Company registration number 02978626 (England and Wales)
PRONTO INDUSTRIAL PAINTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PRONTO INDUSTRIAL PAINTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
PRONTO INDUSTRIAL PAINTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRONTO INDUSTRIAL PAINTS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pronto Industrial Paints Limited for the year ended 31 March 2023 which comprise, the balance sheet, the statement of changes in equity 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 board of directors of Pronto Industrial Paints Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Pronto Industrial Paints Limited and state those matters that we have agreed to state to the board of directors of Pronto Industrial Paints Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pronto Industrial Paints Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Pronto Industrial Paints 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 profit of Pronto Industrial Paints Limited. You consider that Pronto Industrial Paints Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pronto Industrial Paints 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.

Taylor Dawson Plumb Limited
24 November 2023
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
PRONTO INDUSTRIAL PAINTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,931,000
2,090,803
Investment property
4
896,885
896,885
Investments
5
1,602,489
1,602,489
4,430,374
4,590,177
Current assets
Stocks
1,893,598
1,686,706
Debtors
6
1,984,065
2,423,180
Cash at bank and in hand
28,083
103,790
3,905,746
4,213,676
Creditors: amounts falling due within one year
7
(2,717,037)
(2,754,117)
Net current assets
1,188,709
1,459,559
Total assets less current liabilities
5,619,083
6,049,736
Creditors: amounts falling due after more than one year
8
(1,483,191)
(1,603,897)
Provisions for liabilities
(142,763)
(134,937)
Net assets
3,993,129
4,310,902
Capital and reserves
Called up share capital
11
35,001
35,001
Revaluation reserve
277,750
281,135
Profit and loss reserves
3,680,378
3,994,766
Total equity
3,993,129
4,310,902

The notes on pages 5 to 11 form part of these financial statements.

PRONTO INDUSTRIAL PAINTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
D M Beckford
J A G Harris
Director
Director
Company registration number 02978626 (England and Wales)
PRONTO INDUSTRIAL PAINTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
35,001
284,521
3,629,190
3,948,712
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
753,490
753,490
Dividends
-
-
(391,300)
(391,300)
Transfers
-
(3,386)
3,386
-
Balance at 31 March 2022
35,001
281,135
3,994,766
4,310,902
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
99,077
99,077
Dividends
-
-
(416,850)
(416,850)
Transfers
-
(3,385)
3,385
-
Balance at 31 March 2023
35,001
277,750
3,680,378
3,993,129

The notes on pages 5 to 11 form part of these financial statements.

PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information

Pronto Industrial Paints Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stainsby Close, Holmewood Industrial Estate, Chesterfield, Derbyshire, S42 5UG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Other investments, which represent a minority investment in an unlisted company, are held at cost less any impairment, as there is no readily available fair value.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.9
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged to the profit and loss account as incurred.

PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.10
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
42
42
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
1,472,481
2,989,406
4,461,887
Additions
-
0
93,356
93,356
Disposals
-
0
(15,950)
(15,950)
At 31 March 2023
1,472,481
3,066,812
4,539,293
Depreciation and impairment
At 1 April 2022
210,512
2,160,572
2,371,084
Depreciation charged in the year
17,063
221,807
238,870
Eliminated in respect of disposals
-
0
(1,661)
(1,661)
At 31 March 2023
227,575
2,380,718
2,608,293
Carrying amount
At 31 March 2023
1,244,906
686,094
1,931,000
At 31 March 2022
1,261,969
828,834
2,090,803

Included within the net book value above are motor vehicles held under finance leases amounting to £63,519 (2022: £84,692).

 

Included in cost or valuation of land and buildings is freehold land of £153,823 (2022: £153,823) which is not depreciated.

PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Tangible fixed assets
(Continued)
- 8 -

 

 

The following assets are carried at deemed cost and were revalued as part of transitional arrangements under FRS102 . If the assets were measured at original cost, the carrying amounts would be as follows:

Freehold land and buildings
2023
2022
£
£
Cost
1,130,129
1,130,129
Accumulated depreciation
(187,121)
(173,443)
Carrying value
943,008
956,686

 

The value of land in freehold land and buildings included below would be £114,376 (2022: £114,376)

 

 

4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
896,885

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

A prior period adjustment has been made to recognise the value of the investment property included incorrectly as freehold land and buildings within Tangible Fixed Assets.

 

Since 2022 the property, which was originally acquired for use in the trade of the business, has been rented to a third party business as the Directors no longer required the property for the operation of the trade.

 

£896,885 was transferred from Tangible Fixed Assets to Investment Property, representing the cost of the asset held at 31 March 2022. The Directors do not believe the fair value of the property is significantly different to the cost as at 31 March 2022 and 2023, so no adjustment has been made to the Profit and Loss Account.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,602,489
1,602,489
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022 & 31 March 2023
1,602,489
30,000
1,632,489
Impairment
At 1 April 2022 & 31 March 2023
-
30,000
30,000
Carrying amount
At 31 March 2023
1,602,489
-
1,602,489
At 31 March 2022
1,602,489
-
1,602,489
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,904,265
2,353,027
Other debtors
79,800
70,153
1,984,065
2,423,180
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
825,435
686,643
Trade creditors
1,425,040
1,438,925
Amounts owed to group undertakings
164,131
164,131
Taxation and social security
199,889
322,485
Other creditors
102,542
141,933
2,717,037
2,754,117

Included within other creditors above is £17,117 (2022: £17,117) owed under finance leases which are secured on the asset to which it relates.

PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9
1,444,679
1,548,268
Obligations under finance leases
10
38,512
55,629
1,483,191
1,603,897
9
Loans and overdrafts
2023
2022
£
£
Bank loans
1,682,337
1,705,760
Bank overdrafts
587,777
529,151
2,270,114
2,234,911
Payable within one year
825,435
686,643
Payable after one year
1,444,679
1,548,268

Bank loans are secured on some of the land and freehold properties.

 

 

10
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
17,117
17,117
In two to five years
38,512
55,629
55,629
72,746
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
35,000
35,000
35,000
35,000
Ordinary B of £1 each
1
1
1
1
35,001
35,001
35,001
35,001
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
111,588
38,603
13
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
753,490
Profit as adjusted
753,490
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