Modular Coatings Limited,Ltd - AccountsLtd - Accounts

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MODULAR COATINGS LIMITED - Company Information

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2016-04-01 01715832 2017-03-31 01715832 2016-04-01 2017-03-31 01715832 2016-03-31 01715832 2015-04-01 2016-03-31 01715832 uk-core:WithinOneYear 2016-03-31 01715832 uk-core:WithinOneYear 2017-03-31 01715832 uk-core:AfterOneYear 2016-03-31 01715832 uk-core:AfterOneYear 2017-03-31 01715832 uk-core:ShareCapital 2017-03-31 01715832 uk-core:ShareCapital 2016-03-31 01715832 uk-core:RevaluationReserve 2017-03-31 01715832 uk-core:RevaluationReserve 2016-03-31 01715832 uk-core:RetainedEarningsAccumulatedLosses 2017-03-31 01715832 uk-core:RetainedEarningsAccumulatedLosses 2016-03-31 01715832 uk-bus:Director1 2016-04-01 2017-03-31 01715832 uk-core:Buildings 2016-04-01 2017-03-31 01715832 uk-core:PlantMachinery 2016-04-01 2017-03-31 01715832 uk-core:MotorVehicles 2016-04-01 2017-03-31 01715832 uk-core:FurnitureFittings 2016-04-01 2017-03-31 01715832 uk-core:FurnitureFittings 2016-03-31 01715832 uk-core:PlantMachinery 2016-03-31 01715832 uk-core:Buildings 2016-03-31 01715832 uk-core:Buildings 2017-03-31 01715832 uk-core:PlantMachinery 2017-03-31 01715832 uk-core:FurnitureFittings 2017-03-31 01715832 uk-core:WithinOneYear uk-core:Secured 2017-03-31 01715832 uk-core:WithinOneYear uk-core:Secured 2016-03-31 iso4217:GBP 01715832 uk-bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 01715832 uk-bus:FRS102 2016-04-01 2017-03-31 01715832 uk-bus:FullAccounts 2016-04-01 2017-03-31 01715832 uk-bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31
Modular Coatings Limited
Registered Number:01715832
For the year ended 31 March 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2017
Modular Coatings Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
As at 31 March 2017
Modular Coatings Limited
Statement of Financial Position
Registered Number :
01715832
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
157,382
162,738
2
157,382
162,738
Current assets
Inventories
6,945
4,429
Trade and other receivables
56,076
68,599
3
28,555
Cash and cash equivalents
27,135
100,163
91,576
Trade and other payables: amounts falling due within one
year
(79,170)
(68,934)
4
12,406
31,229
Net current assets
Total assets less current liabilities
188,611
175,144
Trade and other payables: amounts falling due after more
than one year
(141,374)
(124,752)
5
63,859
Net assets
33,770
Capital and reserves
Called up share capital
50
50
Revaluation reserve
165,000
165,000
6
Retained earnings
(101,191)
(131,280)
63,859
33,770
Shareholders' funds
For the year ended 31 March 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
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4
For the year ended 31 March 2017
Modular Coatings Limited
Statement of Financial Position Continued
S A Hensman Director
These financial statements were approved and authorised for issue by the Board on 25 September 2017 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 March 2017
Modular Coatings Limited
Notes to the Financial Statements
Statutory Information
Modular Coatings Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 01715832.
Registered address:
Garter Street
Sheffield
South Yorkshire
S4 7QX
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings
2% Straight line
Plant and machinery
15% Reducing balance
25% Reducing balance
Motor vehicles
15% Reducing balance
Fixtures and fittings
The company''s freehold properties were professionally valued in 0. This valuation has been reduced by
subsequent depreciation. Under the transitional provisions of the Financial Reporting Standard for Smaller Entities
(effective January 2015) the properties continue to be stated at that valuation less accumulated depreciation to date
and that valuation has not been updated.
The company''s freehold properties are revalued in full every five years. Interim valuations are carried out when it is
likely that there has been a material change in value.
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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.
Hire purchase and leasing commitments
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
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6
For the year ended 31 March 2017
Modular Coatings Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Fixtures and
fittings
Plant and
machinery
Land and
buildings
£
£
£
£
Cost or
valuation
At 01 April 2016
242,064
17,268
39,796
185,000
At 31 March 2017
185,000
39,796
17,268
242,064
Provision for depreciation and impairment
At 01 April 2016
79,326
16,448
29,578
33,300
Charge for year
5,356
123
-
5,233
At 31 March 2017
84,682
16,571
29,578
38,533
At 31 March 2017
Net book value
146,467
10,218
697
157,382
At 31 March 2016
151,700
10,218
820
162,738
3. Trade and other receivables
2016
2017
£
£
Trade debtors
68,349
55,025
Other debtors
250
1,051
56,076
68,599
4. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Bank loans and overdraft (secured)
18,000
18,000
Trade creditors
7,851
6,388
Taxation and social security
25,858
24,849
Other creditors
17,225
29,933
68,934
79,170
5. Trade and other payables: amounts falling due after more than one year
2016
2017
£
£
Bank loans and overdraft (secured)
124,752
141,374
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7
For the year ended 31 March 2017
Modular Coatings Limited
Notes to the Financial Statements Continued
6. Reserves
Total
£
Revaluation reserve at 01 April 2016
165,000
165,000
Revaluation reserve at 31 March 2017
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