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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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SPECTRUM COATINGS SOUTHWEST LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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FOR |
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SPECTRUM COATINGS SOUTHWEST LTD |
SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SPECTRUM COATINGS SOUTHWEST LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Tax Advisers, Accountants |
and Business Consultants |
7a Dartmouth Road |
Paignton |
Devon |
TQ4 5AA |
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BANKERS: |
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42 Courtenay Street |
Newton Abbot |
Devon |
TQ12 2EB |
SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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BALANCE SHEET |
27 FEBRUARY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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BALANCE SHEET - continued |
27 FEBRUARY 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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1. | STATUTORY INFORMATION |
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Spectrum Coatings Southwest Ltd is a
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England and Wales. 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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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement |
of Income and Retained Earnings, 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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SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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Going concern |
The company meets its day to day working capital requirements through a loan provided by |
Mr Matt Busby a Director of the company. He will continue to support the company in this |
way until such times as profits are made. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 28 February 2018 |
and 27 February 2019 |
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AMORTISATION |
At 28 February 2018 |
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Amortisation for year |
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At 27 February 2019 |
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NET BOOK VALUE |
At 27 February 2019 |
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At 27 February 2018 |
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SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 28 February 2018 |
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Additions |
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At 27 February 2019 |
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DEPRECIATION |
At 28 February 2018 |
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Charge for year |
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At 27 February 2019 |
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NET BOOK VALUE |
At 27 February 2019 |
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At 27 February 2018 |
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6. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Trade creditors |
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Directors' current accounts |
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Accrued expenses |
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SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2019 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans - 1-2 years |
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Other loans - 2-5 years |
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10. | OTHER FINANCIAL COMMITMENTS |
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At 27 November 2019, the company had total commitments under non cancellable |
operating leases over the remaining life of the leases of £4,800 (2018:£4,800). |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended |
27 February 2019 and 27 February 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Loans are unsecured, interest free and repayable on demand. |