Finance Limited

242,258

267,995

Hire purchase & finance leases

26,076

23,443

268,334

291,438

Close Invoice Finance Limited have a fixed and floating charge dated 2 June 2003 over the company's trade

debtors.

Hire purchase and finance lease liabilities are secured on the assets acquired.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

150

Ordinary

£1

150

150

12.	OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet

amount to £205,707 (2018:£313,552).

This amount is in relation to operating lease commitments which are payable over the next one to three years.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mr A J Poyser

Balance outstanding at start of year

1,772

1,945

Amounts advanced

-

1,772

Amounts repaid

(1,772

)

(1,945

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,772

Mrs H L Clayton

Balance outstanding at start of year

560

660

Amounts advanced

-

560

Amounts repaid

(560

)

(660

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

560

The loans were unsecured and interest free and were repaid in full within 9 months of the year end.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section

1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within

the group or where transactions have been undertaken under normal market conditions.