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Registration number: 10507117

London Paint Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

London Paint Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

London Paint Company Limited

Company Information

Directors

D P Gaffney

J E Gaffney

Registered office

6 Fairfield Road
Uxbridge
Middlesex
UB8 1AX

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

London Paint Company Limited

(Registration number: 10507117)
Balance Sheet as at 30 November 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

11,631

 

18,596

Current assets

   

 

Debtors

5

843,357

 

778,757

 

Cash at bank and in hand

 

751,590

 

496,332

 

 

1,594,947

 

1,275,089

 

Creditors: Amounts falling due within one year

6

(233,818)

 

(165,302)

 

Net current assets

   

1,361,129

 

1,109,787

Total assets less current liabilities

   

1,372,760

 

1,128,383

Provisions for liabilities

 

(2,908)

 

(3,533)

Net assets

   

1,369,852

 

1,124,850

Capital and reserves

   

 

Called up share capital

2

 

2

 

Retained earnings

1,369,850

 

1,124,848

 

Shareholders' funds

   

1,369,852

 

1,124,850

For the financial year ending 30 November 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.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

.........................................
D P Gaffney
Director

 

London Paint Company Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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:
6 Fairfield Road
Uxbridge
Middlesex
UB8 1AX
England

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 sales/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 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.

 

London Paint Company Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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

Fixtures and fittings

25% straight line basis

Plant and machinery

25% straight line basis

Office equipment

25% straight line basis

Motor vehicles

25% straight line basis

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 initially 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.

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 initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

London Paint Company Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

4,328

3,760

12,066

62,985

83,139

Additions

-

-

2,922

-

2,922

Disposals

-

-

(4,600)

-

(4,600)

At 30 November 2023

4,328

3,760

10,388

62,985

81,461

Depreciation

At 1 December 2022

1,719

3,760

7,072

51,992

64,543

Charge for the year

869

-

2,101

5,498

8,468

Eliminated on disposal

-

-

(3,181)

-

(3,181)

At 30 November 2023

2,588

3,760

5,992

57,490

69,830

Carrying amount

At 30 November 2023

1,740

-

4,396

5,495

11,631

At 30 November 2022

2,609

-

4,994

10,993

18,596

 

London Paint Company Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Debtors

2023
£

2022
£

Trade debtors

102,963

258,206

Prepayments and accrued income

354,155

166,708

Other debtors

386,239

353,843

843,357

778,757

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

30,750

51,257

Taxation and social security

132,781

33,353

Accruals and deferred income

48,985

32,800

Other creditors

21,302

47,892

233,818

165,302

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £81,708 (2022 - £108,208).

The total amount of guarantees not included in the balance sheet is £485,611 (2022 - £504,651). The company has provided a guarantee for a related company bank loan. This is the maximum liability that may be incurred by the company as at the balance sheet date. The guarantee is secured on all assets of the company.

8

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Loans to directors (interest accrued at HMRC official rate, repayable on demand)

-

33,828

(33,828)

-

 

 

London Paint Company Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Loans to directors (interest accrued at HMRC official rate, repayable on demand)

82,885

116,913

(199,798)

-