Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01No description of principal activity66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00665143 2023-05-01 2024-04-30 00665143 2022-05-01 2023-04-30 00665143 2024-04-30 00665143 2023-04-30 00665143 c:Director2 2023-05-01 2024-04-30 00665143 d:Buildings 2023-05-01 2024-04-30 00665143 d:Buildings 2024-04-30 00665143 d:Buildings 2023-04-30 00665143 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00665143 d:FurnitureFittings 2023-05-01 2024-04-30 00665143 d:FurnitureFittings 2024-04-30 00665143 d:FurnitureFittings 2023-04-30 00665143 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00665143 d:OfficeEquipment 2023-05-01 2024-04-30 00665143 d:OfficeEquipment 2024-04-30 00665143 d:OfficeEquipment 2023-04-30 00665143 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00665143 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00665143 d:CurrentFinancialInstruments 2024-04-30 00665143 d:CurrentFinancialInstruments 2023-04-30 00665143 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00665143 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00665143 d:ShareCapital 2024-04-30 00665143 d:ShareCapital 2023-04-30 00665143 d:RetainedEarningsAccumulatedLosses 2024-04-30 00665143 d:RetainedEarningsAccumulatedLosses 2023-04-30 00665143 c:OrdinaryShareClass1 2023-05-01 2024-04-30 00665143 c:OrdinaryShareClass1 2024-04-30 00665143 c:OrdinaryShareClass1 2023-04-30 00665143 c:OrdinaryShareClass2 2023-05-01 2024-04-30 00665143 c:OrdinaryShareClass2 2024-04-30 00665143 c:OrdinaryShareClass2 2023-04-30 00665143 c:FRS102 2023-05-01 2024-04-30 00665143 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 00665143 c:FullAccounts 2023-05-01 2024-04-30 00665143 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00665143


PAPERS AND PAINTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
PAPERS AND PAINTS LIMITED
REGISTERED NUMBER:00665143

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
102,606
107,813

  
102,606
107,813

Current assets
  

Stocks
  
15,078
18,525

Debtors: amounts falling due within one year
 5 
388,762
404,298

Cash at bank and in hand
  
452
237

  
404,292
423,060

Creditors: amounts falling due within one year
 6 
(154,391)
(175,753)

Net current assets
  
 
 
249,901
 
 
247,307

Total assets less current liabilities
  
352,507
355,120

  

Net assets
  
352,507
355,120


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
  
351,507
354,120

  
352,507
355,120


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2024.

................................................
Mrs A C Baty
Director

Page 1

 
PAPERS AND PAINTS LIMITED
REGISTERED NUMBER:00665143
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Papers and Paints Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered office is at 4 Park Walk, London, SW10 0AD. The company's registered number is 00665143.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency is Sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% on cost
Fixtures and fittings
-
20% on cost
Office equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to
Page 4

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Current and deferred taxation

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

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 income.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 6

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 May 2023
192,737
23,764
6,821
223,322


Additions
-
-
583
583


Disposals
-
(2,230)
(71)
(2,301)



At 30 April 2024

192,737
21,534
7,333
221,604



Depreciation


At 1 May 2023
88,700
22,206
4,603
115,509


Charge for the year on owned assets
3,855
725
1,208
5,788


Disposals
-
(2,229)
(70)
(2,299)



At 30 April 2024

92,555
20,702
5,741
118,998



Net book value



At 30 April 2024
100,182
832
1,592
102,606



At 30 April 2023
104,037
1,558
2,218
107,813


5.


Debtors

2024
2023
£
£


Trade debtors
14,866
22,903

Other debtors
370,448
372,100

Prepayments and accrued income
2,948
8,795

Deferred taxation
500
500

388,762
404,298


Page 7

 
PAPERS AND PAINTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
32,449
28,103

Trade creditors
83,091
99,459

Corporation tax
13,172
14,343

Other taxes and social security
11,811
13,259

Other creditors
3,660
10,190

Accruals and deferred income
10,208
10,399

154,391
175,753



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



878 (2023 - 878) Ordinary A shares of £1 each
878
878
122 (2023 - 122) Ordinary B shares of £1 each
122
122

1,000

1,000



8.

Directors' Benefits: Advances, Credits and Guarantees

The following advances and credits to the directors, Mr P R Baty and Mrs A C Baty subsisted during the
years ended 30 April 2023 and 30 April 2022:

2024
2023
        £
        £
Balance at start of the period

(294,946)

(319,526)

Amount advanced

(46,000)

(75,420)

Amounts repaid

48,000

100,000


(292,946)

(294,946)


 
Page 8