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REGISTERED NUMBER: SC262391 (Scotland)















Financial Statements for the Year Ended 29 February 2024

for

Paintline Limited

Paintline Limited (Registered number: SC262391)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paintline Limited

Company Information
for the Year Ended 29 February 2024







Directors: Miss K McKinlay
Mr S J McKinlay





Secretary: Mrs C McKinlay





Registered office: 88-92 Cambuslang Road
Rutherglen
Glasgow
G73 1BQ





Registered number: SC262391 (Scotland)





Accountant: Audrey Wolfson
10 Southern Avenue
Glasgow
G73 4JN

Paintline Limited (Registered number: SC262391)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 345,146 338,586
345,146 338,586

CURRENT ASSETS
Stocks 380,587 361,645
Debtors 6 677,618 548,975
Investments 7 35,358 22,347
Cash at bank and in hand 482,589 552,479
1,576,152 1,485,446
CREDITORS
Amounts falling due within one year 8 667,293 678,406
NET CURRENT ASSETS 908,859 807,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,254,005

1,145,626

CREDITORS
Amounts falling due after more than
one year

9

(56,395

)

(41,638

)

PROVISIONS FOR LIABILITIES (19,097 ) (12,798 )
NET ASSETS 1,178,513 1,091,190

Paintline Limited (Registered number: SC262391)

Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 11 20,734 7,723
Retained earnings 1,156,779 1,082,467
1,178,513 1,091,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 26 August 2024 and were signed on its behalf by:





Miss K McKinlay - Director


Paintline Limited (Registered number: SC262391)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Paintline Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets
As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

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 0, is being amortised evenly over its estimated useful life of nil 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on cost and 25% on reducing balance

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

Paintline Limited (Registered number: SC262391)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as basic financial instruments - trade debtors, trade creditors, directors' loans and non-puttable listed investments.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Non-puttable listed investments are measured at fair value.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 23 ) .

Paintline Limited (Registered number: SC262391)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 87,500
AMORTISATION
At 1 March 2023
and 29 February 2024 87,500
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 322,900 356,788 679,688
Additions - 46,430 46,430
Disposals - (39,244 ) (39,244 )
At 29 February 2024 322,900 363,974 686,874
DEPRECIATION
At 1 March 2023 51,664 289,438 341,102
Charge for year 6,458 27,739 34,197
Eliminated on disposal - (33,571 ) (33,571 )
At 29 February 2024 58,122 283,606 341,728
NET BOOK VALUE
At 29 February 2024 264,778 80,368 345,146
At 28 February 2023 271,236 67,350 338,586

Paintline Limited (Registered number: SC262391)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 77,874
Additions 44,880
At 29 February 2024 122,754
DEPRECIATION
At 1 March 2023 34,070
Charge for year 22,171
At 29 February 2024 56,241
NET BOOK VALUE
At 29 February 2024 66,513
At 28 February 2023 43,804

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 666,850 545,557
Other debtors 10,768 3,418
677,618 548,975

7. CURRENT ASSET INVESTMENTS

The current asset listed investment is shown at fair value based on the prevailing market value at the balance sheet date in accordance with FRS102.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts - 78,144
Hire purchase contracts (see note 10)
23,631

14,972
Trade creditors 523,618 414,968
Taxation and social security 93,004 138,233
Other creditors 27,040 32,089
667,293 678,406

Paintline Limited (Registered number: SC262391)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 10)
56,395

41,638

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 23,631 14,972
Between one and five years 56,395 41,638
80,026 56,610

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 3,939 9,140
Between one and five years 82,900 28,291
86,839 37,431

11. RESERVES
Fair
value
reserve
£   
At 1 March 2023 7,723
Fair value adjustment 13,011

At 29 February 2024 20,734