Elektra Coatings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08809515 (England and Wales)

Financial Statements for the Year Ended 30 November 2019

for

Elektra Coatings Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Jones

Mr A Darby

Mr D Jones

REGISTERED OFFICE:

Unit 8

Ladford Covert Industrial Estate

Seighford

Staffordshire

ST18 9QL

REGISTERED NUMBER:

08809515 (England and Wales)

FIXED ASSETS

Tangible assets

4

64,087

58,523

CURRENT ASSETS

Stocks

67,641

36,921

Debtors

149,927

180,582

Cash at bank

135,757

93,528

353,325

311,031

CREDITORS

Amounts falling due within one year

150,502

146,108

NET CURRENT ASSETS

202,823

164,923

TOTAL ASSETS LESS CURRENT LIABILITIES

266,910

223,446

CREDITORS

Amounts falling due after more than one year

(87,977

)

(117,198

)

PROVISIONS FOR LIABILITIES

(12,177

)

(11,119

)

NET ASSETS

166,756

95,129

CAPITAL AND RESERVES

Called up share capital

5

12

12

Retained earnings

166,744

95,117

SHAREHOLDERS' FUNDS

166,756

95,129

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 November 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 28 August 2020 and were signed on its behalf by:

Mr J Jones - Director

1.	STATUTORY INFORMATION

Elektra 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.

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

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.

The financial statements have been prepared on a going concern basis.

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in profit or loss.

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

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 4 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2018

142,201

Additions

20,316

At 30 November 2019

162,517

DEPRECIATION

At 1 December 2018

83,678

Charge for year

14,752

At 30 November 2019

98,430

NET BOOK VALUE

At 30 November 2019

64,087

At 30 November 2018

58,523

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

£

£

6

Ordinary

£1

6

6

4

A Ordinary

£1

4

4

2

B Ordinary

£1

2

2

12

12