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REGISTERED NUMBER: SC446377 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Petrie Painters Limited

Petrie Painters Limited (Registered number: SC446377)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Petrie Painters Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs G L Mackenzie
S S Petrie
M J Petrie
E J Petrie





SECRETARY: E J Petrie





REGISTERED OFFICE: Unit 1 19c Neil Gunn Drive
Ormlie Industrial Estate
Thurso
Caithness
KW14 7QU





REGISTERED NUMBER: SC446377 (Scotland)





ACCOUNTANTS: Reid & Fraser
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ

Petrie Painters Limited (Registered number: SC446377)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 18,000 20,000
Tangible assets 5 111,712 75,290
129,712 95,290

CURRENT ASSETS
Stocks 32,836 39,965
Debtors 6 51,294 11,447
Cash at bank 96,768 179,244
180,898 230,656
CREDITORS
Amounts falling due within one year 7 (135,009 ) (157,128 )
NET CURRENT ASSETS 45,889 73,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,601

168,818

CREDITORS
Amounts falling due after more than one
year

8

(622

)

(9,854

)

PROVISIONS FOR LIABILITIES (9,098 ) (437 )
NET ASSETS 165,881 158,527

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 165,771 158,417
SHAREHOLDERS' FUNDS 165,881 158,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Petrie Painters Limited (Registered number: SC446377)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





E J Petrie - Director


Petrie Painters Limited (Registered number: SC446377)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Petrie Painters Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% reducing balance
Motor vehicles - 25% reducing balance

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Petrie Painters Limited (Registered number: SC446377)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 40,000
AMORTISATION
At 1 June 2023 20,000
Charge for year 2,000
At 31 May 2024 22,000
NET BOOK VALUE
At 31 May 2024 18,000
At 31 May 2023 20,000

Petrie Painters Limited (Registered number: SC446377)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 59,029 116,765 175,794
Additions 24,574 43,100 67,674
At 31 May 2024 83,603 159,865 243,468
DEPRECIATION
At 1 June 2023 38,720 61,784 100,504
Charge for year 6,732 24,520 31,252
At 31 May 2024 45,452 86,304 131,756
NET BOOK VALUE
At 31 May 2024 38,151 73,561 111,712
At 31 May 2023 20,309 54,981 75,290

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 57,260
DEPRECIATION
At 1 June 2023 31,584
Charge for year 6,419
At 31 May 2024 38,003
NET BOOK VALUE
At 31 May 2024 19,257
At 31 May 2023 25,676

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 51,294 11,447

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 9,232 11,005
Trade creditors 18,122 11,714
Taxation and social security 37,685 47,337
Other creditors 69,970 87,072
135,009 157,128

Petrie Painters Limited (Registered number: SC446377)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 622 9,854