Gardwell Coatings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00896408 (England and Wales)

Unaudited Financial Statements For The Year Ended 30th April 2019

for

Gardwell Coatings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A P Robertson-Young

Mrs S Robertson-Young

SECRETARY:

REGISTERED OFFICE:

Unit 7

Ellough Airfield

Beccles

Suffolk

NR34 7TE

REGISTERED NUMBER:

00896408 (England and Wales)

ACCOUNTANTS:

Aston Shaw

7 Church Plain

Great Yarmouth

Norfolk

NR30 1PL

FIXED ASSETS

Tangible assets

4

476,133

476,133

CURRENT ASSETS

Debtors

5

220,639

220,639

Cash at bank and in hand

347

347

220,986

220,986

CREDITORS

Amounts falling due within one year

6

324,160

324,160

NET CURRENT LIABILITIES

(103,174

)

(103,174

)

TOTAL ASSETS LESS CURRENT LIABILITIES

372,959

372,959

CREDITORS

Amounts falling due after more than one year

7

327,082

327,082

NET ASSETS

45,877

45,877

CAPITAL AND RESERVES

Called up share capital

20,003

20,003

Share premium

6,370

6,370

Retained earnings

19,504

19,504

SHAREHOLDERS' FUNDS

45,877

45,877

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 31st January 2020 and were signed on its behalf by:

Mr A P Robertson-Young - Director

1.	STATUTORY INFORMATION

Gardwell Coatings Ltd 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 etc

-

25% on reducing balance and at varying rates on cost

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.

Going concern

These financial statements have been prepared using the going concern basis. The directors consider this basis

to be appropriate but have not assessed a period in excess of twelve months from the date of approving the

accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st May 2018

and 30th April 2019

372,000

3,575

1,124,504

DEPRECIATION

At 1st May 2018

and 30th April 2019

29,760

-

1,022,692

NET BOOK VALUE

At 30th April 2019

342,240

3,575

101,812

At 30th April 2018

342,240

3,575

101,812

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st May 2018

and 30th April 2019

152,724

916

1,653,719

DEPRECIATION

At 1st May 2018

and 30th April 2019

124,324

810

1,177,586

NET BOOK VALUE

At 30th April 2019

28,400

106

476,133

At 30th April 2018

28,400

106

476,133

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

Motor

vehicles

£

COST

At 1st May 2018

and 30th April 2019

26,100

DEPRECIATION

At 1st May 2018

and 30th April 2019

6,522

NET BOOK VALUE

At 30th April 2019

19,578

At 30th April 2018

19,578

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/19

30/4/18

£

£

Trade debtors

69,361

69,361

Other debtors

151,278

151,278

220,639

220,639

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/19

30/4/18

£

£

Hire purchase contracts

21,208

21,208

Trade creditors

34,701

34,701

Taxation and social security

648

648

Other creditors

267,603

267,603

324,160

324,160

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/4/19

30/4/18

£

£

Bank loans

236,255

236,255

Hire purchase contracts

10,827

10,827

Other creditors

80,000

80,000

327,082

327,082

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

80,000

80,000

Repayable by instalments

Bank loans more 5 yr by instal

216,236

216,236