Cougar Coatings Limited Filleted accounts for Companies House (small and micro)

COUGAR COATINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05834665

Cougar Coatings Limited

Filleted Unaudited Financial Statements

30 November 2022

Cougar Coatings Limited

Statement of Financial Position

30 November 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		137,337		128,915

Current assets

Stocks		2,000	2,000
Debtors	6	71,039	65,125
Cash at bank and in hand		137,711	81,841
		---------	---------
		210,750	148,966

Creditors: amounts falling due within one year	7	79,124		81,197
		---------		---------
Net current assets			131,626		67,769
			---------		---------
Total assets less current liabilities			268,963		196,684

Creditors: amounts falling due after more than one year	8		60,791		59,448

Provisions

Taxation including deferred tax	25,683	23,874
	---------	---------
Net assets	182,489	113,362
	---------	---------

Capital and reserves

Called up share capital		100	100
Profit and loss account	10	182,389	113,262
		---------	---------
Shareholders funds		182,489	113,362
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Cougar Coatings Limited

Statement of Financial Position (continued)

30 November 2022

These financial statements were approved by the board of directors and authorised for issue on 20 July 2023 , and are signed on behalf of the board by:

Mr S J Coombes
Director

Company registration number: 05834665

Cougar Coatings Limited

Notes to the Financial Statements

Year ended 30 November 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tallford House, 38 Walliscote Road, Weston super Mare, North Somerset, BS23 1LP and the principle trading address is Unit 25, Manor Farm, Collum Lane, Kewstoke, Weston-super-Mare, North Somerset, BS22 9JL. The principal activity of the company during the year was that of industrial painting and powder coating.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: A bad debt provision is provided where the Directors believe a debt to be irrecoverable. A stock provision is provided where the Directors consider the recoverability of stock is impaired due to age, obsolescence or damage. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	25% straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

	Office	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Office equipment	Office	Total
	£	£	£	£	£	£
Cost
At 1 Dec 2021	27,290	244,461	20,000	10,923	6,350	309,024
Additions	–	7,985	36,570	882	–	45,437
Disposals	–	( 23,480)	–	( 3,441)	–	( 26,921)
	--------	---------	--------	--------	-------	---------
At 30 Nov 2022	27,290	228,966	56,570	8,364	6,350	327,540
	--------	---------	--------	--------	-------	---------
Depreciation
At 1 Dec 2021	27,132	124,087	16,256	9,459	3,175	180,109
Charge for the year	158	18,309	10,078	1,534	635	30,714
Disposals	–	( 17,179)	–	( 3,441)	–	( 20,620)
	--------	---------	--------	--------	-------	---------
At 30 Nov 2022	27,290	125,217	26,334	7,552	3,810	190,203
	--------	---------	--------	--------	-------	---------
Carrying amount
At 30 Nov 2022	–	103,749	30,236	812	2,540	137,337
	--------	---------	--------	--------	-------	---------
At 30 Nov 2021	158	120,374	3,744	1,464	3,175	128,915
	--------	---------	--------	--------	-------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	68,130	62,542
Other debtors	2,909	2,583
	--------	--------
	71,039	65,125
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	9,688	9,562
Trade creditors	6,244	10,978
Social security and other taxes	19,196	19,441
Other creditors	43,996	41,216
	--------	--------
	79,124	81,197
	--------	--------

The aggregate amount of secured debt included above amounts to £20,652 (2021 - £19,661) The hire purchase agreement is secured on specific assets of the company.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	25,313	35,436
Other creditors	35,478	24,012
	--------	--------
	60,791	59,448
	--------	--------

The aggregate amount of secured debt included above amounts to £35,479 (2021 - £24,012) The hire purchase agreement is secured on specific assets of the company.

9. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	11,152
	----	--------

The above represents claims of £NIL (2021 - £10,526) made in respect of the UK Government's Coronavirus Job Retention Scheme and £NIL (2021 - £625) interest on bounce back loan paid by the Government.

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.