Registered number
05497735
Spraytech Paint Services Ltd
Report and Unaudited Accounts
31 October 2023
Spraytech Paint Services Ltd
Registered number: 05497735
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 117,222 63,754
Current assets
Stock and WIP 13,992 13,992
Debtors 4 156,439 165,059
Cash at bank and in hand 170,421 275,053
340,852 454,104
Creditors: amounts falling due within one year 5 (68,651) (133,169)
Net current assets 272,201 320,935
Total assets less current liabilities 389,423 384,689
Creditors: amounts falling due after more than one year 6 (15,833) (25,833)
Net assets 373,590 358,856
Capital and reserves
Called up share capital 2 2
Profit and loss account 373,588 358,854
Shareholders' funds 373,590 358,856
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P.E. Munden
Director
Approved by the board on 16 April 2024
Spraytech Paint Services Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fittings + Equipment 15% reducing balance
Plant and machinery 25% reducing balance
Fixtures and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Fittings + Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 25,350 48,206 85,509 159,065
Additions 861 - 151,283 152,144
Disposals - - (80,495) (80,495)
At 31 October 2023 26,211 48,206 156,297 230,714
Depreciation
At 1 November 2022 20,154 40,477 34,680 95,311
Charge for the year 799 1,931 33,656 36,386
On disposals - - (18,205) (18,205)
At 31 October 2023 20,953 42,408 50,131 113,492
Net book value
At 31 October 2023 5,258 5,798 106,166 117,222
At 31 October 2022 5,196 7,729 50,829 63,754
4 Debtors 2023 2022
£ £
Trade debtors 128,388 136,144
Director's Current account 20,722 20,722
Prepayments - 200
Other debtors 7,329 7,993
156,439 165,059
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Director's accounts 11,277 13,927
Corporation tax 6,073 51,960
VAT liability 24,813 41,945
Other taxes and social security costs 4,884 3,558
Other creditors 11,604 11,779
68,651 133,169
Included within bank loans is a COVID bounce back loan of £10,000 (2022: £10,000), 100% guaranteed
by the government.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,833 25,833
Included within bank loans is a COVID bounce back loan of £15,833 (2022: £25,833), 100% guaranteed
by the government.
7 Other information
Spraytech Paint Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
268 Bath Road
Slough
Berkshire
SL1 4DX
Spraytech Paint Services Ltd 05497735 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2024 P.E. Munden No description of principal activity 05497735 2021-11-01 2022-10-31 05497735 core:WithinOneYear 2022-10-31 05497735 core:AfterOneYear 2022-10-31 05497735 core:ShareCapital 2022-10-31 05497735 core:RetainedEarningsAccumulatedLosses 2022-10-31 05497735 2022-11-01 2023-10-31 05497735 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05497735 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05497735 bus:Director40 2022-11-01 2023-10-31 05497735 1 2022-11-01 2023-10-31 05497735 2 2022-11-01 2023-10-31 05497735 core:LandBuildings 2022-11-01 2023-10-31 05497735 core:PlantMachinery 2022-11-01 2023-10-31 05497735 core:Vehicles 2022-11-01 2023-10-31 05497735 countries:England 2022-11-01 2023-10-31 05497735 bus:FRS102 2022-11-01 2023-10-31 05497735 bus:FilletedAccounts 2022-11-01 2023-10-31 05497735 2023-10-31 05497735 core:WithinOneYear 2023-10-31 05497735 core:AfterOneYear 2023-10-31 05497735 core:ShareCapital 2023-10-31 05497735 core:RetainedEarningsAccumulatedLosses 2023-10-31 05497735 core:LandBuildings 2023-10-31 05497735 core:PlantMachinery 2023-10-31 05497735 core:Vehicles 2023-10-31 05497735 2022-10-31 05497735 core:LandBuildings 2022-10-31 05497735 core:PlantMachinery 2022-10-31 05497735 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure