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REGISTERED NUMBER: 11904858 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Paintlyne Ltd

Paintlyne Ltd (Registered number: 11904858)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paintlyne Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M W Holness
Mrs J Holness





REGISTERED OFFICE: c/o Ency Associates
Printware Court
Cumberland Business Centre
Portsmouth
Hampshire
PO5 1DS





REGISTERED NUMBER: 11904858 (England and Wales)





ACCOUNTANTS: Ency Associates
Chartered Certified Accountants
Printware Court
Cumberland Business Centre
Northumberland Road
Portsmouth
Hampshire
PO5 1DS

Paintlyne Ltd (Registered number: 11904858)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,026 29,379

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 30,420 39,341
Cash at bank - 6,218
32,920 48,059
CREDITORS
Amounts falling due within one year 6 38,889 33,495
NET CURRENT (LIABILITIES)/ASSETS (5,969 ) 14,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,057

43,943

CREDITORS
Amounts falling due after more than
one year

7

(18,565

)

(12,131

)

PROVISIONS FOR LIABILITIES (7,225 ) (5,582 )
NET ASSETS 6,267 26,230

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 6,257 26,220
SHAREHOLDERS' FUNDS 6,267 26,230

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Paintlyne Ltd (Registered number: 11904858)

Balance Sheet - continued
31 March 2024


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 27 September 2024 and were signed on its behalf by:





M W Holness - Director


Paintlyne Ltd (Registered number: 11904858)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paintlyne Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Fixtures & fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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.


Paintlyne Ltd (Registered number: 11904858)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 6 (2023 - 6 ) .

Paintlyne Ltd (Registered number: 11904858)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 5,078 57,007 2,022 64,107
Additions 4,256 16,624 582 21,462
At 31 March 2024 9,334 73,631 2,604 85,569
DEPRECIATION
At 1 April 2023 2,694 31,166 868 34,728
Charge for year 1,328 10,617 870 12,815
At 31 March 2024 4,022 41,783 1,738 47,543
NET BOOK VALUE
At 31 March 2024 5,312 31,848 866 38,026
At 31 March 2023 2,384 25,841 1,154 29,379

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 35,217
Additions 13,295
At 31 March 2024 48,512
DEPRECIATION
At 1 April 2023 21,614
Charge for year 6,725
At 31 March 2024 28,339
NET BOOK VALUE
At 31 March 2024 20,173
At 31 March 2023 13,603

Paintlyne Ltd (Registered number: 11904858)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 23,167 31,192
Amounts recoverable on contract 5,518 5,518
Other debtors 1,735 2,631
30,420 39,341

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 9,608 -
Hire purchase contracts 7,332 6,771
Trade creditors 3,178 1,986
Taxation and social security 7,237 13,226
Other creditors 11,534 11,512
38,889 33,495

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 18,565 12,131

8. ULTIMATE CONTROLLING PARTY

The controlling party is M W Holness.