F & M Powder Coating Specialists Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05286304 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

F & M POWDER COATING SPECIALISTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Greaves

Mr F Greaves

SECRETARY:

Mrs E Greaves

REGISTERED OFFICE:

12 Roman Way

Industrial Estate

Longridge Road

Preston

Lancashire

PR2 5BB

REGISTERED NUMBER:

05286304 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,083,506

979,201

1,083,506

979,201

CURRENT ASSETS

Stocks

6

24,186

20,693

Debtors

7

358,505

295,298

Cash at bank

269,778

161,515

652,469

477,506

CREDITORS

Amounts falling due within one year

8

(438,430

)

(357,650

)

NET CURRENT ASSETS

214,039

119,856

TOTAL ASSETS LESS CURRENT LIABILITIES

1,297,545

1,099,057

CREDITORS

Amounts falling due after more than one year

9

(265,450

)

(223,408

)

PROVISIONS FOR LIABILITIES

11

(196,999

)

(160,170

)

NET ASSETS

835,096

715,479

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

834,996

715,379

SHAREHOLDERS' FUNDS

835,096

715,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2023 and were signed on its behalf by:

Mr F Greaves - Director

Mr M Greaves - Director

1.	STATUTORY INFORMATION

F & M Powder Coating Specialists 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.

Goodwill

Goodwill acquired in 2007 has been written off over 10 years.

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.

Freehold property

-

10% on cost

Plant and machinery

-

8% on reducing balance

Fixtures and fittings

-

8% 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2022

and 31st December 2022

73,192

AMORTISATION

At 1st January 2022

and 31st December 2022

73,192

NET BOOK VALUE

At 31st December 2022

-

At 31st December 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2022

700,822

563,766

79,782

52,045

1,396,415

Additions

11,897

137,598

1,434

57,031

207,960

Disposals

-

(8,732

)

-

-

(8,732

)

At 31st December 2022

712,719

692,632

81,216

109,076

1,595,643

DEPRECIATION

At 1st January 2022

82,220

250,680

55,917

28,397

417,214

Charge for year

14,151

65,268

3,651

11,853

94,923

At 31st December 2022

96,371

315,948

59,568

40,250

512,137

NET BOOK VALUE

At 31st December 2022

616,348

376,684

21,648

68,826

1,083,506

At 31st December 2021

618,602

313,086

23,865

23,648

979,201

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

Plant and

machinery

£

COST

At 1st January 2022

41,400

Additions

126,000

Transfer to ownership

(41,400

)

Reclassification/transfer

54,000

At 31st December 2022

180,000

DEPRECIATION

At 1st January 2022

22,845

Charge for year

26,899

Transfer to ownership

(22,845

)

Reclassification/transfer

675

At 31st December 2022

27,574

NET BOOK VALUE

At 31st December 2022

152,426

At 31st December 2021

18,555

6.

STOCKS

31.12.22

31.12.21

£

£

Stocks

24,186

20,693

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

320,530

256,096

Other debtors

37,975

39,202

358,505

295,298

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts (see note 10)

22,397

46,276

Hire purchase contracts

50,400

2,675

Trade creditors

152,689

83,169

Taxation and social security

82,008

34,987

Other creditors

130,936

190,543

438,430

357,650

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans (see note 10)

185,900

223,408

Hire purchase contracts

79,550

-

265,450

223,408

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

96,312

54,870

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.22

31.12.21

£

£

Amounts falling due within one year or on demand:

Bank loans

22,397

46,276

Amounts falling due between one and two years:

Bank loans - 1-2 years

22,397

46,529

Amounts falling due between two and five years:

Bank loans - 2-5 years

67,191

122,009

Amounts falling due in more than five years:

31.12.22

31.12.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

96,312

54,870

11.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

117,670

68,514

Other provisions

79,329

91,656

196,999

160,170

Deferred

Other

tax

provisions

£

£

Balance at 1st January 2022

68,514

92,026

Provided during year

49,156

(35,798

)

Balance at 31st December 2022

117,670

56,228

Included in the above provisions is an amount in relation to costs incurred for alteration works done in March 2023.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1st January 2022

715,379

Profit for the year

173,617

Dividends

(54,000

)

At 31st December 2022

834,996