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REGISTERED NUMBER: 07904729 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SPECIALIST PAINTING GROUP LIMITED

SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPECIALIST PAINTING GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: A J Fallows
B J Fallows
D J Fallows
Mrs C J Fallows





REGISTERED OFFICE: 9 Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR





REGISTERED NUMBER: 07904729 (England and Wales)





ACCOUNTANTS: GreenStones Limited
9 Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR

SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 140,748 78,709
Investments 6 200 200
140,948 78,909

CURRENT ASSETS
Stocks 1,200 1,200
Debtors 7 431,540 336,236
Cash at bank 48,895 -
481,635 337,436
CREDITORS
Amounts falling due within one
year

8

335,906

252,418
NET CURRENT ASSETS 145,729 85,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,677

163,927

CREDITORS
Amounts falling due after more
than one year

9

(24,946

)

(34,837

)

PROVISIONS FOR LIABILITIES (18,427 ) (9,347 )
NET ASSETS 243,304 119,743

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 242,304 118,743
SHAREHOLDERS' FUNDS 243,304 119,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

BALANCE SHEET - continued
31 JANUARY 2023


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 by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





B J Fallows - Director


SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Specialist Painting Group 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property - 7 year straight line method
Plant & Machinery- 25% reducing balance
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% reducing balance
Computer Equipment - 33.33% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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.


SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 5,500
AMORTISATION
At 1 February 2022
and 31 January 2023 5,500
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 27,018 70,052 82,779 7,889 187,738
Additions - 5,204 71,831 516 77,551
At 31 January 2023 27,018 75,256 154,610 8,405 265,289
DEPRECIATION
At 1 February 2022 27,018 50,581 26,536 4,894 109,029
Charge for year - 5,399 8,460 1,653 15,512
At 31 January 2023 27,018 55,980 34,996 6,547 124,541
NET BOOK VALUE
At 31 January 2023 - 19,276 119,614 1,858 140,748
At 31 January 2022 - 19,471 56,243 2,995 78,709

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 200
NET BOOK VALUE
At 31 January 2023 200
At 31 January 2022 200

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,044 23,119
Other debtors 346,496 313,117
431,540 336,236

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,890 13,928
Trade creditors 127,927 72,424
Taxation and social security 4,318 8,619
Other creditors 193,771 157,447
335,906 252,418

SPECIALIST PAINTING GROUP LIMITED (REGISTERED NUMBER: 07904729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 24,946 34,837

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
A J Fallows
Balance outstanding at start of year 9,174 (1,061 )
Amounts advanced 53,979 26,773
Amounts repaid (92,101 ) (16,538 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (28,948 ) 9,174

B J Fallows
Balance outstanding at start of year (42,561 ) (77,794 )
Amounts advanced 299,424 105,392
Amounts repaid (295,805 ) (70,159 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (38,942 ) (42,561 )

D J Fallows
Balance outstanding at start of year (10,568 ) (13,173 )
Amounts advanced 144,999 45,353
Amounts repaid (150,151 ) (42,748 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,720 ) (10,568 )

Mrs C J Fallows
Balance outstanding at start of year (78,622 ) (94,804 )
Amounts advanced 139,150 70,244
Amounts repaid (71,287 ) (54,062 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,759 ) (78,622 )

These loans are interest free and unsecured.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B J Fallows.