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COMPANY REGISTRATION NUMBER: 08074055
Prompt Painting Contractors Ltd
Filleted Unaudited Abridged Financial Statements
31 May 2023
Prompt Painting Contractors Ltd
Abridged Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
11,095
3,710
Current assets
Debtors
57,059
74,494
Creditors: amounts falling due within one year
27,693
38,004
--------
--------
Net current assets
29,366
36,490
--------
--------
Total assets less current liabilities
40,461
40,200
Creditors: amounts falling due after more than one year
40,056
40,000
--------
--------
Net assets
405
200
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
404
199
----
----
Shareholders funds
405
200
----
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Prompt Painting Contractors Ltd
Abridged Statement of Financial Position (continued)
31 May 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr W Wright
Director
Company registration number: 08074055
Prompt Painting Contractors Ltd
Notes to the Abridged Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 18, The Arches Industrial Estate, Spon End, Coventry, CV1 3JQ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
20% reducing balance
Equipment
-
15% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
£
Cost
At 1 June 2022
17,824
Additions
13,495
Disposals
( 17,295)
--------
At 31 May 2023
14,024
--------
Depreciation
At 1 June 2022
14,114
Charge for the year
6,110
Disposals
( 17,295)
--------
At 31 May 2023
2,929
--------
Carrying amount
At 31 May 2023
11,095
--------
At 31 May 2022
3,710
--------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr W Wright
( 97)
34
( 63)
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr W Wright
( 18)
( 79)
( 97)
----
----
----
7. Related party transactions
The company was under the control of Mr W Wright throughout the current and previous year. Mr W Wright is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.