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Registered number: 01744820
DACRYLATE PAINTS LIMITED
Financial statements
Information for filing with the registrar
for the year ended 31 December 2019
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DACRYLATE PAINTS LIMITED
Registered number: 01744820
Balance sheet
as at 31 December 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 8 form part of these financial statements.
Page 1
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
1.Accounting policies
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Basis of preparation of financial statements
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Dacrylate Paints is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 01744820.
The financial statements have been prepared on a going concern basis under the historical cost
convention modified to include items at fair value. The financial statements have been prepared in accordance with FRS 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of revenue are as follows:
Sale of goods
Turnover from the sale of paint is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation is provided on the following basis:
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5% - 25% straight line basis
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25% reducing balance basis
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Page 2
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
1.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:
Raw materials - purchase cost on a first-in first-out basis.
Work in progress and finished goods - cost of direct materials and labour overheads based on a normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
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Debtors and creditors receivable / payable within one year
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Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Page 3
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
1.Accounting policies (continued)
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
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The average monthly number of employees, including the directors, during the year was as follows:
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Production, administration and management
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Page 4
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
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Assets under construction
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Charge for the year on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Raw materials and consumables
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Finished goods and goods for resale
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Page 5
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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Page 6
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Allotted, called up and fully paid
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10,000 (2018 - 10,000) Ordinary shares of £1.00 each
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At 31 December 2019 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The company operates a defined contribution pension scheme for certain employees and directors. The assets of the scheme are held seperately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounts to £20,914 (2018 - £19,370).
At 31 December 2019, there were outstanding contributions amounting to £5,539 (2018 - £61).
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Commitments under operating leases
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At 31 December 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Page 7
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DACRYLATE PAINTS LIMITED
Notes to the financial statements
for the year ended 31 December 2019
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Transactions with directors
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Amounts owed to the company as at 31 December 2019
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No interest is charged on directors loan accounts and amounts advanced are repayable on demand. The
balance owed to the company as at 31 December 2019 is included within prepayments.
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Related party transactions
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The company has taken advantage of the exemption available in FRS 102 s33.1a from disclosing transactions with other wholly owned members of the group.
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Ultimate parent undertaking and controlling party
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The ultimate parent undertaking is Dacrylate Limited whose financial statements are filed with Companies House, Crown Way, Cardiff, CF14 3UZ.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 23 July 2020 by Sarah Flear (Senior statutory auditor) on behalf of Smith Cooper Audit Limited.
Page 8
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