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REGISTERED NUMBER:
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TAYLOR PROTECTIVE COATINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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REGISTERED NUMBER:
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TAYLOR PROTECTIVE COATINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TAYLOR PROTECTIVE COATINGS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved for issue by the Board of Directors on
behalf by: |
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TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Taylor Protective Coatings Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to |
the nearest pound. |
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The significant accounting policies applied in the presentation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There have been no material departures from Financial Reporting Standard 102 1A. |
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The company has early adopted the 'Triennial review 2017 amendments'. |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced for shotblasting and painting |
services during the year, excluding value added tax. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly |
attributable to making the asset capable of operating as intended. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Improvements to property | - 10% on cost |
Plant and machinery | - 10% - 30% on cost |
Motor vehicles | - 25% on cost |
Computer equipment | - 33% on cost |
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Stocks |
Stock and work in progress have been estimated by the directors. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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Current taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and |
is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet |
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 |
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. |
TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Other income |
Other operating income includes management charges to related parties for reimbursed expenditure. |
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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. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Cost or valuation at 30 September 2019 is represented by: |
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Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2013 | - | 63,000 | - | - | 63,000 |
Cost | 13,802 | 160,111 | 85,611 | 19,727 | 279,251 |
13,802 | 223,111 | 85,611 | 19,727 | 342,251 |
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If plant and machinery had not been revalued they would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 209,276 | 202,535 |
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The assets were valued on an open market basis on 30 September 2013 by the director, P Davison Sebry, who |
has no formal related qualifications. This valuation is still relevant. |
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Should the assets be disposed of at their revalued amount it is estimated that an additional tax liability would not |
arise. |
TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts due from related parties |
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Called up share capital not paid |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Preference shares |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 37,110 | 67,280 |
Amounts due to related parties |
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Other creditors | 2,809 | 1,977 |
Directors' current accounts | 1,098,741 | 1,190,135 |
Accruals and deferred income |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans |
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Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 100,552 | 49,945 |
Other loan | 34,104 | - |
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The hire purchase liabilities are secured on the assets that they relate to. Other loans are secured on a personal |
guarantee. |
TAYLOR PROTECTIVE COATINGS LIMITED (REGISTERED NUMBER: 04245636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary shares | £1 | 500,000 | 50,000 |
(2018 - 50,000 ) |
1 | Ordinary A | £1 | 1 | - |
1 | Ordinary B | £1 | 1 | - |
1 | Ordinary C | £1 | 1 | - |
500,003 | 50,000 |
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The following shares were issued during the year for cash at par : |
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1 Ordinary A share of £1 |
1 Ordinary B share of £1 |
1 Ordinary C share of £1 |
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10. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
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The company had total guarantees and commitments at the balance sheet date of £2,703 (2018 £10,808). |