Chingford Technical Coatings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01478326 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28th February 2023

for

Chingford Technical Coatings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Searle

SECRETARY:

Mrs D Searle

REGISTERED OFFICE:

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

BUSINESS ADDRESS:

Unit 1

Denmark Street

Maidenhead

Berkshire

SL6 7BN

REGISTERED NUMBER:

01478326 (England and Wales)

ACCOUNTANTS:

Hannaways

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

FIXED ASSETS

Tangible assets

4

60,459

66,116

CURRENT ASSETS

Stocks

5

2,500

2,500

Debtors

6

51,041

37,908

Cash at bank

10,938

15,036

64,479

55,444

CREDITORS

Amounts falling due within one year

7

67,550

66,926

NET CURRENT LIABILITIES

(3,071

)

(11,482

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,388

54,634

CREDITORS

Amounts falling due after more than one year

8

12,000

16,000

NET ASSETS

45,388

38,634

CAPITAL AND RESERVES

Called up share capital

12

2,700

2,700

Retained earnings

13

42,688

35,934

SHAREHOLDERS' FUNDS

45,388

38,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th May 2023 and were signed by:

S Searle - Director

1.	STATUTORY INFORMATION

Chingford Technical 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.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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 Statement of Income and Retained Earnings, 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.

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.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction cost. Any losses from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st March 2022

145,562

28,587

39,032

213,181

Additions

4,885

2,166

-

7,051

At 28th February 2023

150,447

30,753

39,032

220,232

DEPRECIATION

At 1st March 2022

92,790

19,321

34,954

147,065

Charge for year

8,649

3,040

1,019

12,708

At 28th February 2023

101,439

22,361

35,973

159,773

NET BOOK VALUE

At 28th February 2023

49,008

8,392

3,059

60,459

At 28th February 2022

52,772

9,266

4,078

66,116

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

Motor

vehicles

£

COST

At 1st March 2022

and 28th February 2023

39,032

DEPRECIATION

At 1st March 2022

34,954

Charge for year

1,019

At 28th February 2023

35,973

NET BOOK VALUE

At 28th February 2023

3,059

At 28th February 2022

4,078

5.

STOCKS

2023

2022

£

£

Stocks

2,500

2,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

51,041

37,908

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

4,000

8,792

Trade creditors

24,559

16,222

Corporation tax

12,158

8,518

Social security and other taxes

5,257

3,647

Directors' current accounts

20,851

29,022

Accrued expenses

725

725

67,550

66,926

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

12,000

16,000

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

4,000

8,792

Amounts falling due between one and two years:

Bank loans - 1-2 years

4,000

4,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

8,000

12,000

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Between one and five years

8,700

8,700

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

16,000

24,792

The bank loan has been personally guaranteed by the director.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2,700

Ordinary

£1

2,700

2,700

13.

RESERVES

Retained

earnings

£

At 1st March 2022

35,934

Profit for the year

46,499

Dividends

(39,745

)

At 28th February 2023

42,688

14.	ULTIMATE CONTROLLING PARTY

The controlling party is S Searle.