Registered number
06594533
Grant Brain Paintworks Ltd
Unaudited Filleted Accounts
30 April 2023
Grant Brain Paintworks Ltd
Registered number: 06594533
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 16,120 21,263
Current assets
Stocks - 21,897
Debtors 5 66,623 -
Cash at bank and in hand 76,701 106,018
143,324 127,915
Creditors: amounts falling due within one year 6 (48,751) (55,507)
Net current assets 94,573 72,408
Total assets less current liabilities 110,693 93,671
Creditors: amounts falling due after more than one year 7 (25) (42)
Net assets 110,668 93,629
Capital and reserves
Called up share capital 2 2
Profit and loss account 110,666 93,627
Shareholders' funds 110,668 93,629
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
G Brain
Director
Approved by the board on 16 November 2023
Grant Brain Paintworks Ltd
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.
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:
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 70,000
At 30 April 2023 70,000
Amortisation
At 1 May 2022 70,000
At 30 April 2023 70,000
Net book value
At 30 April 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 8,274 26,029 34,303
At 30 April 2023 8,274 26,029 34,303
Depreciation
At 1 May 2022 6,533 6,507 13,040
Charge for the year 262 4,881 5,143
At 30 April 2023 6,795 11,388 18,183
Net book value
At 30 April 2023 1,479 14,641 16,120
At 30 April 2022 1,741 19,522 21,263
5 Debtors 2023 2022
£ £
Trade debtors 66,623 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,492 4,137
Trade creditors 5,360 29,148
Taxation and social security costs 34,060 21,075
Other creditors 6,839 1,147
48,751 55,507
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 25 42
8 Related party transactions
Included in Other creditors is an amount due to the Directors of £2,116 (2022 £488). This loan is interest free and repayable on demand.
9 Other information
Grant Brain Paintworks Ltd is a private company limited by shares and incorporated in England. Its registered office is:
118 High Street
Staple Hill
Bristol
BS16 5HH
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