Company Registration No. 01661984 (England and Wales)
SOLENT POWDER FINISHERS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SOLENT POWDER FINISHERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,424
27,436
Current assets
Stocks
30,051
42,503
Debtors
4
183,810
143,181
Cash at bank and in hand
46,178
38,909
260,039
224,593
Creditors: amounts falling due within one year
5
(155,276)
(137,427)
Net current assets
104,763
87,166
Total assets less current liabilities
131,187
114,602
Creditors: amounts falling due after more than one year
6
(124,113)
(107,555)
Provisions for liabilities
(4,881)
(5,045)
Net assets
2,193
2,002
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
193
2
Total equity
2,193
2,002
SOLENT POWDER FINISHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 September 2022 and are signed on its behalf by:
H K Hume
Director
Company Registration No. 01661984
SOLENT POWDER FINISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
3
1
Accounting policies
Company information
Solent Powder Finishers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
2-3 Brookwood Industrial Estate, Brookwood Avenue, Eastleigh, Hampshire, SO50 9EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised
at the point of sale. Revenue from the sale of services is recognised in the period in which services are provided in accordance with the stage of completion of the service.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
20% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SOLENT POWDER FINISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
4
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
,
bank overdrafts and
bank loans, are
initially recognised at transaction price
and
are subsequently carried at amortised cost, using the effective
interest rate method
.
Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
SOLENT POWDER FINISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
5
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest rate method. The related obligations, net of future finance charges, are included in creditors.
Rentals payable under operating leases
are charged to the profit and loss account on a straight line basis over the period of the lease.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
13
13
SOLENT POWDER FINISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
14,037
237,625
251,662
Additions
6,054
6,054
Disposals
(391)
(391)
At 31 December 2021
14,037
243,288
257,325
Depreciation and impairment
At 1 January 2021
14,037
210,189
224,226
Depreciation charged in the year
7,050
7,050
Eliminated in respect of disposals
(375)
(375)
At 31 December 2021
14,037
216,864
230,901
Carrying amount
At 31 December 2021
26,424
26,424
At 31 December 2020
27,436
27,436
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
127,966
130,513
Other debtors
55,844
12,668
183,810
143,181
SOLENT POWDER FINISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
45,200
21,250
Trade creditors
43,744
37,607
Taxation and social security
52,483
59,296
Other creditors
13,849
19,274
155,276
137,427
HP and finance lease balances within
o
ther creditors are secured over the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
124,113
106,312
Other creditors
1,243
124,113
107,555
HP and finance lease balances within
o
ther creditors are secured over the assets to which they relate.
7
Financial commitments, guarantees and contingent liabilities
Total financial commitments under operating leases in respect of the company's property lease commitments were £
31,395
(20
20
: £
65,645
).
8
Related party transactions
During the year the directors were advanced a total of £104,936 by way of their Directors Loan Account. £61,108 was repaid by the directors in the year. The balance at the year end owed to the company was a total of £48,548 (2020 £4,720). The outstanding amount was cleared within 9 months of the year end.