Argonaut Powder Coating Limited - Limited company - abbreviated

REGISTERED NUMBER: 02269746 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

FOR

ARGONAUT POWDER COATING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P E Farrell

B F J Wingrove

P E Farrell

SECRETARY:

Mrs P A Farrell

REGISTERED OFFICE:

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

REGISTERED NUMBER:

02269746 (England and Wales)

ACCOUNTANTS:

Stone Osmond Limited

Accountants

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

147,681

245,403

147,681

245,403

CURRENT ASSETS

Stocks

115,000

126,617

Debtors

4

3,526,952

3,618,755

Cash at bank and in hand

1,409

1,372

3,643,361

3,746,744

CREDITORS

Amounts falling due within one year

5

1,850,753

1,822,812

NET CURRENT ASSETS

1,792,608

1,923,932

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,940,289

2,169,335

CREDITORS

Amounts falling due after more than one
year

5

(330,829

)

(560,596

)

PROVISIONS FOR LIABILITIES

(25,031

)

(25,031

)

NET ASSETS

1,584,429

1,583,708

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

1,584,329

1,583,608

SHAREHOLDERS' FUNDS

1,584,429

1,583,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Directors on 30 March 2015 and were
signed on its behalf by:

P E Farrell - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Trade accreditation costs

The company has capitalised expenditure incurred in obtaining trade accreditation for a number of products.

These costs will be amortised over the expected lives of the products involved.

Tangible fixed assets

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.

Short leasehold

-

Straight line over 20 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

8,485

AMORTISATION

At 1 July 2013

and 30 June 2014

8,485

NET BOOK VALUE

At 30 June 2014

-

At 30 June 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

1,190,309

Disposals

(15,291

)

At 30 June 2014

1,175,018

DEPRECIATION

At 1 July 2013

944,906

Charge for year

82,431

At 30 June 2014

1,027,337

NET BOOK VALUE

At 30 June 2014

147,681

At 30 June 2013

245,403

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

The aggregate total of debtors falling due after more than one year is £ 2,586,178 (2013 - £ 2,568,513 )

5.

CREDITORS

Creditors include an amount of £ 49,240 (2013 - £ 95,075 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

100

Ordinary

£1

100

7.	ULTIMATE PARENT COMPANY

Argonaut Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Argonaut Powder Coating Limited - Limited company - abbreviated - 11.6

Argonaut Powder Coating Limited - Limited company - abbreviated - 11.6