REGISTERED NUMBER:
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ARENA PROTECTIVE COATINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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REGISTERED NUMBER:
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ARENA PROTECTIVE COATINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ARENA PROTECTIVE COATINGS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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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 directors acknowledge their 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. |
ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2020 |
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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 and authorised for issue on
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ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Arena Protective Coatings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04133663 and registered office address is 41 Randale Drive, Unsworth, Bury, Lancashire, BL9 8NF. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. The company has continued trading since the year end with some reduction in activity due to the initial lockdown. The company has made use of the Government's Coronavirus Job Retention Scheme. Operations have remained profitable post year end and the cash reserves have increased since year end. Should demand for the company's services further reduce, cost control measures would be introduced and the company would make use of any further government funding available to them. As such, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements and estimates. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below. |
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Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required. |
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The directors use judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate. |
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Revenue |
Revenue represents the total invoice value, excluding value added tax, of services provided during the year. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Net realisable value is estimated selling price less costs to complete and sell. |
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Cost represents actual purchase price net of all relevant discounts and value added tax. |
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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 statement of financial position 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 statement of financial position 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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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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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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ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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ARENA PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04133663) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019: |
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2020 | 2019 |
£ | £ |
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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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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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These loans are interest free and repayable on demand. The maximum overdrawn balance during the year was £76,941 (2019: 55,900) and £8,770 (2019: £3,556) for K A Speight and R Speight respectively. There was an advance of £13,185 to K Speight on 28 January 2020, there were no other individual advances in excess of £10,000. |