Daily Paints Ltd 13731490 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Maintenance and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 13731490 2022-12-01 2023-11-30 13731490 2023-11-30 13731490 bus:OrdinaryShareClass1 2023-11-30 13731490 core:RetainedEarningsAccumulatedLosses 2023-11-30 13731490 core:ShareCapital 2023-11-30 13731490 core:CurrentFinancialInstruments 2023-11-30 13731490 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13731490 core:FurnitureFittingsToolsEquipment 2023-11-30 13731490 core:MotorVehicles 2023-11-30 13731490 core:OtherPropertyPlantEquipment 2023-11-30 13731490 bus:SmallEntities 2022-12-01 2023-11-30 13731490 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13731490 bus:FullAccounts 2022-12-01 2023-11-30 13731490 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13731490 bus:RegisteredOffice 2022-12-01 2023-11-30 13731490 bus:Director1 2022-12-01 2023-11-30 13731490 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 13731490 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13731490 bus:Agent1 2022-12-01 2023-11-30 13731490 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 13731490 core:ShareCapital 2022-12-01 2023-11-30 13731490 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 13731490 core:MotorVehicles 2022-12-01 2023-11-30 13731490 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 13731490 core:PlantMachinery 2022-12-01 2023-11-30 13731490 countries:EnglandWales 2022-12-01 2023-11-30 13731490 dpl:AdministrativeExpenses 2022-12-01 2023-11-30 13731490 dpl:CostSales 2022-12-01 2023-11-30 13731490 2022-11-30 13731490 core:RetainedEarningsAccumulatedLosses 2022-11-30 13731490 core:ShareCapital 2022-11-30 13731490 core:FurnitureFittingsToolsEquipment 2022-11-30 13731490 core:MotorVehicles 2022-11-30 13731490 core:OtherPropertyPlantEquipment 2022-11-30 13731490 2021-11-09 2022-11-30 13731490 2022-11-30 13731490 bus:OrdinaryShareClass1 2022-11-30 13731490 core:CurrentFinancialInstruments 2022-11-30 13731490 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 13731490 core:FurnitureFittingsToolsEquipment 2022-11-30 13731490 core:MotorVehicles 2022-11-30 13731490 core:OtherPropertyPlantEquipment 2022-11-30 13731490 core:RetainedEarningsAccumulatedLosses 2021-11-09 2022-11-30 13731490 core:ShareCapital 2021-11-09 2022-11-30 13731490 dpl:AdministrativeExpenses 2021-11-09 2022-11-30 13731490 dpl:CostSales 2021-11-09 2022-11-30 13731490 2021-11-08 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13731490

Daily Paints Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Daily Paints Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13

 

Daily Paints Ltd

Company Information

Director

Mr Peter Clark

Registered office

20 Hilldale Avenue
Blackley
Greater Manchester
M9 6PP

Accountants

A.Y.A Accountants Limited
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

 

Daily Paints Ltd

Director's Report for the Year Ended 30 November 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Mr Peter Clark

Principal activity

The principal activity of the company is Maintenance and repair of motor vehicles

Small companies provision statement

This report has 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.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr Peter Clark
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Daily Paints Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Daily Paints Ltd for the year ended 30 November 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Daily Paints Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Daily Paints Ltd and state those matters that we have agreed to state to the Board of Directors of Daily Paints Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Daily Paints Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Daily Paints Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Daily Paints Ltd. You consider that Daily Paints Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Daily Paints Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

A.Y.A Accountants Limited
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

31 July 2024

 

Daily Paints Ltd

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

82,750

55,505

Cost of sales

 

(43,257)

(30,040)

Gross profit

 

39,493

25,465

Administrative expenses

 

(27,567)

(30,700)

Operating profit/(loss)

 

11,926

(5,235)

Profit/(loss) before tax

4

11,926

(5,235)

Profit/(loss) for the financial year

 

11,926

(5,235)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Daily Paints Ltd

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit/(loss) for the year

11,926

(5,235)

Total comprehensive income for the year

11,926

(5,235)

 

Daily Paints Ltd

(Registration number: 13731490)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,960

11,200

Current assets

 

Cash at bank and in hand

 

625

714

Creditors: Amounts falling due within one year

7

(3,893)

(17,148)

Net current liabilities

 

(3,268)

(16,434)

Net assets/(liabilities)

 

5,692

(5,234)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

5,691

(5,235)

Shareholders' funds/(deficit)

 

5,692

(5,234)

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.

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.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr Peter Clark
Director

 

Daily Paints Ltd

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

1

(5,235)

(5,234)

Profit for the year

-

11,926

11,926

Dividends

-

(1,000)

(1,000)

At 30 November 2023

1

5,691

5,692

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(5,235)

(5,235)

New share capital subscribed

1

-

1

At 30 November 2022

1

(5,235)

(5,234)

 

Daily Paints Ltd

Notes to the Unaudited 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:
20 Hilldale Avenue
Blackley
Greater Manchester
M9 6PP

The principal place of business is:
20 Hilldale Avenue
Blackley
Greater Manchester
M9 6PP

These financial statements were authorised for issue by the director on 31 July 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Daily Paints Ltd

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

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

Plant and Machinery

20% Reducing Balance

Motor Vehicle

20% Reducing Balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,240

2,800

 

Daily Paints Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

5,000

8,000

1,000

14,000

At 30 November 2023

5,000

8,000

1,000

14,000

Depreciation

At 1 December 2022

1,000

1,600

200

2,800

Charge for the year

800

1,280

160

2,240

At 30 November 2023

1,800

2,880

360

5,040

Carrying amount

At 30 November 2023

3,200

5,120

640

8,960

At 30 November 2022

4,000

6,400

800

11,200

6

Debtors

Current

2023
£

2022
£

 

-

-

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,893

17,148

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       
 

Daily Paints Ltd

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

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

3,893

17,148

10

Dividends

2023

2022

£

£

 

 

11

Related party transactions

 

Daily Paints Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,000

8,705

 

Daily Paints Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 30 November 2023

2023
£

2022
£

Turnover/revenue

82,750

55,505

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(15,076)

(21,823)

Closing stock/inventories

-

-

Subcontractor costs

(28,181)

(8,217)

Gross profit

39,493

25,465

Distribution costs

Administrative expenses

Audit and accountancy other services

(2,550)

-

Advertising, promotions and marketing costs

(230)

-

Rent, rates and services costs

(6,050)

(12,036)

Other repairs and maintenance costs

(501)

(23)

Depreciation of fixed assets

(2,240)

(2,800)

Vehicle costs

(2,867)

(6,078)

Salaries and fees, directors

(10,000)

(8,705)

Travel and subsistence

(258)

(922)

Bank charges

(132)

(68)

Insurance costs

(2,622)

-

Other costs

(117)

(68)

Other operating income

Other items

Profit/(loss) for the financial year

11,926

(5,235)