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Registration number: 03626934

Harold Todd Painting & Decorating Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Harold Todd Painting & Decorating Limited

(Registration number: 03626934)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,359

1,790

Current assets

 

Stocks

4,674

6,170

Debtors

5

102,844

114,215

Cash at bank and in hand

 

3,555

764

 

111,073

121,149

Creditors: Amounts falling due within one year

6

(5,344)

(8,536)

Net current assets

 

105,729

112,613

Total assets less current liabilities

 

114,088

114,403

Provisions for liabilities

(1,587)

(340)

Net assets

 

112,501

114,063

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

112,301

113,863

Shareholders' funds

 

112,501

114,063

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Harold Todd Painting & Decorating Limited

(Registration number: 03626934)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 


Mr C T Sowerby
Director

   
 

Harold Todd Painting & Decorating Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
South Park Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2BY

Registration number: 03626934

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Harold Todd Painting & Decorating Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% and 33% per annum on reducing balance

Motor vehicles

25% per annum on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Harold Todd Painting & Decorating Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

 

Harold Todd Painting & Decorating Limited

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

4

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

2,407

9,000

11,407

Additions

-

8,400

8,400

Disposals

-

(4,500)

(4,500)

At 31 October 2023

2,407

12,900

15,307

Depreciation

At 1 November 2022

2,329

7,288

9,617

Charge for the year

19

1,024

1,043

Eliminated on disposal

-

(3,712)

(3,712)

At 31 October 2023

2,348

4,600

6,948

Carrying amount

At 31 October 2023

59

8,300

8,359

At 31 October 2022

78

1,712

1,790

5

Debtors

2023
£

2022
£

Trade debtors

25,977

28,508

Other debtors

76,867

85,707

102,844

114,215

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

3,686

1,805

Social security and other taxes

127

5,138

Other creditors

1,531

1,593

5,344

8,536

 

Harold Todd Painting & Decorating Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200