6 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 5394573 2022-07-01 2023-06-30 5394573 2023-06-30 5394573 2022-06-30 5394573 2021-07-01 2022-06-30 5394573 2022-06-30 5394573 2021-06-30 5394573 core:PlantMachinery 2022-07-01 2023-06-30 5394573 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 5394573 core:MotorVehicles 2022-07-01 2023-06-30 5394573 bus:Director1 2022-07-01 2023-06-30 5394573 core:WithinOneYear 2023-06-30 5394573 core:WithinOneYear 2022-06-30 5394573 core:PlantMachinery 2022-06-30 5394573 core:FurnitureFittingsToolsEquipment 2022-06-30 5394573 core:MotorVehicles 2022-06-30 5394573 core:PlantMachinery 2023-06-30 5394573 core:FurnitureFittingsToolsEquipment 2023-06-30 5394573 core:MotorVehicles 2023-06-30 5394573 core:AfterOneYear 2023-06-30 5394573 core:AfterOneYear 2022-06-30 5394573 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 5394573 core:ShareCapital 2022-07-01 2023-06-30 5394573 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 5394573 core:UKTax 2022-07-01 2023-06-30 5394573 core:UKTax 2021-07-01 2022-06-30 5394573 core:ShareCapital 2023-06-30 5394573 core:ShareCapital 2022-06-30 5394573 core:RetainedEarningsAccumulatedLosses 2023-06-30 5394573 core:RetainedEarningsAccumulatedLosses 2022-06-30 5394573 core:ShareCapital 2021-06-30 5394573 core:RetainedEarningsAccumulatedLosses 2021-06-30 5394573 core:PlantMachinery 2022-06-30 5394573 core:FurnitureFittingsToolsEquipment 2022-06-30 5394573 core:MotorVehicles 2022-06-30 5394573 bus:SmallEntities 2022-07-01 2023-06-30 5394573 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 5394573 bus:FullAccounts 2022-07-01 2023-06-30 5394573 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 5394573 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
Company registration number: 5394573
Haines Painting & Decorating Limited
Unaudited filleted financial statements
30 June 2023
Haines Painting & Decorating Limited
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
Haines Painting & Decorating Limited
Balance sheet
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 67,571 48,168
_______ _______
67,571 48,168
Current assets
Stocks 42,300 23,854
Debtors 7 416,910 267,977
Cash at bank and in hand 453 123,436
_______ _______
459,663 415,267
Creditors: amounts falling due
within one year 8 ( 208,547) ( 177,482)
_______ _______
Net current assets 251,116 237,785
_______ _______
Total assets less current liabilities 318,687 285,953
Creditors: amounts falling due
after more than one year 9 ( 47,734) ( 58,835)
Provisions for liabilities 10 ( 12,839) ( 9,152)
_______ _______
Net assets 258,114 217,966
_______ _______
Capital and reserves
Called up share capital 400 100
Profit and loss account 257,714 217,866
_______ _______
Shareholders funds 258,114 217,966
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 January 2024 , and are signed on behalf of the board by:
........................................... ...........................................
Mr V G Haines Mrs C Haines
Director Director
Company registration number: 5394573
Haines Painting & Decorating Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2021 100 267,003 267,103
Profit for the year 12,543 12,543
_______ _______ _______
Total comprehensive income for the year - 12,543 12,543
Dividends paid and payable ( 61,680) ( 61,680)
_______ _______ _______
Total investments by and distributions to owners - ( 61,680) ( 61,680)
_______ _______ _______
At 30 June 2022 and 1 July 2022 100 217,866 217,966
Profit for the year 85,688 85,688
_______ _______ _______
Total comprehensive income for the year - 85,688 85,688
Issue of shares 300 300
Dividends paid and payable ( 45,840) ( 45,840)
_______ _______ _______
Total investments by and distributions to owners 300 ( 45,840) ( 45,540)
_______ _______ _______
At 30 June 2023 400 257,714 258,114
_______ _______ _______
Haines Painting & Decorating Limited
Notes to the financial statements
Year ended 30 June 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 11 Gripoly House, Gripoly Mills Retail Park, Penarth Road, Cardiff, CF11 8AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
FF and Computer equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 4 ).
5. Tax on profit
2023 2022
£ £
Current tax:
UK current tax expense 16,229 2,198
Deferred tax:
Origination and reversal of timing differences 3,687 555
_______ _______
Tax on profit 19,916 2,753
_______ _______
6. Tangible assets
Plant and machinery FF & Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 3,650 5,460 117,809 126,919
Additions - - 34,914 34,914
Disposals - - ( 14,638) ( 14,638)
_______ _______ _______ _______
At 30 June 2023 3,650 5,460 138,085 147,195
_______ _______ _______ _______
Depreciation
At 1 July 2022 2,548 3,389 72,814 78,751
Charge for the year 165 311 14,154 14,630
Disposals - - ( 13,757) ( 13,757)
_______ _______ _______ _______
At 30 June 2023 2,713 3,700 73,211 79,624
_______ _______ _______ _______
Carrying amount
At 30 June 2023 937 1,760 64,874 67,571
_______ _______ _______ _______
At 30 June 2022 1,102 2,071 44,995 48,168
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 355,213 242,149
Called up share capital not paid 300 -
Prepayments 3,696 2,540
Other debtors 57,701 23,288
_______ _______
416,910 267,977
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 23,573 20,000
Trade creditors 73,857 85,816
Accruals 4,000 4,363
Corporation tax 16,229 2,198
Social security and other taxes 5,203 1,939
Obligations under finance leases 4,262 1,997
Director loan accounts 66,772 52,933
Other creditors 14,651 8,236
_______ _______
208,547 177,482
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 38,333 58,333
Obligations under finance leases 9,401 502
_______ _______
47,734 58,835
_______ _______
10. Provisions
Deferred tax
£
At 1 July 2022 9,152
Additions 3,687
_______
At 30 June 2023 12,839
_______