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P J Gillham (Painting & Decorating) Ltd
Filleted accounts
30 April 2024
Company registration number: 06135388
P J Gillham (Painting & Decorating) Ltd
Directors and other information
Directors Mr P J Gillham
K M Gillham
Secretary K M Gillham
Company number 06135388
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
P J Gillham (Painting & Decorating) Ltd
Balance sheet
30th April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 9,871 12,281
_______ _______
9,871 12,281
Current assets
Stocks 250 250
Debtors 7 42,373 37,576
Cash at bank and in hand 94,848 89,804
_______ _______
137,471 127,630
Creditors: amounts falling due
within one year 8 ( 43,835) ( 19,734)
_______ _______
Net current assets 93,636 107,896
_______ _______
Net assets 103,507 120,177
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 103,407 120,077
_______ _______
Shareholders funds 103,507 120,177
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr P J Gillham
Director
Company registration number: 06135388
P J Gillham (Painting & Decorating) Ltd
Notes to the financial statements
Year ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of painting and decorating.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 3 years straight line basis
Fittings fixtures and equipment - 20% reducing balance
Motor vehicles - 20% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured 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 the stocks to their 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st May 2023 and 30th April 2024 36,000 36,000
_______ _______
Amortisation
At 1st May 2023 and 30th April 2024 36,000 36,000
_______ _______
Carrying amount
At 30th April 2024 - -
_______ _______
At 30th April 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st May 2023 1,671 9,080 17,583 28,334
Additions 272 - - 272
Disposals ( 89) - - ( 89)
_______ _______ _______ _______
At 30th April 2024 1,854 9,080 17,583 28,517
_______ _______ _______ _______
Depreciation
At 1st May 2023 1,006 5,553 9,494 16,053
Charge for the year 359 705 1,618 2,682
Disposals ( 89) - - ( 89)
_______ _______ _______ _______
At 30th April 2024 1,276 6,258 11,112 18,646
_______ _______ _______ _______
Carrying amount
At 30th April 2024 578 2,822 6,471 9,871
_______ _______ _______ _______
At 30th April 2023 665 3,527 8,089 12,281
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 41,905 37,031
Other debtors 468 545
_______ _______
42,373 37,576
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Social security and other taxes 38,365 17,572
Other creditors 5,470 2,162
_______ _______
43,835 19,734
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Controlling party
The company is under the control of Mr P J Gillham who owns 55% of the issued share capital.