Company registration number 08074055 (England and Wales)
PROMPT PAINTING CONTRACTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PROMPT PAINTING CONTRACTORS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PROMPT PAINTING CONTRACTORS LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,905
11,095
Current assets
Stocks
7,000
-
Debtors
5
52,039
57,059
59,039
57,059
Creditors: amounts falling due within one year
6
(26,236)
(27,693)
Net current assets
32,803
29,366
Total assets less current liabilities
46,708
40,461
Creditors: amounts falling due after more than one year
7
(46,461)
(40,056)
Net assets
247
405
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
246
404
Total equity
247
405
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 February 2025
Mr W Wright
Director
Company registration number 08074055 (England and Wales)
PROMPT PAINTING CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Prompt Painting Contractors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is McGlone Wardzynski, Eagle House, 14 Queens Road, Coventry, CV1 3EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
15% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PROMPT PAINTING CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
PROMPT PAINTING CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
529
13,495
14,024
Additions
735
16,495
17,230
Disposals
(13,495)
(13,495)
At 31 May 2024
1,264
16,495
17,759
Depreciation and impairment
At 1 June 2023
434
2,495
2,929
Depreciation charged in the year
125
3,295
3,420
Eliminated in respect of disposals
(2,495)
(2,495)
At 31 May 2024
559
3,295
3,854
Carrying amount
At 31 May 2024
705
13,200
13,905
At 31 May 2023
95
11,000
11,095
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,000
Other debtors
52,039
53,059
52,039
57,059
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
21,658
17,337
Trade creditors
1,266
8,566
Corporation tax
3,249
1,727
Other creditors
63
63
26,236
27,693
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
46,461
40,056