Paint and Paper Emporium Ltd
Statement of financial position
as at 29 February 2024
Intangible assets
21,907
21,907
Tangible assets
26,225
33,037
Cash at bank and in hand
45,915
36,943
Creditors: amounts falling due within one year
(60,734)
(77,845)
Net current assets/(liabilities)
18,429
(8,633)
Total assets less current liabilities
66,561
46,311
Creditors: amounts falling due after more than one year
15,123
23,500
Profit and loss account
81,684
69,811
Shareholders' funds
81,684
69,811
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 November 2024 and were signed on its behalf by
Julie London
Director
Company Registration No. 09427893
Paint and Paper Emporium Ltd
Notes to the Accounts
for the year ended 29 February 2024
Paint and Paper Emporium Ltd is a private company, limited by shares, registered in England and Wales, registration number 09427893. The registered office is 117 Corbetts Tey Road, Upminster, Essex, RM14 2AA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
At 29 February 2024
21,907
At 29 February 2024
21,907
At 28 February 2023
21,907
Paint and Paper Emporium Ltd
Notes to the Accounts
for the year ended 29 February 2024
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 March 2023
395
56,398
56,793
At 29 February 2024
395
58,025
58,420
At 1 March 2023
-
23,756
23,756
Charge for the year
-
8,439
8,439
At 29 February 2024
-
32,195
32,195
At 29 February 2024
395
25,830
26,225
At 28 February 2023
395
32,642
33,037
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
26,106
34,179
Taxes and social security
2,801
1,028
Loans from directors
26,008
40,591
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
(13,623)
(22,000)
Loans from directors
(1,500)
(1,500)
9
Average number of employees
During the year the average number of employees was 3 (2023: 2).