Protective Coating Systems (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04386104 (England and Wales)

Financial Statements

for the Year Ended 31 March 2020

for

Protective Coating Systems (UK) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D G Hopkins

SECRETARY:

Mrs L M Hopkins

REGISTERED OFFICE:

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

REGISTERED NUMBER:

04386104 (England and Wales)

ACCOUNTANTS:

Mander Duffill

Chartered Accountants

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

FIXED ASSETS

Tangible assets

4

47,864

33,365

CURRENT ASSETS

Stocks

25,985

675

Debtors

5

63,318

134,447

Cash at bank

78,711

75,302

168,014

210,424

CREDITORS

Amounts falling due within one year

6

64,837

57,315

NET CURRENT ASSETS

103,177

153,109

TOTAL ASSETS LESS CURRENT LIABILITIES

151,041

186,474

CREDITORS

Amounts falling due after more than one year

7

(9,363

)

(2,550

)

PROVISIONS FOR LIABILITIES

(9,094

)

(6,339

)

NET ASSETS

132,584

177,585

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

132,484

177,485

SHAREHOLDERS' FUNDS

132,584

177,585

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 19 October 2020 and were signed by:

D G Hopkins - Director

1.	STATUTORY INFORMATION

Protective Coating Systems (UK) 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, 25% on cost and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

106,185

Additions

39,003

Disposals

(30,271

)

At 31 March 2020

114,917

DEPRECIATION

At 1 April 2019

72,820

Charge for year

14,927

Eliminated on disposal

(20,694

)

At 31 March 2020

67,053

NET BOOK VALUE

At 31 March 2020

47,864

At 31 March 2019

33,365

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases

are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

79,121

Additions

33,327

Disposals

(30,271

)

At 31 March 2020

82,177

DEPRECIATION

At 1 April 2019

49,367

Charge for year

13,311

Eliminated on disposal

(20,694

)

At 31 March 2020

41,984

NET BOOK VALUE

At 31 March 2020

40,193

At 31 March 2019

29,754

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

57,168

111,733

Other debtors

6,150

22,714

63,318

134,447

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

35,678

27,402

Other creditors

29,159

29,913

64,837

57,315

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other creditors

9,363

2,550