PAINT OUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
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Basis of preparation of financial statements
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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:
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.
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.
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:
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.
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