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Registration number: 09111775

Paintercom Limited

Unaudited Financial Statements

for the Year Ended 31 July 2022

 

Paintercom Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Paintercom Limited

(Registration number: 09111775)
Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

366

549

Current assets

 

Debtors

5

35,183

21,957

Cash at bank and in hand

 

343

763

 

35,526

22,720

Creditors: Amounts falling due within one year

6

(28,360)

(20,438)

Net current assets

 

7,166

2,282

Total assets less current liabilities

 

7,532

2,831

Creditors: Amounts falling due after more than one year

6

(7,333)

(9,574)

Provisions for liabilities

(70)

(104)

Net assets/(liabilities)

 

129

(6,847)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

29

(6,947)

Shareholders' funds/(deficit)

 

129

(6,847)

For the financial year ending 31 July 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 February 2024
 

 

Paintercom Limited

(Registration number: 09111775)
Balance Sheet as at 31 July 2022

.........................................
Mr Bret Painter-Spanyol
Director

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
3b Stevenage Road
Knebworth
Hertfordshire
SG3 6AN
England

These financial statements were authorised for issue by the director on 19 February 2024.

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.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, 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.

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

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 income 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Fixtures and fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price, a provision for the impairnent of trade debtors is established when there is objective evidence that the company will ot be able to collect all mounts due according to the original terms of the receiables.

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.

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2021

5,353

5,353

At 31 July 2022

5,353

5,353

Depreciation

At 1 August 2021

4,804

4,804

Charge for the year

183

183

At 31 July 2022

4,987

4,987

Carrying amount

At 31 July 2022

366

366

At 31 July 2021

549

549

5

Debtors

Current

2022
£

2021
£

Trade debtors

15,077

3,046

Other debtors

20,106

18,911

 

35,183

21,957

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

2,445

1,426

Trade creditors

 

1,114

1,044

Taxation and social security

 

23,827

17,068

Accruals and deferred income

 

974

900

 

28,360

20,438

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022






 

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

7,333

9,574

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

7,333

9,574

Bank borrowing consist solely of the Bounce Back Loan. The company aquired this loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial back of, the Secretary of State for Business, Energy and Industrial Strategy. The loans repayment terms are 72 months with a 12 month payment holiday, interest is charged at 2.5%.

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,445

1,426

Bank borrowing consist solely of the Bounce Back Loan. The company aquired this loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial back of, the Secretary of State for Business, Energy and Industrial Strategy. The loans repayment terms are 72 months with a 12 month payment holiday, interest is charged at 2.5%.

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £89.00 (2021 - £Nil) per ordinary share

 

8,900

 

-

         

10

Related party transactions

At the balance sheet date the company was owed £15,467 (2020: £14,273) by Mr B Painter-Spanyol, a director of the company. The loan is provided interest free and is repayable on demand.

11

Ultimate controlling party

The ultimate controlling party is Mr B Painter-Spanyol, director of the company by virtue of his majority shareholding.