LINE-X UK Distribution Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11381833 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2021

for

PERFORMANCE COATINGS DBA LINE-X UK

DISTRIBUTION LTD

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Marcus David Clifford Lockett

Richard Gregory Atkinson

REGISTERED OFFICE:

Coatings House

Mopes Lane

Purton

Swindon

Wiltshire

SN5 4HG

REGISTERED NUMBER:

11381833 (England and Wales)

ACCOUNTANTS:

RCM Associates Limited

Green Farm Barn

The Green

Rathmell

Settle

North Yorkshire

BD24 0JX

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd for the year ended 30 November 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd and state those matters that we have agreed to state to the Board of Directors of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd. You consider that PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PERFORMANCE COATINGS dba LINE-X UK Distribution Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RCM Associates Limited

Green Farm Barn

The Green

Rathmell

Settle

North Yorkshire

BD24 0JX

17 May 2022

FIXED ASSETS

Tangible assets

4

29,315

22,998

CURRENT ASSETS

Stocks

35,314

36,828

Debtors

5

131,813

37,090

Cash at bank

49,568

229,296

216,695

303,214

CREDITORS

Amounts falling due within one year

6

111,013

183,595

NET CURRENT ASSETS

105,682

119,619

TOTAL ASSETS LESS CURRENT LIABILITIES

134,997

142,617

CREDITORS

Amounts falling due after more than one year

7

(38,815

)

(57,603

)

PROVISIONS FOR LIABILITIES

(5,570

)

(4,370

)

NET ASSETS

90,612

80,644

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

90,512

80,544

90,612

80,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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 and authorised for issue on 17 May 2022 and were signed on its behalf by:

Marcus David Clifford Lockett - Director

Richard Gregory Atkinson - Director

1.	STATUTORY INFORMATION

PERFORMANCE COATINGS dba LINE-X UK Distribution 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

-

20% 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2020

24,138

Additions

14,440

At 30 November 2021

38,578

DEPRECIATION

At 1 December 2020

1,140

Charge for year

8,123

At 30 November 2021

9,263

NET BOOK VALUE

At 30 November 2021

29,315

At 30 November 2020

22,998

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

Plant and

machinery

etc

£

COST

At 1 December 2020

and 30 November 2021

21,100

DEPRECIATION

At 1 December 2020

996

Charge for year

5,026

At 30 November 2021

6,022

NET BOOK VALUE

At 30 November 2021

15,078

At 30 November 2020

20,104

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

92,400

36,990

Other debtors

39,413

100

131,813

37,090

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

-

Hire purchase contracts

4,578

5,367

Trade creditors

55,059

110,493

Taxation and social security

13,184

24,737

Other creditors

28,192

42,998

111,013

183,595

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

35,000

50,000

Hire purchase contracts

3,815

7,603

38,815

57,603