PREMIER PAINTING AND MAINTENANCE LIMITED
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,017 26,734
Current assets
Stocks 200 200
Debtors 4 537 984
Cash at bank and in hand 18,922 12,133
19,659 13,317
Creditors: amounts falling due within one year 5 (7,749) (5,972)
Net current assets 11,910 7,345
Total assets less current liabilities 35,927 34,079
Creditors: amounts falling due after more than one year 6 (33,447) (33,289)
Provisions for liabilities - -
Net assets 2,480 790
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,480 (210)
Shareholders' funds 2,480 790
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MRS. T.A. SWANCOTT
Director
Approved by the board on 9 September 2024
PREMIER PAINTING AND MAINTENANCE LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% reducing balance basis
Motor vehicles 10% reducing balance basis
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased and hire purchase assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 2,042 27,314 29,356
At 31 March 2024 2,042 27,314 29,356
Depreciation
At 1 April 2023 1,608 1,014 2,622
Charge for the year 87 2,630 2,717
At 31 March 2024 1,695 3,644 5,339
Net book value
At 31 March 2024 347 23,670 24,017
At 31 March 2023 434 26,300 26,734
4 Debtors 2024 2023
£ £
Trade debtors and prepayments 537 984
537 984
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts (secured) 2,625 2,444
Trade creditors and accruals 3,017 1,955
Other taxes and social security costs 704 459
Value Added Tax account 1,403 1,114
7,749 5,972
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts (secured) 1,147 3,772
Directors' loan accounts 32,300 29,517
33,447 33,289
7 Controlling party
Mr. P.E. Swancott, Mrs. T.A. Swancott, the directors of the company and Mrs. C. Moult (Company Secretary), own 50%, 30% and 20% respectively of the issued share capital of the company at the Balance Sheet date.
8 Other information
PREMIER PAINTING AND MAINTENANCE LIMITED is a private company limited by shares and incorporated in England (Company number 05191964). Its registered office is 38, Badgers Croft, Chesterton, Newcastle-under-Lyme, Staffordshire, ST5 7AT.
PREMIER PAINTING AND MAINTENANCE LIMITED 05191964 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 MRS. T.A. SWANCOTT No description of principal activity 05191964 2022-04-01 2023-03-31 05191964 core:WithinOneYear 2023-03-31 05191964 core:AfterOneYear 2023-03-31 05191964 core:ShareCapital 2023-03-31 05191964 core:RetainedEarningsAccumulatedLosses 2023-03-31 05191964 2023-04-01 2024-03-31 05191964 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05191964 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05191964 bus:Director40 2023-04-01 2024-03-31 05191964 1 2023-04-01 2024-03-31 05191964 2 2023-04-01 2024-03-31 05191964 core:PlantMachinery 2023-04-01 2024-03-31 05191964 core:Vehicles 2023-04-01 2024-03-31 05191964 countries:England 2023-04-01 2024-03-31 05191964 bus:FRS102 2023-04-01 2024-03-31 05191964 bus:FilletedAccounts 2023-04-01 2024-03-31 05191964 2024-03-31 05191964 core:WithinOneYear 2024-03-31 05191964 core:AfterOneYear 2024-03-31 05191964 core:ShareCapital 2024-03-31 05191964 core:RetainedEarningsAccumulatedLosses 2024-03-31 05191964 core:PlantMachinery 2024-03-31 05191964 core:Vehicles 2024-03-31 05191964 2023-03-31 05191964 core:PlantMachinery 2023-03-31 05191964 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure