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REGISTERED NUMBER:
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SPECIALTY COATING SYSTEMS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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SPECIALTY COATING SYSTEMS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SPECIALTY COATING SYSTEMS LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Specialty Coating Systems Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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On the main the company has a policy of not capitalising chillers and computer equipment (other than servers), |
unless they are part of a specific project. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Stock is valued on the weighted average cost basis. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Any differences arising from converting the opening reserves of any foreign branches to the rates of exchange |
ruling at the balance sheet date, have been taken to reserves. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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Exemption from preparing group accounts |
In accordance with Section 401 of the Companies Act 2006, the company is not required to produce, and has not |
published, consolidated accounts, as it is a wholly-owned subsidiary of another company incorporated outside |
the EEA. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: outside of the United Kingdom |
Nature of business:
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Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
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Profit/(loss) for the year |
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( |
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Specialty Coating Systems (Ireland) Ltd is incorporated in the Republic of Ireland and provides custom coating |
services in that region. |
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6. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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VAT |
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Prepayments |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Other debtors |
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Aggregate amounts |
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Included in amounts falling due after more than one year is £517,505 due from a fellow subsidiary which is |
actually due within one one year but the directors believe that repayment will not be made until over one year. |
SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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UK Tax |
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Social security and other taxes |
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Other creditors |
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VAT creditor | 57,196 | 33,503 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Accrued expenses | 209,843 | - |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 12,612 | 32,179 |
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Deferred |
tax |
£ |
Balance at 1 January 2017 |
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Provided during year | ( |
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Balance at 31 December 2017 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1.00 | 2,122,501 | 2,122,501 |
SPECIALTY COATING SYSTEMS LIMITED (REGISTERED NUMBER: 01408896) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2017 |
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1,372,129 |
Deficit for the year | ( |
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Exchange difference | (10,201 | ) | - | (10,201 | ) |
At 31 December 2017 |
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1,307,578 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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The consolidated financial statements of Coatings Holding Inc, within which the company is included, can be |
obtained from the following address: |
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Coatings Holding Inc., |
7645 Woodland Drive, |
Indianapolis, |
IN 46278 |
USA |
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15. | ULTIMATE CONTROLLING PARTY |
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The immediate parent company is Coatings Holding Inc., a company based in the USA, and the ultimate parent |
company, which is also the ultimate controlling party is Kisco Ltd, a company based in Japan. |
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In accordance with Section 401 of the Companies Act 2006, the company is not required to produce, and has not |
published, consolidated accounts, as it is a wholly-owned subsidiary of another company incorporated outside |
the EEC. |