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REGISTERED NUMBER: SC035352 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

INDUSTRIAL PAINT AND POWDER LIMITED

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

INDUSTRIAL PAINT AND POWDER LIMITED

Company Information
for the Year Ended 31 August 2024







DIRECTOR: R G Laing



REGISTERED OFFICE: Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL



REGISTERED NUMBER: SC035352 (Scotland)



ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL



BANKERS: Bank of Scotland
PO Box 1000
BX2 1LB



SOLICITORS: Morton Fraser
145 St Vincent Street
GLASGOW
G2 5JF

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,764 27,802

CURRENT ASSETS
Debtors 5 215,099 210,522
Cash at bank and in hand 5,229 71,036
220,328 281,558
CREDITORS
Amounts falling due within one year 6 223,879 289,942
NET CURRENT LIABILITIES (3,551 ) (8,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,213

19,418

CREDITORS
Amounts falling due after more than one
year

7

(14,258

)

(18,997

)

PROVISIONS FOR LIABILITIES (1,963 ) -
NET ASSETS 992 421

CAPITAL AND RESERVES
Called up share capital 9 10 10
Capital redemption reserve 90 90
Retained earnings 892 321
SHAREHOLDERS' FUNDS 992 421

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

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

The director acknowledges his 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.

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

Balance Sheet - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





R G Laing - Director


INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

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

1. STATUTORY INFORMATION

Industrial Paint and Powder 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful economic lives, as follows:

Fixtures & fittings - 10% reducing balance
Improvements to Property - 2% straight line
Computer Equipment - 25% reducing balance

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.
Any impairment loss is recognised immediately as an expense within profit or loss.

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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

The hire purchase balance is secured over the corresponding asset.

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

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

2. ACCOUNTING POLICIES - continued

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.

Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 21,219 16,347 22,060 21,835 81,461
Additions - 477 3,500 - 3,977
Disposals - - (22,060 ) - (22,060 )
At 31 August 2024 21,219 16,824 3,500 21,835 63,378
DEPRECIATION
At 1 September 2023 5,040 15,029 12,753 20,837 53,659
Charge for year 424 180 875 229 1,708
Eliminated on disposal - - (12,753 ) - (12,753 )
At 31 August 2024 5,464 15,209 875 21,066 42,614
NET BOOK VALUE
At 31 August 2024 15,755 1,615 2,625 769 20,764
At 31 August 2023 16,179 1,318 9,307 998 27,802

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 109,599 106,918
Other debtors 330 330
Directors' current accounts 81,686 81,031
S455 tax recoverable 22,801 22,243
Prepayments 683 -
215,099 210,522

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 4,114 4,114
Trade creditors 130,787 241,681
Tax 71,455 33,043
Social security and other taxes 329 229
VAT 7,134 662
Other creditors 60 213
223,879 289,942

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 7,500
Hire purchase contracts (see note 8) 91 1,497
14,258 18,997

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 4,114 4,114
Between one and five years 91 1,497
4,205 5,611

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
6 Ordinary A £1 6 6
4 Ordinary B £1 4 4
10 10

INDUSTRIAL PAINT AND POWDER LIMITED (REGISTERED NUMBER: SC035352)

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

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
R G Laing
Balance outstanding at start of year 80,031 83,829
Amounts advanced 59,147 49,714
Amounts repaid (57,492 ) (53,512 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 81,686 80,031

Interest on any overdrawn balance was charged at the statutory rate in the year.

11. RELATED PARTY DISCLOSURES

During the year, remuneration including pensions was paid to the director of £17,200.80 (2023: £17,191.54). Additionally, final dividends of £11,000 were proposed and payable to the director in the year (2023: £49,500).

12. ULTIMATE CONTROLLING PARTY

Mr R G Laing is considered to be the ultimate controlling party.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Industrial Paint and Powder Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Industrial Paint and Powder Limited for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Industrial Paint and Powder Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Industrial Paint and Powder Limited and state those matters that we have agreed to state to the director of Industrial Paint and Powder Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Industrial Paint and Powder Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Industrial Paint and Powder Limited. You consider that Industrial Paint and Powder Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Industrial Paint and Powder Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


27 February 2025