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REGISTERED NUMBER: SC407504 (Scotland)















T Mone Painters & Decorators Ltd.

Financial Statements For The Year Ended 30 September 2024






T Mone Painters & Decorators Ltd. (Registered number: SC407504)






Contents of the Financial Statements
For The Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T Mone Painters & Decorators Ltd.

Company Information
For The Year Ended 30 September 2024







DIRECTORS: Mr T Mone
Mrs A Mone



REGISTERED OFFICE: Meadowside Villa
Mosstowie
Elgin
Moray
IV30 8XE



REGISTERED NUMBER: SC407504 (Scotland)



ACCOUNTANTS: The Long Partnership
4 North Guildry Street
Elgin
Moray
IV30 1JR



BANKERS: Virgin Money
Elgin Branch
151 High Street
Elgin
Moray
IV30 1DU

T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 76,114 50,767
76,114 50,767

CURRENT ASSETS
Stocks 3,500 3,100
Debtors 6 52,466 55,554
Cash at bank 134,899 91,546
190,865 150,200
CREDITORS
Amounts falling due within one year 7 95,796 83,576
NET CURRENT ASSETS 95,069 66,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

171,183

117,391

CREDITORS
Amounts falling due after more than one
year

8

(53,670

)

(44,426

)

PROVISIONS FOR LIABILITIES 10 (17,010 ) (9,471 )
NET ASSETS 100,503 63,494

CAPITAL AND RESERVES
Called up share capital 11 120 120
Retained earnings 12 100,383 63,374
SHAREHOLDERS' FUNDS 100,503 63,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Balance Sheet - continued
30 September 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 15 January 2025 and were signed on its behalf by:





Mr T Mone - Director


T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Notes to the Financial Statements
For The Year Ended 30 September 2024

1. STATUTORY INFORMATION

T Mone Painters & Decorators Ltd. 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 2012, is being amortised evenly over its estimated useful life of five 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.
Equipment - 33% on cost, 25% on reducing balance and 20% 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.

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.

T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 10,000
AMORTISATION
At 1 October 2023
and 30 September 2024 10,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
Equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 25,003 5,876 101,892 2,754 135,525
Additions 289 - 58,495 490 59,274
Disposals - - (46,699 ) - (46,699 )
At 30 September 2024 25,292 5,876 113,688 3,244 148,100
DEPRECIATION
At 1 October 2023 20,995 979 60,713 2,071 84,758
Charge for year 1,074 979 16,901 430 19,384
Eliminated on disposal - - (32,156 ) - (32,156 )
At 30 September 2024 22,069 1,958 45,458 2,501 71,986
NET BOOK VALUE
At 30 September 2024 3,223 3,918 68,230 743 76,114
At 30 September 2023 4,008 4,897 41,179 683 50,767

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 52,466 55,554

T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 10,748 10,467
Hire purchase contracts 13,630 9,574
Trade creditors 6,297 7,326
Taxation and social security 58,892 53,065
Other creditors 6,229 3,144
95,796 83,576

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 8,697 20,089
Hire purchase contracts 44,973 24,337
53,670 44,426

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Hire purchase contracts 58,603 33,911

10. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 17,010 9,471

Deferred
tax
£   
Balance at 1 October 2023 9,471
Provided during year 7,539
Balance at 30 September 2024 17,010

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
60 Ordinary 1 100 100
60 A Ordinary 1 20 20
120 120

T Mone Painters & Decorators Ltd. (Registered number: SC407504)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

12. RESERVES
Retained
earnings
£   

At 1 October 2023 63,374
Profit for the year 120,009
Dividends (83,000 )
At 30 September 2024 100,383

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £83,000 (2023 - £93,000) were paid to the directors .

As at 1 October 2023 the company owed the directors £994. During the year the company met expenditure on behalf of the directors amounting to £750. As at 30 September 2024 the company owed the directors £244. This loan is interest free and has no fixed terms of repayment.