Argonaut Powder Coating Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02269746 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2021 TO 29 JUNE 2022

FOR

ARGONAUT POWDER COATING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B F J Wingrove

P E Farrell

D A Tolley

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

4

-

-

Tangible assets

5

-

290,659

-

290,659

CURRENT ASSETS

Stocks

156,462

135,287

Debtors

6

4,796,199

5,060,795

Cash at bank and in hand

310,501

431,038

5,263,162

5,627,120

CREDITORS

Amounts falling due within one year

7

3,646,902

4,383,773

NET CURRENT ASSETS

1,616,260

1,243,347

TOTAL ASSETS LESS CURRENT LIABILITIES

1,616,260

1,534,006

CREDITORS

Amounts falling due after more than one year

8

(170,634

)

(48,026

)

PROVISIONS FOR LIABILITIES

-

(47,540

)

NET ASSETS

1,445,626

1,438,440

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,445,526

1,438,340

SHAREHOLDERS' FUNDS

1,445,626

1,438,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 June 2022 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 June 2023 and were signed on its behalf by:

B F J Wingrove - Director

1.	STATUTORY INFORMATION

Argonaut Powder Coating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

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

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 period end and that are expected to apply to the reversal of the timing difference.

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.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2021 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2021

and 29 June 2022

8,485

AMORTISATION

At 1 July 2021

and 29 June 2022

8,485

NET BOOK VALUE

At 29 June 2022

-

At 30 June 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 July 2021

49,396

1,314,243

70,955

Additions

-

111,522

-

Disposals

-

(1,425,765

)

(70,955

)

At 29 June 2022

49,396

-

-

DEPRECIATION

At 1 July 2021

49,396

1,123,753

69,433

Eliminated on disposal

-

(1,123,753

)

(69,433

)

At 29 June 2022

49,396

-

-

NET BOOK VALUE

At 29 June 2022

-

-

-

At 30 June 2021

-

190,490

1,522

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2021

257,154

124,854

1,816,602

Additions

33,990

-

145,512

Disposals

(291,144

)

(124,854

)

(1,912,718

)

At 29 June 2022

-

-

49,396

DEPRECIATION

At 1 July 2021

158,507

124,854

1,525,943

Eliminated on disposal

(158,507

)

(124,854

)

(1,476,547

)

At 29 June 2022

-

-

49,396

NET BOOK VALUE

At 29 June 2022

-

-

-

At 30 June 2021

98,647

-

290,659

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 July 2021

344,640

116,600

461,240

Disposals

(344,640

)

(116,600

)

(461,240

)

At 29 June 2022

-

-

-

DEPRECIATION

At 1 July 2021

299,534

34,630

334,164

Eliminated on disposal

(299,534

)

(34,630

)

(334,164

)

At 29 June 2022

-

-

-

NET BOOK VALUE

At 29 June 2022

-

-

-

At 30 June 2021

45,106

81,970

127,076

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

1,668,159

1,774,517

Other debtors

506,068

614,306

2,174,227

2,388,823

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,621,972

2,671,972

Aggregate amounts

4,796,199

5,060,795

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

50,000

43,393

Hire purchase contracts

-

28,195

Trade creditors

1,008,064

891,186

Amounts owed to group undertakings

95,419

-

Taxation and social security

77,173

743,589

Other creditors

2,416,246

2,677,410

3,646,902

4,383,773

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

158,333

-

Hire purchase contracts

12,301

48,026

170,634

48,026

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

208,333

41,635

Hire purchase contracts

12,301

76,221

220,634

117,856

The borrowings are secured by a debenture against the company assets.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Argonaut Holdings Limited.

The ultimate controlling party is B F J Wingrove.