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Registration number: 05401863

Dave Mannings Painting Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Dave Mannings Painting Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 15

 

Dave Mannings Painting Contractors Limited

Company Information

Director

DP Mannings

Registered office

Unit 60 Lakesview International Business Park
Hersden
Canterbury
CT3 4JJ

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Dave Mannings Painting Contractors Limited

(Registration number: 05401863)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

255,668

221,042

Current assets

 

Stocks

6

24,360

27,154

Debtors

7

67,497

81,317

 

91,857

108,471

Creditors: Amounts falling due within one year

8

(136,960)

(131,278)

Net current liabilities

 

(45,103)

(22,807)

Total assets less current liabilities

 

210,565

198,235

Creditors: Amounts falling due after more than one year

8

(80,012)

(49,347)

Provisions for liabilities

(30,937)

(22,281)

Net assets

 

99,616

126,607

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

23,153

23,153

Retained earnings

76,363

103,354

Shareholders' funds

 

99,616

126,607

 

Dave Mannings Painting Contractors Limited

(Registration number: 05401863)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 February 2025
 

.........................................
DP Mannings
Director

   
     
 

Dave Mannings Painting Contractors Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 August 2023

100

23,153

103,354

126,607

Profit for the year

-

-

20,009

20,009

Dividends

-

-

(47,000)

(47,000)

At 31 July 2024

100

23,153

76,363

99,616

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 August 2022

100

23,153

119,205

142,458

Profit for the year

-

-

29,149

29,149

Dividends

-

-

(45,000)

(45,000)

At 31 July 2023

100

23,153

103,354

126,607

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 60 Lakesview International Business Park
Hersden
Canterbury
CT3 4JJ
England

The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £1.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rendering of services

Turnover 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.

Government grants

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account 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.

Tax

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

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 taxable income.

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Furniture and fittings

25% reducing balance

Freehold land and buildings

0% on cost

Leasehold land and buildings

0% on cost

Revaluation

The freehold property is carried at fair value, determined annually by the directors. No depreciation is provided.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets obtained under hire purchase contracts are capitilaised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods and the finance element is charged to profit and loss account.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 8).

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

32,000

32,000

At 31 July 2024

32,000

32,000

Amortisation

At 1 August 2023

32,000

32,000

At 31 July 2024

32,000

32,000

Carrying amount

At 31 July 2024

-

-

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

160,000

2,788

6,780

15,340

4,302

145,824

335,034

Additions

-

-

-

-

149

78,907

79,056

Disposals

-

-

-

-

-

(52,249)

(52,249)

At 31 July 2024

160,000

2,788

6,780

15,340

4,451

172,482

361,841

Depreciation

At 1 August 2023

-

-

5,940

14,631

2,593

90,828

113,992

Charge for the year

-

-

210

177

464

30,108

30,959

Eliminated on disposal

-

-

-

-

-

(38,778)

(38,778)

At 31 July 2024

-

-

6,150

14,808

3,057

82,158

106,173

Carrying amount

At 31 July 2024

160,000

2,788

630

532

1,394

90,324

255,668

At 31 July 2023

160,000

2,788

840

709

1,709

54,996

221,042

Included within the net book value of land and buildings above is £160,000 (2023 - £160,000) in respect of freehold land and buildings and £2,788 (2023 - £2,788) in respect of long leasehold land and buildings.
 

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of motor vehicles above is £73,294 (2023 - £18,817) which are financed by hire purchase and included in creditors.

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Stocks

2024
£

2023
£

Work in progress

23,360

26,154

Other inventories

1,000

1,000

24,360

27,154

7

Debtors

Current

2024
£

2023
£

Trade debtors

61,459

73,548

Prepayments

6,038

7,769

 

67,497

81,317

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

90,756

66,157

Trade creditors

 

18,578

29,358

Taxation and social security

 

18,733

22,251

Accruals and deferred income

 

4,317

4,971

Other creditors

 

4,576

8,541

 

136,960

131,278

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,020

35,447

HP and finance lease liabilities

49,992

13,900

80,012

49,347

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,554

6,682

Bank overdrafts

63,502

52,537

Directors current account

736

921

Hire purchase liabilities

19,964

6,017

90,756

66,157

In the year to July 2021 the company received an unsecured loan under the UK Government Bounce Back Loan Scheme, which has the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
Repayments commenced in March 2022. Interest charged for the first twelve months of the year was covered by the UK Government.

The BBLS loan has been recognised at its present value.

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

19,964

6,016

Later than one year and not later than five years

49,993

13,900

69,957

19,916

 

Dave Mannings Painting Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £364 (2023 - £419).