Floor Painters Limited 06628060 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is industrial floor painting. Digita Accounts Production Advanced 6.30.9574.0 true 06628060 2023-04-01 2024-03-31 06628060 2024-03-31 06628060 core:CurrentFinancialInstruments 2024-03-31 06628060 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06628060 core:FurnitureFittingsToolsEquipment 2024-03-31 06628060 core:MotorVehicles 2024-03-31 06628060 core:OtherPropertyPlantEquipment 2024-03-31 06628060 bus:SmallEntities 2023-04-01 2024-03-31 06628060 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06628060 bus:FilletedAccounts 2023-04-01 2024-03-31 06628060 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06628060 bus:RegisteredOffice 2023-04-01 2024-03-31 06628060 bus:Director3 2023-04-01 2024-03-31 06628060 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06628060 core:ComputerEquipment 2023-04-01 2024-03-31 06628060 core:FurnitureFittings 2023-04-01 2024-03-31 06628060 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06628060 core:MotorVehicles 2023-04-01 2024-03-31 06628060 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06628060 core:PlantMachinery 2023-04-01 2024-03-31 06628060 countries:EnglandWales 2023-04-01 2024-03-31 06628060 2023-03-31 06628060 core:FurnitureFittingsToolsEquipment 2023-03-31 06628060 core:MotorVehicles 2023-03-31 06628060 core:OtherPropertyPlantEquipment 2023-03-31 06628060 2022-04-01 2023-03-31 06628060 2023-03-31 06628060 core:CurrentFinancialInstruments 2023-03-31 06628060 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06628060 core:FurnitureFittingsToolsEquipment 2023-03-31 06628060 core:MotorVehicles 2023-03-31 06628060 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06628060

Floor Painters Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Floor Painters Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Floor Painters Limited

Company Information

Director

Mr T L Rossington

Registered office

Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG

 

Floor Painters Limited

(Registration number: 06628060)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,049

14,630

 

57,049

14,630

Current assets

 

Stocks

5

8,750

550

Debtors

6

93,319

39,096

Cash at bank and in hand

 

207,356

275,775

 

309,425

315,421

Creditors: Amounts falling due within one year

7

(111,693)

(100,375)

Net current assets

 

197,732

215,046

Total assets less current liabilities

 

254,781

229,676

Provisions for liabilities

(10,839)

(3,174)

Net assets

 

243,942

226,502

Capital and reserves

 

Called up share capital

10

10

Retained earnings

243,932

226,492

Shareholders' funds

 

243,942

226,502

For the financial year ending 31 March 2024 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 25 October 2024
 

.........................................
Mr T L Rossington
Director

 

Floor Painters Limited

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

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:
Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG
United Kingdom

These financial statements were authorised for issue by the director on 25 October 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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Floor Painters Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

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

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Floor Painters Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

 

Floor Painters Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,455

23,795

26,279

51,529

Additions

-

50,000

2,384

52,384

At 31 March 2024

1,455

73,795

28,663

103,913

Depreciation

At 1 April 2023

819

17,408

18,672

36,899

Charge for the year

207

8,227

1,531

9,965

At 31 March 2024

1,026

25,635

20,203

46,864

Carrying amount

At 31 March 2024

429

48,160

8,460

57,049

At 31 March 2023

636

6,387

7,607

14,630

5

Stocks

2024
£

2023
£

Work in progress

8,500

-

Other inventories

250

550

8,750

550

6

Debtors

Current

2024
£

2023
£

Trade debtors

87,170

28,302

Prepayments

3,694

1,603

Other debtors

2,455

9,191

 

93,319

39,096

 

Floor Painters Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

83,230

68,902

Trade creditors

 

9,303

3,348

Taxation and social security

 

11,990

24,049

Accruals and deferred income

 

6,711

3,786

Other creditors

 

459

290

 

111,693

100,375

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

83,230

68,902