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COMPANY REGISTRATION NUMBER: 02570955
Ramsey Paint Company Limited
Filleted Unaudited Abridged Financial Statements
31 May 2024
Ramsey Paint Company Limited
Abridged Financial Statements
Year Ended 31 May 2024
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
Ramsey Paint Company Limited
Officers and Professional Advisers
The board of directors
Mr H Talton
Mr A J Talton
Company secretary
Mr H Talton
Registered office
16 Little Whyte
Ramsey
Huntingdon
Cambs
PE26 1DS
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
Ramsey Paint Company Limited
Abridged Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
717
955
Current assets
Stocks
53,085
58,580
Debtors
7,021
7,895
Cash at bank and in hand
4,486
8,000
--------
--------
64,592
74,475
Creditors: amounts falling due within one year
286,866
231,386
---------
---------
Net current liabilities
222,274
156,911
---------
---------
Total assets less current liabilities
( 221,557)
( 155,956)
---------
---------
Net liabilities
( 221,557)
( 155,956)
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
( 223,557)
( 157,956)
---------
---------
Shareholders deficit
( 221,557)
( 155,956)
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Ramsey Paint Company Limited
Abridged Statement of Financial Position (continued)
31 May 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr H Talton Director
Company registration number: 02570955
Ramsey Paint Company Limited
Notes to the Abridged Financial Statements
Year Ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Little Whyte, Ramsey, Huntingdon, Cambs, PE26 1DS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1 Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
3.3 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
3.4 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
3.5 Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3.6 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 stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Tangible assets
£
Cost
At 1 June 2023 and 31 May 2024
57,350
--------
Depreciation
At 1 June 2023
56,395
Charge for the year
238
--------
At 31 May 2024
56,633
--------
Carrying amount
At 31 May 2024
717
--------
At 31 May 2023
955
--------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 176,375)
( 100,231)
( 276,606)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 88,694)
( 87,681)
( 176,375)
--------
--------
---------