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Registration number: SC505057

Paul Boyle Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Paul Boyle Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Paul Boyle Limited

(Registration number: SC505057)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

2,010

899

Current assets

 

Stocks

5

1,612

1,141

Debtors

6

6,476

2,243

 

8,088

3,384

Creditors: Amounts falling due within one year

7

(6,676)

(19,836)

Net current assets/(liabilities)

 

1,412

(16,452)

Total assets less current liabilities

 

3,422

(15,553)

Creditors: Amounts falling due after more than one year

7

(2,933)

(6,133)

Net assets/(liabilities)

 

489

(21,686)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

488

(21,687)

Shareholders' funds/(deficit)

 

489

(21,686)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 21 April 2025
 

.........................................
Mr P Boyle
Director

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
Paul Boyle Ltd
1 Up Right
150 Byron Street
DUNDEE
DD3 6EN

These financial statements were authorised for issue by the director on 21 April 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Office Equipment

25% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2024 - 4).

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Cost or valuation

At 1 April 2024

767

6,224

Additions

1,459

-

At 31 March 2025

2,226

6,224

Depreciation

At 1 April 2024

334

5,758

Charge for the year

231

117

At 31 March 2025

565

5,875

Carrying amount

At 31 March 2025

1,661

349

At 31 March 2024

433

466

5

Stocks

2025
£

2024
£

Work in progress

1,612

1,141

6

Debtors

Current

2025
£

2024
£

Prepayments

1,715

2,243

Other debtors

4,761

-

 

6,476

2,243

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

3,499

12,643

Taxation and social security

 

2,280

4,132

Accruals and deferred income

 

897

1,026

Other creditors

 

-

2,035

 

6,676

19,836

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

2,933

6,133

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

2,933

6,133

Current loans and borrowings

2025
£

2024
£

Bank borrowings

3,200

3,200

Bank overdrafts

299

9,443

3,499

12,643

 

Paul Boyle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Related party transactions

Transactions with the Director

2025

At 1 April 2024
£

Advances to Director
£

Repayments by Director
£

At 31 March 2025
£

Mr P Boyle

1,803

(18,318)

12,183

(4,332)