Registered number
04981338
P A Gough Painting Contractors Limited
Filleted Accounts
31 March 2024
P A Gough Painting Contractors Limited
Registered number: 04981338
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,430 23,240
Current assets
Stocks 100 100
Debtors 4 5,604 19,676
Cash at bank and in hand 9,451 26,029
15,155 45,805
Creditors: amounts falling due within one year 5 (56,525) (55,532)
Net current liabilities (41,370) (9,727)
Total assets less current liabilities (23,940) 13,513
Creditors: amounts falling due after more than one year 6 (18,777) (26,279)
Net liabilities (42,717) (12,766)
Capital and reserves
Called up share capital 100 100
Profit and loss account (42,817) (12,866)
Shareholder's funds (42,717) (12,766)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
P A Gough
Director
Approved by the board on 18 November 2024
P A Gough Painting Contractors 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.
Going concern
The financial statements have been prepared under the going concern convention, which requires the continued support of the company's director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 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 evenly over its expected useful life, as follows:
Computers 33% straight line
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 15% straight line
Stocks
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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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.
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 3,295 30,995 34,290
At 31 March 2024 3,295 30,995 34,290
Depreciation
At 1 April 2023 3,295 7,755 11,050
Charge for the year - 5,810 5,810
At 31 March 2024 3,295 13,565 16,860
Net book value
At 31 March 2024 - 17,430 17,430
At 31 March 2023 - 23,240 23,240
4 Debtors 2024 2023
£ £
Trade debtors 4,628 15,412
Other debtors 976 4,264
5,604 19,676
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,776 3,776
Obligations under finance lease and hire purchase contracts 3,900 3,775
Trade creditors 681 7,292
Other taxes and social security costs 555 973
Other creditors 47,613 39,716
56,525 55,532
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,697 8,454
Obligations under finance lease and hire purchase contracts 14,080 17,825
18,777 26,279
7 Other information
P A Gough Painting Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
155 Salters Road
Walsall
WS9 9JA
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