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COMPANY REGISTRATION NUMBER: 07845657
Paint Technology Solutions Limited
Filleted Unaudited Financial Statements
30 November 2023
Paint Technology Solutions Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
72,992
70,475
Cash at bank and in hand
2,537
3,188
--------
--------
75,529
73,663
Creditors: amounts falling due within one year
5
557
541
--------
--------
Net current assets
74,972
73,122
--------
--------
Total assets less current liabilities
74,972
73,122
--------
--------
Net assets
74,972
73,122
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
74,772
72,922
--------
--------
Shareholders funds
74,972
73,122
--------
--------
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 statement of income and retained earnings has not been delivered.
For the 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 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 were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr A Patterson
Mr I Patterson
Director
Director
Company registration number: 07845657
Paint Technology Solutions Limited
Notes to the Financial Statements
Year ended 30 November 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 61 High Street, Fareham, Hants, PO16 7BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
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.
4. Debtors
2023
2022
£
£
Trade debtors
( 600)
Other debtors
72,992
71,075
--------
--------
72,992
70,475
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32
1
Other creditors
525
540
----
----
557
541
----
----
6. Related party transactions
The company was controlled by the directors who are majority shareholders No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities (effective April 2008).