Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseOperation of art facilities11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09487550 2022-04-01 2023-03-31 09487550 2021-04-01 2022-03-31 09487550 2023-03-31 09487550 2022-03-31 09487550 c:Director1 2022-04-01 2023-03-31 09487550 c:RegisteredOffice 2022-04-01 2023-03-31 09487550 d:PlantMachinery 2022-04-01 2023-03-31 09487550 d:PlantMachinery 2023-03-31 09487550 d:PlantMachinery 2022-03-31 09487550 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09487550 d:CurrentFinancialInstruments 2023-03-31 09487550 d:CurrentFinancialInstruments 2022-03-31 09487550 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09487550 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09487550 d:ShareCapital 2023-03-31 09487550 d:ShareCapital 2022-03-31 09487550 d:RetainedEarningsAccumulatedLosses 2023-03-31 09487550 d:RetainedEarningsAccumulatedLosses 2022-03-31 09487550 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09487550 c:OrdinaryShareClass1 2023-03-31 09487550 c:FRS102 2022-04-01 2023-03-31 09487550 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09487550 c:FullAccounts 2022-04-01 2023-03-31 09487550 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09487550 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 09487550 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 09487550 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09487550










PAINT OUT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
PAINT OUT LIMITED
 
 
COMPANY INFORMATION


Director
J R Colman 




Registered number
09487550



Registered office
Hill Farm
Kirby Bedon

Norwich

NR14 7DU




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PAINT OUT LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
PAINT OUT LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAINT OUT LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paint Out Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Paint Out Limited in accordance with the terms of our engagement letter dated 2 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of Paint Out Limited  and state those matters that we have agreed to state to the director of Paint Out Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paint Out Limited and its director for our work or for this report. 

It is your duty to ensure that Paint Out Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Paint Out Limited. You consider that Paint Out Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Paint Out 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
14 November 2023
Page 1

 
PAINT OUT LIMITED
REGISTERED NUMBER: 09487550

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,381
-

  
3,381
-

Current assets
  

Debtors
 5 
416
364

Bank
  
8,147
6,467

  
8,563
6,831

Creditors: amounts falling due within one year
 6 
(259,524)
(233,456)

Net current liabilities
  
 
 
(250,961)
 
 
(226,625)

  

Net liabilities
  
(247,580)
(226,625)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(247,581)
(226,626)

  
(247,580)
(226,625)


Page 2

 
PAINT OUT LIMITED
REGISTERED NUMBER: 09487550
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2023.




J R Colman
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
PAINT OUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The registered office is Hill Farm, Kirby Bedon, Norwich, United Kingdom, NR14 7DU.
The principal place of business of business is Norwich, Norfolk.
The company's principal activity continues to be that of the operation of arts facilities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis. This basis is considered appropriate as the director has confirmed that repayment of his £248,328 director's loan account balance, due within one year, would not be requested without the company having sufficient funds to do so.

 
2.3

Revenue

Revenue in respect of painting sales and provision of services are recognised at the completion of a  project. Gate receipts from displays are recognised at the time of the display. The company is not registered for Value Added Tax.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PAINT OUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
PAINT OUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Equipment

£



Cost or valuation


Additions
4,057



At 31 March 2023

4,057



Depreciation


Charge for the year on owned assets
676



At 31 March 2023

676



Net book value



At 31 March 2023
3,381



At 31 March 2022
-


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
416
364

416
364



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
8

Other creditors
248,328
231,702

Accruals and deferred income
11,196
1,746

259,524
233,456


Page 6

 
PAINT OUT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share share of £1.00
1
1



8.


Related party transactions

As at 31 March 2023 the balance owing to the director was £248,328 (2022 - £231,702) in respect of loans made. This amount is included within other creditors in note 6 to the financial statements, is interest free and repayable on demand.

 
Page 7