Registered number
06540439
PAINT TEC & AWR LIMITED
Filleted Accounts
30 April 2023
PAINT TEC & AWR LIMITED
Registered number: 06540439
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 101,273 100,327
Investments 6 100 100
101,373 100,427
Current assets
Stocks 45,784 38,604
Debtors 7 334,421 269,374
Cash at bank and in hand 28,927 24,304
409,132 332,282
Creditors: amounts falling due within one year 8 (238,741) (222,098)
Net current assets 170,391 110,184
Total assets less current liabilities 271,764 210,611
Creditors: amounts falling due after more than one year 9 (21,596) (31,568)
Provisions for liabilities (11,076) (8,151)
Net assets 239,092 170,892
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 238,092 169,892
Shareholder's funds 239,092 170,892
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR JC HINDLE
Director
Approved by the board on 30 May 2023
PAINT TEC & AWR LIMITED
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
During the comparative period the Company benefitted from government grants in the form of the Coronavirus Job Retention Scheme, the Coronavirus Statutory Sick Pay Rebate Scheme and from interest on a Bounce Back Loan paid for by the government. In accordance with the Company's accounting policy these grants are included on other operating income in the same period as the costs for which they compensate.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to leasehold property 5% straight line
Plant and machinery 20% net book value
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2023 2022
£ £
Included within 'Other operating income' within the Profit and Loss
Account are the following:-
Coronavirus Job Retention Scheme Grants 0 18553
Coronavirus Statutory Sick Pay Rebate Scheme 0 1575
Loan Interest on Bounce Back Loan paid by Government 0 104
- 20,232
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 26
4 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 150,000
At 30 April 2023 150,000
Amortisation
At 1 May 2022 150,000
At 30 April 2023 150,000
Net book value
At 30 April 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
5 Tangible fixed assets
Improvements to leasehold property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 42,533 234,062 38,799 315,394
Additions - 12,806 8,000 20,806
Disposals - (1,800) - (1,800)
At 30 April 2023 42,533 245,068 46,799 334,400
Depreciation
At 1 May 2022 10,732 168,160 36,175 215,067
Charge for the year 2,127 15,681 1,750 19,558
On disposals - (1,498) - (1,498)
At 30 April 2023 12,859 182,343 37,925 233,127
Net book value
At 30 April 2023 29,674 62,725 8,874 101,273
At 30 April 2022 31,801 65,902 2,624 100,327
6 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 May 2022 100
At 30 April 2023 100
7 Debtors 2023 2022
£ £
Trade debtors 141,392 126,484
Amounts owed by group undertakings and undertakings in which the company has a participating interest 166,407 114,747
Other debtors 26,622 28,143
334,421 269,374
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,974 9,729
Trade creditors 122,162 110,887
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,999 -
Taxation and social security costs 70,244 78,635
Other creditors (inc. director's loan account £15335 (2022 £335)) 34,362 22,847
238,741 222,098
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,596 31,568
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 48,945 55,796
11 Related party transactions
Mr JC Hindle
Director
Licence Fee for use by Company of premises and surrounding land. Current Agreement commenced on 6 April 2023 for 12 months at £3500pm. This replaced an Agreement that commenced on 6 April 2022 for 12 months at £3500pm.
Dividends received from the Company during the year amounting to £3000.
12 Controlling party
The issued share capital of the company is wholly owned by Mr J C Hindle.
13 Other information
PAINT TEC & AWR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
REVERS STREET GARAGE
REVERS STREET
BURY
LANCS
BL8 1AQ
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