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REGISTERED NUMBER: 06277563 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Paint Direct Limited

Paint Direct Limited (Registered number: 06277563)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Paint Direct Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: J R Haskell





REGISTERED OFFICE: Mole End
Shorts Green Lane
Motcombe
Dorset
SP7 9PA





REGISTERED NUMBER: 06277563 (England and Wales)





ACCOUNTANTS: Nicola Brookes
Chartered Accountant
Mole End
Shorts Green Lane
Motcombe
Dorset
SP7 9PA

Paint Direct Limited (Registered number: 06277563)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 88,687 91,568
Tangible assets 5 958 1,444
89,645 93,012

CURRENT ASSETS
Stocks 343,157 303,164
Debtors 6 87,639 40,186
Cash at bank and in hand 126,724 240,145
557,520 583,495
CREDITORS
Amounts falling due within one year 7 201,282 198,146
NET CURRENT ASSETS 356,238 385,349
TOTAL ASSETS LESS CURRENT
LIABILITIES

445,883

478,361

CREDITORS
Amounts falling due after more than one
year

8

(120,184

)

(149,588

)

PROVISIONS FOR LIABILITIES (240 ) (361 )
NET ASSETS 325,459 328,412

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 325,458 328,411
SHAREHOLDERS' FUNDS 325,459 328,412

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Paint Direct Limited (Registered number: 06277563)

Balance Sheet - continued
31 December 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 director and authorised for issue on 1 April 2025 and were signed by:





J R Haskell - Director


Paint Direct Limited (Registered number: 06277563)

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

1. STATUTORY INFORMATION

Paint Direct Limited is a private company, limited by shares , registered in England and Wales. 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.

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.

Intellectual property is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Paint Direct Limited (Registered number: 06277563)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 144,788
Additions 12,886
At 31 December 2024 157,674
AMORTISATION
At 1 January 2024 53,220
Charge for year 15,767
At 31 December 2024 68,987
NET BOOK VALUE
At 31 December 2024 88,687
At 31 December 2023 91,568

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 56,137
Disposals (3,350 )
At 31 December 2024 52,787
DEPRECIATION
At 1 January 2024 54,693
Charge for year 486
Eliminated on disposal (3,350 )
At 31 December 2024 51,829
NET BOOK VALUE
At 31 December 2024 958
At 31 December 2023 1,444

Paint Direct Limited (Registered number: 06277563)

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

6. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 8,082 13,905
Other debtors 4,557 26,281
12,639 40,186

Amounts falling due after more than one year:
Amounts owed by associates 75,000 -

Aggregate amounts 87,639 40,186

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 32,180 55,573
Trade creditors 131,387 117,837
Taxation and social security 12,244 20,464
Other creditors 25,471 4,272
201,282 198,146

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 120,184 149,588

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 32,777

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 16,993 12,162
Between one and five years 28,948 2,667
45,941 14,829

Paint Direct Limited (Registered number: 06277563)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 132,103 177,655

The company director, J Haskell, has provided personal guarantees for company loans. At 31 December 2024 the balance on the loans is £132,103 (2023 - £177,655).

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.12.24 31.12.23
£    £   
J R Haskell
Balance outstanding at start of year 20,450 -
Amounts advanced - 20,450
Amounts repaid (41,846 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (21,396 ) 20,450

During the year ended 31 December 2024, interest of £Nil (2023 - £450) was paid to the company by J R Haskell in respect of his loan account.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J R Haskell.