ACCOUNTS - Final Accounts

HMG COATINGS (LONDON) LIMITED - Company Information

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Registered number: 03062258

HMG Coatings (London) Limited

Financial statements

Information for filing with the registrar

for the year ended 30 September 2021

HMG Coatings (London) Limited

Registered number: 03062258

Balance sheet

As at 30 September 2021

		2021		2020
Note		£		£


Current assets
Cash at bank and in hand		-		54
		-		54
Creditors: amounts falling due within one year	3	(1,636)		(1,617)
Net current liabilities			(1,636)		(1,563)

Net liabilities			(1,636)		(1,563)

Capital and reserves
Called up share capital	350,000	350,000
Profit and loss account	(351,636)	(351,563)
	(1,636)	(1,563)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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:

S P Crossman

Director

Date: 22 March 2022

The notes on form part of these financial statements.

HMG Coatings (London) Limited

Notes to the financial statements

for the year ended 30 September 2021

1.	General information

HMG Coatings (London) Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office and the principle place of business is Riverside Works, Collyhurst Road, Manchester, M40 7RU. The company's registered number is 03062258.
The company ceased trading on 31 July 2019, by which point all trade had been transferred to a fellow subsidiary company, HMG Paints Limited.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Going concern

The company ceased trading on 31 July 2019, by which point all trade had been transferred to a fellow subsidiary company, HMG Paints Limited.
The director intends the company to remain a dormant entity for the foreseeable future. On that basis, the director believes it is appropriate for the financial statements to be prepared on a going concern basis.

2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

HMG Coatings (London) Limited

Notes to the financial statements

for the year ended 30 September 2021

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

2.6

Creditors

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.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank overdrafts	19	-
Amounts owed to group undertakings	1,617	-
Corporation tax	-	1,617
	1,636	1,617

HMG Coatings (London) Limited

Notes to the financial statements

for the year ended 30 September 2021

4.	Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2021 was unqualified.

The audit report was signed on 23 March 2022 by Helen Besant-Roberts (Senior statutory auditor) on behalf of Hurst Accountants Limited.

5.	Controlling party

The ultimate parent undertaking and controlling party is H Marcel Guest Limited, a company incorporated in England and Wales. The registered office is Riverside Works, Collyhurst Road, Manchester, M40 7RU.

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