Powder Coatings Northern Limited - Period Ending 2015-11-30

Powder Coatings Northern Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2015
 

Registration number: 2297998

Powder Coatings Northern Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Powder Coatings Northern Limited
(Registration number: 2297998)
Abbreviated Balance Sheet at 30 November 2015
 

		Note			2015						2014
	£			£			£			£
Fixed assets
Tangible fixed assets								36,583						41,839
Current assets
Stocks					1,515						1,328
Debtors					137,110						110,370
Cash at bank and in hand					41,269						42,341
					179,894						154,039
Creditors: Amounts falling due within one year					(100,161)						(97,179)
Net current assets								79,733						56,860
Total assets less current liabilities								116,316						98,699
Creditors: Amounts falling due after more than one year								-						(10,079)
Net assets								116,316						88,620
Capital and reserves
Called up share capital		4			100						100
Profit and loss account					116,216						88,520
								116,316						88,620

For the year ending 30 November 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 November 2016 and signed on its behalf by:

.........................................
D Grindrod
Director

The notes on pages 2 to 3 form an integral part of these abbreviated accounts.
Page 1

Powder Coatings Northern Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the invoiced value of services provided, net of value added tax, recognised on delivery.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Computer equipment within fixtures and fittings	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is provided in full on timing differences at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted. Deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 2

Powder Coatings Northern Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2014		242,838			242,838
Additions		2,667			2,667
At 30 November 2015		245,505			245,505
Depreciation
At 1 December 2014		200,999			200,999
Charge for the year		7,923			7,923
At 30 November 2015		208,922			208,922
Net book value
At 30 November 2015		36,583			36,583
At 30 November 2014		41,839			41,839

3

Creditors

Secured creditors Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		10,079			4,417
Amounts falling due after more than one year		-			10,079
Total secured creditors		10,079			14,496

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5	Related party transactions

David Grindrod is a director and shareholder of the company and has a joint loan account with his wife Gill Grindrod, who is also a shareholder, They had a joint overdrawn loan of £11,701 at the year end (2014 - £337). The maximum amount overdrawn in the year was £42,259 (2014 - £39,636). The loan was repaid in August 2016.

Alan Grindrod is a director and shareholder of the company and has a joint loan account with his wife Lynda Grindrod, who is also a shareholder. They had a joint overdrawn loan of £8,493 at the year end (2014 - £1,973). The maximum amount overdrawn in the year was £36,779 (2014 - £52,627). The loan was repaid in August 2016.

No interest has been charged on the above loans.
 

Page 3