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Financial Statements for the Year Ended 30 June 2020 |
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G & G Powder Coatings Limited |
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Financial Statements for the Year Ended 30 June 2020 |
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for |
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G & G Powder Coatings Limited |
G & G Powder Coatings Limited (Registered number: 03667269) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2020 |
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Page |
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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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Chartered Certified Accountants' Report | 7 |
G & G Powder Coatings Limited |
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Company Information |
for the Year Ended 30 June 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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44 Chapman Crescent |
Kenton |
Harrow |
Middlesex |
HA3 0TE |
G & G Powder Coatings Limited (Registered number: 03667269) |
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Balance Sheet |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
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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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CAPITAL AND RESERVES |
Called up share capital | 7 |
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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. |
G & G Powder Coatings Limited (Registered number: 03667269) |
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Balance Sheet - continued |
30 June 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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G & G Powder Coatings Limited (Registered number: 03667269) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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G & G Powder Coatings Limited 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section |
1A "small entities" of Financial Reporting Standard 102 (FRS 102), "The financial reporting |
standard applicable in the UK and Republic of Ireland" and the companies act 2006. The |
financial statements have been prepared under the historical cost convention. There were no |
material departures from the standard. |
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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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Revenue from the sales of goods is recognised when the significant risks and rewards of |
ownership of the goods have passed on to the buyer. Revenue from services is recognised |
when services are provided and the company receives the right to consideration. |
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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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Cost is calculated using the first in first out basis of valuation. Net realisable value is the |
price at which the stock is sold or expected to be sold after the year end. |
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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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G & G Powder Coatings Limited (Registered number: 03667269) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | STOCKS |
30.6.20 | 30.6.19 |
£ | £ |
Stocks |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
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Ordinary | 1 | 2 | 2 |
G & G Powder Coatings Limited (Registered number: 03667269) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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8. | 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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9. | CONTROLLING PARTY |
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G&G Holding Limited being the ultimate parent company based in the UK, controlled the |
company by virtue of a shareholding of 100% of the issued share capital. |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
G & G Powder Coatings Limited |
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The following reproduces the text of the report prepared for the directors in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act |
2006, the company is only required to file a Balance Sheet. Readers are cautioned that the |
Income Statement and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for |
your approval the financial statements of G & G Powder Coatings Limited for the year ended |
30 June 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in |
Equity and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of G & G Powder Coatings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G & G Powder Coatings Limited and state those matters that we have agreed to state to the Board of Directors of G & G Powder Coatings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that G & G Powder Coatings Limited 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 profit of G & G Powder Coatings Limited. You consider that G & G Powder Coatings Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of G & G Powder Coatings Limited. 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. |
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44 Chapman Crescent |
Kenton |
Harrow |
Middlesex |
HA3 0TE |
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