Menai Powder Coating Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07035153 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

MENAI POWDER COATING LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

7

DIRECTOR:

J Lamerick

SECRETARY:

K H Lamerick

REGISTERED OFFICE:

Bryn Awel

Carmel

Caernarfon

Gwynedd

LL54 7RY

REGISTERED NUMBER:

07035153 (England and Wales)

ACCOUNTANTS:

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Tangible assets

4

9,207

11,508

CURRENT ASSETS

Stocks

750

750

Debtors

5

12,955

12,693

Cash at bank

31,552

22,859

45,257

36,302

CREDITORS

Amounts falling due within one year

6

(49,044

)

(42,192

)

NET CURRENT LIABILITIES

(3,787

)

(5,890

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,420

5,618

PROVISIONS FOR LIABILITIES

(1,749

)

(2,302

)

NET ASSETS

3,671

3,316

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,571

3,216

SHAREHOLDERS' FUNDS

3,671

3,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director on 8 May 2018 and were signed by:

J Lamerick - Director

1.	STATUTORY INFORMATION

Menai Powder Coating Ltd 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 the provisions of Section 1A "Small Entities" 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 cost convention.

Turnover

Turnover represents amounts receivable for powder coating and sandblasting goods and services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% 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 Income Statement,

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.

Revenue recognition

Income represents revenue earned under a wide variety of contracts to provide professional services.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to

consideration in exchange for its performance under these contracts. It is measured at the fair value of

the right to consideration, which represents amounts chargeable to clients, including expenses and

disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it

reflects the partial performance of the contractual obligations. For such contracts the amount of

revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Revenue not billed to clients is included in debtors and payments on account in excess of the relevant

amount of revenue are included in creditors.

Income that is contingent on events outside the control of the firm is recognised when the contingent

event occurs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

41,995

DEPRECIATION

At 1 January 2017

30,487

Charge for year

2,301

At 31 December 2017

32,788

NET BOOK VALUE

At 31 December 2017

9,207

At 31 December 2016

11,508

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

10,052

8,881

Other debtors

2,903

3,812

12,955

12,693

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

1,420

1,772

Taxation and social security

2,900

1,300

Other creditors

44,724

39,120

49,044

42,192

7.	TRANSACTIONS WITH DIRECTOR

The director's loan £42,324 ( 2016 - £37,389 ) is included in creditors falling due within one year.

8.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance sheet. Readers are cautioned that the Income statement and certain

other primary statements and the Director's report are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval

the accounts of Menai Powder Coating Ltd for the year ended 31 December 2017 from the Company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical

and other professional requirements which are detailed at http://rulebook.accaglobal.com.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified

Accountants as detailed at http://www.accaglobal.com/factsheet163.

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

8 May 2018