IRIS Accounts Production v24.2.0.383 02489831 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure024898312023-03-31024898312024-03-31024898312023-04-012024-03-31024898312022-03-31024898312022-04-012023-03-31024898312023-03-3102489831ns16:EnglandWales2023-04-012024-03-3102489831ns15:PoundSterling2023-04-012024-03-3102489831ns11:Director12023-04-012024-03-3102489831ns11:PrivateLimitedCompanyLtd2023-04-012024-03-3102489831ns11:SmallEntities2023-04-012024-03-3102489831ns11:AuditExempt-NoAccountantsReport2023-04-012024-03-3102489831ns11:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102489831ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102489831ns11:FullAccounts2023-04-012024-03-3102489831ns11:Director22023-04-012024-03-3102489831ns11:CompanySecretary12023-04-012024-03-3102489831ns11:RegisteredOffice2023-04-012024-03-3102489831ns6:CurrentFinancialInstruments2024-03-3102489831ns6:CurrentFinancialInstruments2023-03-3102489831ns6:Non-currentFinancialInstruments2024-03-3102489831ns6:Non-currentFinancialInstruments2023-03-3102489831ns6:ShareCapital2024-03-3102489831ns6:ShareCapital2023-03-3102489831ns6:RetainedEarningsAccumulatedLosses2024-03-3102489831ns6:RetainedEarningsAccumulatedLosses2023-03-3102489831ns6:ShortLeaseholdAssetsns6:LandBuildings2023-04-012024-03-3102489831ns6:PlantMachinery2023-04-012024-03-3102489831ns6:FurnitureFittings2023-04-012024-03-3102489831ns6:MotorVehicles2023-04-012024-03-3102489831ns6:ComputerEquipment2023-04-012024-03-3102489831ns6:ShortLeaseholdAssetsns6:LandBuildings2023-03-3102489831ns6:PlantMachinery2023-03-3102489831ns6:FurnitureFittings2023-03-3102489831ns6:ShortLeaseholdAssetsns6:LandBuildings2024-03-3102489831ns6:PlantMachinery2024-03-3102489831ns6:FurnitureFittings2024-03-3102489831ns6:ShortLeaseholdAssetsns6:LandBuildings2023-03-3102489831ns6:PlantMachinery2023-03-3102489831ns6:FurnitureFittings2023-03-3102489831ns6:MotorVehicles2023-03-3102489831ns6:ComputerEquipment2023-03-3102489831ns6:MotorVehicles2024-03-3102489831ns6:ComputerEquipment2024-03-3102489831ns6:MotorVehicles2023-03-3102489831ns6:ComputerEquipment2023-03-3102489831ns6:CostValuation2023-03-3102489831ns6:WithinOneYearns6:CurrentFinancialInstruments2024-03-3102489831ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3102489831ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2024-03-3102489831ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-03-3102489831ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2024-03-3102489831ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-03-3102489831ns6:HirePurchaseContracts2024-03-3102489831ns6:HirePurchaseContracts2023-03-31
REGISTERED NUMBER: 02489831 (England and Wales)















PAINTSTORE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)






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


PAINTSTORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr G F Nash
Mr L Mulder





SECRETARY: Mr G F Nash





REGISTERED OFFICE: Unit 28 Caswell Road
Sydenham Industrial Estate
Leamington Spa
Warwickshire
CV31 1QD





REGISTERED NUMBER: 02489831 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,929 46,631
Investments 5 46,210 46,210
94,139 92,841

CURRENT ASSETS
Stocks 397,384 382,657
Debtors 6 585,658 510,597
Cash at bank and in hand 795,887 650,049
1,778,929 1,543,303
CREDITORS
Amounts falling due within one year 7 713,698 612,294
NET CURRENT ASSETS 1,065,231 931,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,159,370

1,023,850

CREDITORS
Amounts falling due after more than one
year

8

(3,750

)

(7,335

)

PROVISIONS FOR LIABILITIES (5,372 ) (2,773 )
NET ASSETS 1,150,248 1,013,742

CAPITAL AND RESERVES
Called up share capital 69,628 69,628
Retained earnings 1,080,620 944,114
SHAREHOLDERS' FUNDS 1,150,248 1,013,742

PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

BALANCE SHEET - continued
31 MARCH 2024


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.

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 4 October 2024 and were signed on its behalf by:





Mr G F Nash - Director


PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Paintstore Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover is recognised when significant risks and rewards of ownership of goods have transferred to the buyer, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be reliably measured. This is usually on the date of dispatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property improvement - 20% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 12.5% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property Plant and and
improvement machinery fittings
£    £    £   
COST
At 1 April 2023 21,327 36,315 17,194
Additions - 7,569 -
Disposals - - -
At 31 March 2024 21,327 43,884 17,194
DEPRECIATION
At 1 April 2023 16,478 31,689 8,955
Charge for year 3,940 4,289 1,768
Eliminated on disposal - - -
At 31 March 2024 20,418 35,978 10,723
NET BOOK VALUE
At 31 March 2024 909 7,906 6,471
At 31 March 2023 4,849 4,626 8,239

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 55,705 19,972 150,513
Additions 9,700 4,636 21,905
Disposals (4,550 ) - (4,550 )
At 31 March 2024 60,855 24,608 167,868
DEPRECIATION
At 1 April 2023 28,532 18,228 103,882
Charge for year 8,949 1,661 20,607
Eliminated on disposal (4,550 ) - (4,550 )
At 31 March 2024 32,931 19,889 119,939
NET BOOK VALUE
At 31 March 2024 27,924 4,719 47,929
At 31 March 2023 27,173 1,744 46,631

The net book value of tangible fixed assets includes £ 7,318 (2023 - £ 10,830 ) in respect of assets held under hire purchase contracts.

PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 46,210
NET BOOK VALUE
At 31 March 2024 46,210
At 31 March 2023 46,210

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 445,208 447,715
Amounts owed by group undertakings 100,000 40,000
Other debtors 1,750 300
Prepayments 38,700 22,582
585,658 510,597

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 3,076 3,076
Trade creditors 459,666 440,578
Tax 62,146 38,463
Social security and other taxes 10,503 8,824
VAT 61,135 45,045
Other creditors 2,847 2,884
Accrued expenses 114,325 73,424
713,698 612,294

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 3,750 7,335

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 3,076 3,076
Between one and five years 3,750 7,335
6,826 10,411

PAINTSTORE LIMITED (REGISTERED NUMBER: 02489831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. RELATED PARTY DISCLOSURES

Dividends proposed
As at the balance sheet date, dividends of £50,000 have been proposed. Of which £25,000 will be paid to Mr G Nash and £25,000 to Eguchi IWAO Limited.



11. ULTIMATE CONTROLLING PARTY

There was no ultimate controlling party in either the current or previous accounting periods.