Hot Coatings Limited,Ltd - AccountsLtd - Accounts
Hot Coatings Limited,Ltd - AccountsLtd - Accounts
| Registered Number:07559030 |
For the year ended 31 March 2017
England and Wales
Report of the Directors and Unaudited Financial Statements
2
For the year ended 31 March 2017
Hot Coatings Limited
Contents Page
| Company Information |
| 1 |
2
Directors' Report
3
Independent Accountants' Report
4
Income Statement
5
Statement of Financial Position
6 to 7
Notes to the Financial Statements
8
Trading and Profit and Loss Account
3
For the year ended 31 March 2017
Hot Coatings Limited
Company Information
Mr Andrew Todd
Directors
Mrs Catherine Todd
Professor Simon Hodgeson
07559030
| Registered Number |
| Registered Office |
Leicestershire
Accountants
1 Bitteswell Road
Lutterworth
Leics
LE17 4EL
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For the year ended 31 March 2017
Hot Coatings Limited
Directors' Report
The directors present their report and accounts for the year ended 31 March 2017.
| Principal activities |
Directors
The directors who served the company throughout the year were as follows:
| Mr Andrew Todd |
Signed on behalf of the board of directors
| Date: |
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For the year ended 31 March 2017
Hot Coatings Limited
Independent Accountants' Report
| Report to the directors on the preparation of the unaudited statutory accounts of Hot Coatings Limited for the |
| year ended 31 March 2017 |
| In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts |
| of Hot Coatings Limited for the year ended 31 March 2017 which comprise the Income Statement, the Statement of |
| Financial Position and the related notes from the company's accounting records and from information and |
| explanations you have given us. |
| As a practising firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other |
| professional requirements which are detailed at http://rulebook.accaglobal.com. |
| This report is made solely to the Board of Directors of Hot Coatings Limited, as a body, in accordance with the terms |
| of our engagement letter dated 13 March 2015. Our work has been undertaken solely to prepare for your approval the |
| accounts of Hot Coatings Limited and state those matters that we have agreed to state to the Board of Directors of |
| Hot Coatings Limited, as a body, in this respect in accordance with the requirements of the Association of Chartered |
| Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by |
| law, we do not accept or assume responsibility to anyone other than Hot Coatings Limited and its Board of Directors |
| as a body for our work or for this report. |
| It is your duty to ensure that Hot Coatings Limited has kept adequate accounting records and to prepare statutory |
| accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hot Coatings Limited. |
| You consider that Hot Coatings Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the accounts of Hot Coatings Limited. For this reason, |
| we have not verified the accuracy or completeness of the accounting records or information and explanations you |
| have given to us and we do not, therefore, express any opinion on the statutory accounts. |
Howell & Co (Leicester) Ltd
1 Bitteswell Road
Lutterworth
Leics
LE17 4EL
| Date: |
09 August 2017
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For the year ended 31 March 2017
Hot Coatings Limited
Income Statement
2016
| £ |
2017
| £ |
| Turnover |
(911 )
| Cost of sales |
Gross profit
| Administrative expenses |
Operating profit
| Interest payable and similar charges |
(70 )
Profit before taxation
Profit for the financial year
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| As at |
Hot Coatings Limited
Statement of Financial Position
| Registered Number : |
| £ |
| £ |
2016
2017
| Notes |
| Current assets |
| Trade and other receivables |
2
| Cash and cash equivalents |
| Trade and other payables: amounts falling due within one |
| year |
(6,899 )
(7,159 )
3
(5,897)
(5,868 )
Net current liabilities
| Total assets less current liabilities |
(5,868 )
(5,897 )
(5,868 )
Net liabilities
(5,897 )
| Capital and reserves |
| Called up share capital |
| Retained earnings |
(6,068 )
(6,097 )
(5,868 )
(5,897 )
Shareholders' funds
| 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 Section |
| 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. |
| Mr Andrew Todd |
| These financial statements were approved and authorised for issue by the Board on |
| The notes form part of these financial statements |
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For the year ended 31 March 2017
Hot Coatings Limited
Notes to the Financial Statements
Statutory Information
| Hot Coatings Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
| number 07559030. |
| Registered address: |
Magna House
1 Green Gardens
Ullesthorpe
Leicestershire
LE17 5BJ
| The presentation currency is £ sterling. |
| 1. Accounting policies |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
| Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
| Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
| modified by the revaluation of certain assets. |
| Going Concern |
| The directors have not identified any material uncertainties related to events or conditions that may cast significant |
| doubt about the company's ability to continue as a going concern. Specific markets and clients have been identified |
| for the products and services, ongoing discussions with various parties and proof of concept investigations are |
| continuing. The principal creditor of the company has a participating interest. Under the Executive Management |
| Agreement between the parties, while this agreement is extant, no payment is required to be made to the creditor |
| until the company has sufficient operating profit or cash reserves. At present the Directors have no reason to believe |
| that the agreement will not remain in force. As a result they have adopted a going concern basis of accounting. |
Revenue recognition
| 2. Trade and other receivables |
2016
2017
| £ |
| £ |
| Other debtors |
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For the year ended 31 March 2017
Hot Coatings Limited
Notes to the Financial Statements Continued
| 3. Trade and other payables: amounts falling due within one year |
2016
2017
| £ |
| £ |
| Trade creditors |
| Amounts owed to group undertaking and undertaking in which the |
| company has a participating interest |
| Taxation and social security |
| Other creditors |
| 4. Related party transactions |
| The Commercial Edge Initiative LLP (TCEI) is a participator in the company. |
| There is an agreement by the Board and Teeside University that TCEI will receive preferential payment from revenue |
| received or from capital raised from the sale of shares to cover outstanding commitments incurred by TCEI in the |
| development stage of the company. |
| During the period TCEI invoiced services to the value of nil (2016 - £29,085). |
| There was a balance of £6,736 (2016 - 2,436) due to TCEI as at the year-end. |
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