Chingford Technical Coatings Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01478326 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28th February 2018

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

54,333

57,706

CURRENT ASSETS

Stocks

5

2,500

2,500

Debtors

6

51,731

45,978

Cash at bank

8,798

21,525

63,029

70,003

CREDITORS

Amounts falling due within one year

7

46,010

58,893

NET CURRENT ASSETS

17,019

11,110

TOTAL ASSETS LESS CURRENT LIABILITIES

71,352

68,816

CREDITORS

Amounts falling due after more than one year

8

15,081

21,340

NET ASSETS

56,271

47,476

CAPITAL AND RESERVES

Called up share capital

12

2,700

2,700

Retained earnings

13

53,571

44,776

SHAREHOLDERS' FUNDS

56,271

47,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 23rd May 2018 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 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 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 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.

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 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st March 2017

86,461

19,339

39,032

144,832

Additions

8,239

-

-

8,239

At 28th February 2018

94,700

19,339

39,032

153,071

DEPRECIATION

At 1st March 2017

54,003

11,278

21,845

87,126

Charge for year

6,105

1,209

4,298

11,612

At 28th February 2018

60,108

12,487

26,143

98,738

NET BOOK VALUE

At 28th February 2018

34,592

6,852

12,889

54,333

At 28th February 2017

32,458

8,061

17,187

57,706

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st March 2017

3,801

39,032

42,833

Transfer to ownership

(3,801

)

-

(3,801

)

At 28th February 2018

-

39,032

39,032

DEPRECIATION

At 1st March 2017

2,115

21,846

23,961

Charge for year

-

4,297

4,297

Transfer to ownership

(2,115

)

-

(2,115

)

At 28th February 2018

-

26,143

26,143

NET BOOK VALUE

At 28th February 2018

-

12,889

12,889

At 28th February 2017

1,686

17,186

18,872

5.

STOCKS

2018

2017

£

£

Stocks

2,500

2,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

51,731

45,678

Other debtors

-

300

51,731

45,978

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 9)

5,040

3,750

Hire purchase contracts (see note 10)

6,241

6,241

Trade creditors

14,294

20,890

Corporation tax

10,028

6,951

Social security and other taxes

6,631

3,108

Directors' current accounts

3,051

16,786

Accrued expenses

725

1,167

46,010

58,893

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 9)

10,920

10,938

Hire purchase contracts (see note 10)

4,161

10,402

15,081

21,340

9.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans

5,040

3,750

Amounts falling due between one and two years:

Bank loans - 1-2 years

5,040

3,750

Amounts falling due between two and five years:

Bank loans - 2-5 years

5,880

7,188

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Gross obligations repayable:

Within one year

6,871

6,871

Between one and five years

4,581

11,452

11,452

18,323

Finance charges repayable:

Within one year

630

630

Between one and five years

420

1,050

1,050

1,680

Net obligations repayable:

Within one year

6,241

6,241

Between one and five years

4,161

10,402

10,402

16,643

Non-cancellable operating

leases

2018

2017

£

£

Between one and five years

8,700

14,004

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

15,960

-

The bank loan has been personally guaranteed by the director.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2,700

Ordinary

£1

2,700

2,700

13.

RESERVES

Retained

earnings

£

At 1st March 2017

44,776

Profit for the year

39,359

Dividends

(30,564

)

At 28th February 2018

53,571

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £30,564 (2017 - £28,900) were paid to the director .

15.	ULTIMATE CONTROLLING PARTY

The controlling party is S Searle.