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REGISTERED NUMBER: 01292559 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Glenwood Paint Supplies Limited

Glenwood Paint Supplies Limited (Registered number: 01292559)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenwood Paint Supplies Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: R C Greenhalgh





SECRETARY: J Hobson





REGISTERED OFFICE: Lukes House
206-210 Yarm Road
DARLINGTON
Co Durham
DL1 1XD





REGISTERED NUMBER: 01292559 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Glenwood Paint Supplies Limited (Registered number: 01292559)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 170,347 192,090

CURRENT ASSETS
Stocks 5 677,135 644,396
Debtors 6 292,952 311,229
Cash at bank and in hand 39,599 26,939
1,009,686 982,564
CREDITORS
Amounts falling due within one year 7 577,143 605,048
NET CURRENT ASSETS 432,543 377,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

602,890

569,606

CREDITORS
Amounts falling due after more than one
year

8

(39,338

)

(42,642

)

PROVISIONS FOR LIABILITIES 9 (3,871 ) (5,945 )
NET ASSETS 559,681 521,019

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 8,015 8,221
Retained earnings 551,566 512,698
SHAREHOLDERS' FUNDS 559,681 521,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glenwood Paint Supplies Limited (Registered number: 01292559)

Balance Sheet - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 January 2024 and were signed by:





R C Greenhalgh - Director


Glenwood Paint Supplies Limited (Registered number: 01292559)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Glenwood Paint Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from this standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption
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 which are concluded under normal market conditions.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Income recognition
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them, and when services have been provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 2% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of average cost and estimated selling price less costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Glenwood Paint Supplies Limited (Registered number: 01292559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Pension costs and other post-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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2022 33,000 186,214 59,671 105,798 384,683
Additions - - 1,379 3,000 4,379
At 31 May 2023 33,000 186,214 61,050 108,798 389,062
DEPRECIATION
At 1 June 2022 7,260 74,136 38,860 72,337 192,593
Charge for year 660 3,724 6,582 15,156 26,122
At 31 May 2023 7,920 77,860 45,442 87,493 218,715
NET BOOK VALUE
At 31 May 2023 25,080 108,354 15,608 21,305 170,347
At 31 May 2022 25,740 112,078 20,811 33,461 192,090

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
Valuation in 2006 47,279 - - - 47,279
Valuation in 2011 (37,000 ) - - - (37,000 )
Cost 22,721 186,214 61,050 108,798 378,783
33,000 186,214 61,050 108,798 389,062

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 22,721 22,721
Aggregate depreciation 5,454 4,999

Glenwood Paint Supplies Limited (Registered number: 01292559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

The freehold property was revalued by the director during 2011.
This revaluation has been treated as deemed cost on transition to FRS102.

5. STOCKS
2023 2022
£    £   
Stocks 677,135 644,396

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,827 296,185
Prepayments and accrued income 13,125 15,044
292,952 311,229

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 486,397 517,021
Taxation and social security 50,376 28,569
Director's loan account 11,729 11,754
Accruals and deferred income 28,641 47,704
577,143 605,048

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Director's loan account 39,338 42,642

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,871 5,945

Deferred
tax
£   
Balance at 1 June 2022 5,945
Accelerated capital allowances (2,074 )
Balance at 31 May 2023 3,871

Glenwood Paint Supplies Limited (Registered number: 01292559)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

2023 2022
£ £

Amounts due to director 51,067 54,396

No interest has been charged.