Registration number:
Daily Paints Ltd
for the Year Ended 30 November 2023
Daily Paints Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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iXBRL Detailed Profit and Loss Account |
Daily Paints Ltd
Company Information
Director |
Mr Peter Clark |
Registered office |
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Accountants |
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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:
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
......................................... |
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.
......................................
Accrington
Lancashire
BB5 1LL
Daily Paints Ltd
Profit and Loss Account for the Year Ended 30 November 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
11,926 |
(5,235) |
|
Profit/(loss) before tax |
|
( |
|
Profit/(loss) for the financial year |
|
( |
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 |
|
( |
Total comprehensive income for the year |
|
( |
Daily Paints Ltd
(Registration number: 13731490)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
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Retained earnings |
5,691 |
(5,235) |
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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:
• |
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• |
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
......................................... |
Daily Paints Ltd
Statement of Changes in Equity for the Year Ended 30 November 2023
Share capital |
Retained earnings |
Total |
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At 1 December 2022 |
|
( |
( |
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 November 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
Loss for the year |
- |
( |
( |
New share capital subscribed |
|
- |
|
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
20 Hilldale Avenue
Blackley
Greater Manchester
M9 6PP
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Daily Paints Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
||||
At 1 December 2022 |
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At 30 November 2023 |
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|
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Depreciation |
||||
At 1 December 2022 |
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|
|
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Charge for the year |
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|
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At 30 November 2023 |
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Carrying amount |
||||
At 30 November 2023 |
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At 30 November 2022 |
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|
|
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Debtors |
Current |
2023 |
2022 |
- |
- |
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Daily Paints Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Other borrowings |
|
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Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
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 |
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Remuneration |
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Daily Paints Ltd
iXBRL Detailed Profit and Loss Account for the Year Ended 30 November 2023
2023 |
2022 |
|
Turnover/revenue |
|
|
Cost of sales |
||
Opening stock/inventories |
- |
- |
Purchase of raw materials and consumables |
( |
( |
Closing stock/inventories |
- |
- |
Subcontractor costs |
( |
( |
Gross profit |
39,493 |
25,465 |
Distribution costs |
||
Administrative expenses |
||
Audit and accountancy other services |
( |
- |
Advertising, promotions and marketing costs |
( |
- |
Rent, rates and services costs |
( |
( |
Other repairs and maintenance costs |
( |
( |
Depreciation of fixed assets |
( |
( |
Vehicle costs |
( |
( |
Salaries and fees, directors |
( |
( |
Travel and subsistence |
( |
( |
Bank charges |
( |
( |
Insurance costs |
( |
- |
Other costs |
( |
( |
Other operating income |
||
Other items |
||
Profit/(loss) for the financial year |
|
( |