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Unaudited Financial Statements |
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for the Year Ended 31st January 2018 |
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for |
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North West Powder Coating Services Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st January 2018 |
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for |
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North West Powder Coating Services Ltd |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Contents of the Financial Statements |
for the year ended 31st January 2018 |
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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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North West Powder Coating Services Ltd |
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Company Information |
for the year ended 31st January 2018 |
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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 Certified Accountants |
Black Bull House |
353-355 Station Road |
Bamber Bridge |
Preston |
Lancashire |
PR5 6EE |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Balance Sheet |
31st January 2018 |
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2018 | 2017 |
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 |
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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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NET (LIABILITIES)/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: |
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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. |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Balance Sheet - continued |
31st January 2018 |
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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 on
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North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements |
for the year ended 31st January 2018 |
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1. | STATUTORY INFORMATION |
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North West Powder Coating Services Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks and work in progress 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 method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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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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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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. |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements - continued |
for the year ended 31st January 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance |
from the director that he will continue to give financial support to the company for the twelve months from the |
date of signing these financial accounts. |
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, |
should the financial support mentioned above not be forthcoming, the going concern basis used in the preparing |
the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to |
their realisable amount and provide for any further liabilities which might arise. The accounts do not include any |
adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be |
appropriate. |
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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 |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st February 2017 |
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Additions |
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At 31st January 2018 |
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DEPRECIATION |
At 1st February 2017 |
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Charge for year |
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At 31st January 2018 |
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NET BOOK VALUE |
At 31st January 2018 |
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At 31st January 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements - continued |
for the year ended 31st January 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The director has loaned monies to the company on which no interest is payable by agreement. The balance |
outstanding at the year end was £545,983 (2017 - £552,210) of which £5,001 (2017 - £5,010) is included in |
creditors falling due within one year and £540,982 (2017 - £547,200) is included within creditors falling due |
after more than one year. |
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9. | RELATED PARTY DISCLOSURES |
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Morgan Bros (Metalwork Solutions) Limited is under common control is a related party. During the year North |
West Powder Coating Services Limited sold goods and services to Morgan Bros (Metalwork Solutions) Limited |
to the value of £37,113 plus VAT (2017 - £92,566) and purchased goods and services from Morgan Bros |
(Metalwork Solutions) Limited to the value of £776 plus VAT (2017 - £18,051). The balance outstanding from |
Morgan Bros (Metalwork Solutions) Limited to North West Powder Services Limited at the year end was £2,932 |
and is included in Other Creditors due within one year (2017 - £9,936 Other Debtors). |
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Morgan Bros (Metalwork Designs) Limited is a related party due to common control. During the year North |
West Powder Coating Limited paid expenses in the sum of £137 on behalf of Gutterguard Limited and was |
repaid £149. The balance outstanding at the year end of £12 (2017 - £nil) is included in Other Creditors. |
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Gutterguard Limited is a related party due to common control. During the year North West Powder Coating |
Limited paid expenses on behalf of Gutterguard Limited in the sum of £3,400. The balance outstanding at the |
year end of £11,402 in included in Other Debtors (2017 - £8,002). |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr J P Morgan. |