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REGISTERED NUMBER: 07370585 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

MASTER PAINTERS & DECORATORS LIMITED

MASTER PAINTERS & DECORATORS LIMITED (REGISTERED NUMBER: 07370585)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

MASTER PAINTERS & DECORATORS LIMITED

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr G Hopkins
Mrs D Hopkins
Mr S Hopkins





SECRETARY:





REGISTERED OFFICE: Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY





REGISTERED NUMBER: 07370585 (England and Wales)





ACCOUNTANTS: James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY

MASTER PAINTERS & DECORATORS LIMITED (REGISTERED NUMBER: 07370585)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 33,170 18,058
33,170 18,058

CURRENT ASSETS
Stocks 221 215
Debtors 6 65,774 33,137
Cash at bank 127,869 255,682
193,864 289,034
CREDITORS
Amounts falling due within one year 7 16,433 72,333
NET CURRENT ASSETS 177,431 216,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

210,601

234,759

PROVISIONS FOR LIABILITIES 6,302 3,612
NET ASSETS 204,299 231,147

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 204,199 231,047
SHAREHOLDERS' FUNDS 204,299 231,147

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

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

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:




Mrs D Hopkins - Director


MASTER PAINTERS & DECORATORS LIMITED (REGISTERED NUMBER: 07370585)

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

1. STATUTORY INFORMATION

Master Painters & Decorators 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

MASTER PAINTERS & DECORATORS LIMITED (REGISTERED NUMBER: 07370585)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 66,000
AMORTISATION
At 1 November 2022
and 31 October 2023 66,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 41,060 3,833 47,797 333 93,023
Additions 25,250 - - 316 25,566
At 31 October 2023 66,310 3,833 47,797 649 118,589
DEPRECIATION
At 1 November 2022 40,491 3,833 30,314 327 74,965
Charge for year 4,995 - 5,406 53 10,454
At 31 October 2023 45,486 3,833 35,720 380 85,419
NET BOOK VALUE
At 31 October 2023 20,824 - 12,077 269 33,170
At 31 October 2022 569 - 17,483 6 18,058

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 21,380 4,140
Other debtors 44,394 28,997
65,774 33,137

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 1,074 823
Taxation and social security 12,228 65,837
Other creditors 3,131 5,673
16,433 72,333

MASTER PAINTERS & DECORATORS LIMITED (REGISTERED NUMBER: 07370585)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr G Hopkins
Balance outstanding at start of year (2,139 ) (4,588 )
Amounts advanced 53,803 48,933
Amounts repaid (52,500 ) (46,484 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (836 ) (2,139 )

Mrs D Hopkins
Balance outstanding at start of year (2,137 ) (4,588 )
Amounts advanced 53,801 48,933
Amounts repaid (52,500 ) (46,482 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (836 ) (2,137 )

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £48,000 were paid to the directors .

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Hopkins and Mrs D Hopkins.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Master Painters & Decorators Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Master Painters & Decorators Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Master Painters & Decorators Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Master Painters & Decorators Limited and state those matters that we have agreed to state to the Board of Directors of Master Painters & Decorators Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Master Painters & Decorators Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Master Painters & Decorators 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 Master Painters & Decorators Limited. You consider that Master Painters & Decorators 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 Master Painters & Decorators 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.






James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY


29 February 2024