Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr G R Fincham 18/01/2013 21 November 2023 The principal activity of the company during the financial year was painting and decorating. 08366816 2023-03-31 08366816 bus:Director1 2023-03-31 08366816 2022-03-31 08366816 core:CurrentFinancialInstruments 2023-03-31 08366816 core:CurrentFinancialInstruments 2022-03-31 08366816 core:Non-currentFinancialInstruments 2023-03-31 08366816 core:Non-currentFinancialInstruments 2022-03-31 08366816 core:ShareCapital 2023-03-31 08366816 core:ShareCapital 2022-03-31 08366816 core:RetainedEarningsAccumulatedLosses 2023-03-31 08366816 core:RetainedEarningsAccumulatedLosses 2022-03-31 08366816 core:PlantMachinery 2022-03-31 08366816 core:Vehicles 2022-03-31 08366816 core:OfficeEquipment 2022-03-31 08366816 core:PlantMachinery 2023-03-31 08366816 core:Vehicles 2023-03-31 08366816 core:OfficeEquipment 2023-03-31 08366816 bus:OrdinaryShareClass1 2023-03-31 08366816 2022-04-01 2023-03-31 08366816 bus:FullAccounts 2022-04-01 2023-03-31 08366816 bus:SmallEntities 2022-04-01 2023-03-31 08366816 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08366816 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08366816 bus:Director1 2022-04-01 2023-03-31 08366816 core:PlantMachinery 2022-04-01 2023-03-31 08366816 core:Vehicles 2022-04-01 2023-03-31 08366816 core:OfficeEquipment 2022-04-01 2023-03-31 08366816 2021-04-01 2022-03-31 08366816 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 08366816 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08366816 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08366816 (England and Wales)

AVONDALE PAINTING AND DECORATING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

AVONDALE PAINTING AND DECORATING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

AVONDALE PAINTING AND DECORATING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
AVONDALE PAINTING AND DECORATING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Mr G R Fincham
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
BUSINESS ADDRESS 1 Fairmantle Street
Truro
Cornwall
TR1 2EG
COMPANY NUMBER 08366816 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
AVONDALE PAINTING AND DECORATING LIMITED

BALANCE SHEET

As at 31 March 2023
AVONDALE PAINTING AND DECORATING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 10,072 11,955
10,072 11,955
Current assets
Stocks 4 30,542 32,032
Debtors 5 416,425 393,198
Cash at bank and in hand 32,598 36,556
479,565 461,786
Creditors: amounts falling due within one year 6 ( 286,499) ( 200,800)
Net current assets 193,066 260,986
Total assets less current liabilities 203,138 272,941
Creditors: amounts falling due after more than one year 7 ( 38,576) ( 46,068)
Provision for liabilities ( 2,240) ( 2,649)
Net assets 162,322 224,224
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 162,321 224,223
Total shareholder's funds 162,322 224,224

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Avondale Painting and Decorating Limited (registered number: 08366816) were approved and authorised for issue by the Director on 21 November 2023. They were signed on its behalf by:

Mr G R Fincham
Director
AVONDALE PAINTING AND DECORATING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
AVONDALE PAINTING AND DECORATING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Avondale Painting and Decorating Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is 1 Fairmantle Street, Truro, Cornwall, TR1 2EG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services supplied to customers.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 3

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2022 2,763 19,656 123 22,542
Additions 610 0 0 610
At 31 March 2023 3,373 19,656 123 23,152
Accumulated depreciation
At 01 April 2022 2,257 8,221 109 10,587
Charge for the financial year 203 2,287 3 2,493
At 31 March 2023 2,460 10,508 112 13,080
Net book value
At 31 March 2023 913 9,148 11 10,072
At 31 March 2022 506 11,435 14 11,955

4. Stocks

2023 2022
£ £
Stocks 4,954 3,376
Work in progress 25,588 28,656
30,542 32,032

5. Debtors

2023 2022
£ £
Trade debtors 206,103 233,790
Other debtors 210,322 159,408
416,425 393,198

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 12,054 3,932
Trade creditors 48,116 18,168
Taxation and social security 38,469 28,127
Other creditors 187,860 150,573
286,499 200,800

Creditors amounts falling due within one year include other creditors of £133,801 (2022: £95,162) on which security has been given by the company in the form of a legal charge over all property and undertakings of the company

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 38,576 46,068

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Director 53,389 27,865

Advances made to the director during the year ended 31 March 2023 totalled £30,024, however £4,500 of which has been repaid during the year. As at 31 March 2023, the amount due to the company was £53,389.

Interest is charged on the loan at HMRC's official rate of interest, and the loan is repayable on demand.

Other related party transactions

During the current and previous year loan accounts existed between Avondale Painting and Decorating Limited and other companies in which the director is a director and shareholder.

The loans are interest free and repayable when the company is in a suitable financial position.

At the year end £46,331 (2022: £52,931) was owed by Avondale Painting and Decorating Limited and is included in other creditors.