Argonaut Powder Coating Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02269746 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2023

FOR

ARGONAUT POWDER COATING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

CURRENT ASSETS

Stocks

-

156,462

Debtors

6

4,056,033

4,796,199

Cash at bank and in hand

726,158

310,501

4,782,191

5,263,162

CREDITORS

Amounts falling due within one year

7

3,316,407

3,646,902

NET CURRENT ASSETS

1,465,784

1,616,260

TOTAL ASSETS LESS CURRENT LIABILITIES

1,465,784

1,616,260

CREDITORS

Amounts falling due after more than one year

8

108,333

170,634

NET ASSETS

1,357,451

1,445,626

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,357,351

1,445,526

SHAREHOLDERS' FUNDS

1,357,451

1,445,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2023 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 21 March 2024 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.

Short leasehold

-

Straight line over 20 years

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 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.

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 year 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 year was 5 (2022 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 30 June 2022

and 29 June 2023

8,485

AMORTISATION

At 30 June 2022

and 29 June 2023

8,485

NET BOOK VALUE

At 29 June 2023

-

At 29 June 2022

-

5.	TANGIBLE FIXED ASSETS

Short

Computer

leasehold

equipment

Totals

£

£

£

COST

At 30 June 2022

49,396

-

49,396

Additions

-

1,937

1,937

At 29 June 2023

49,396

1,937

51,333

DEPRECIATION

At 30 June 2022

49,396

-

49,396

Charge for year

-

1,937

1,937

At 29 June 2023

49,396

1,937

51,333

NET BOOK VALUE

At 29 June 2023

-

-

-

At 29 June 2022

-

-

-

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

1,217,509

1,668,159

Amounts owed by group undertakings

49,521

-

Other debtors

167,031

506,068

1,434,061

2,174,227

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,621,972

2,621,972

Aggregate amounts

4,056,033

4,796,199

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

50,000

50,000

Trade creditors

1,029,347

1,008,064

Amounts owed to group undertakings

-

95,419

Taxation and social security

68,618

77,173

Other creditors

2,168,442

2,416,246

3,316,407

3,646,902

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

108,333

158,333

Hire purchase contracts

-

12,301

108,333

170,634

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

158,333

208,333

Hire purchase contracts

-

12,301

158,333

220,634

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.