Company No:
Contents
DIRECTORS | Judith Anne Mcrobbie |
Kenneth Mcrobbie | |
SECRETARY | Judith Anne Mcrobbie |
REGISTERED OFFICE | 14 Main Street |
Hatton | |
Peterhead | |
AB42 0SB | |
United Kingdom | |
COMPANY NUMBER | SC278988(Scotland) |
ACCOUNTANT | Acumen Accountants & Advisors Limited |
Acumen House | |
Grange Road | |
Peterhead | |
AB42 1WN |
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://www.accaglobal.com/rulebook_.
It is your duty to ensure that North East Specialist Coatings Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of North East Specialist Coatings Ltd.. You consider that North East Specialist Coatings Ltd. is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of North East Specialist Coatings Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountants
Grange Road
Peterhead
AB42 1WN
30.04.2020 | 30.04.2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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15,144 | 20,145 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 | (
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12,540 | 21,678 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current liabilities | (50,834) | (31,066) | ||
Total assets less current liabilities | (35,690) | (10,921) | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provisions for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors’ responsibilities:
The financial statements of North East Specialist Coatings Ltd. (registered number:
Judith Anne Mcrobbie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
North East Specialist Coatings Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 14 Main Street, Hatton, Peterhead, AB42 0SB, , United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of North East Specialist Coatings Ltd. is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Plant & Machinery - 25%
Fixtures & Fittings - 25%
Office Equipment - 25%
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
30.04.2020 | 30.04.2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Fixtures and fittings | Office equipment | Total | |
£ | £ | £ | £ | |
Cost/Valuation | ||||
At 01 May 2019 |
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At 30 April 2020 |
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Accumulated depreciation | ||||
At 01 May 2019 |
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Charge for the financial year |
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At 30 April 2020 |
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Net book value | ||||
At 30 April 2020 |
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At 30 April 2019 |
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30.04.2020 | 30.04.2019 | |
£ | £ | |
Stocks |
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30.04.2020 | 30.04.2019 | |
£ | £ | |
Trade debtors |
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Prepayments |
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30.04.2020 | 30.04.2019 | |
£ | £ | |
Cash at bank and in hand | (
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(8,462) | (10,839) |
30.04.2020 | 30.04.2019 | |
£ | £ | |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to directors |
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Other creditors |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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30.04.2020 | 30.04.2019 | |
£ | £ | |
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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13,764 | 21,784 |
30.04.2020 | 30.04.2019 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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100 | 100 |
Transactions with the entity's directors
30.04.2019 | 30.04.2020 | |
£ | £ | |
As at 30/4/2020, there was a balance due to the director | (31,107) | (18,822) |
Advances