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Company registration number: NI011105
Paints & Components (Ballymoney) Limited
Unaudited filleted financial statements
31 January 2025
Paints & Components (Ballymoney) Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Paints & Components (Ballymoney) Limited
Directors and other information
Directors Mr Graeme Wallace
Mr W. Elmer Wallace (Resigned 4 July 2024)
Mrs Elizabeth Wallace
Company number NI011105
Registered office 13 - 17 Seymour Street
Ballymoney
Co. Antrim
BT53 6JR
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Danske Bank
6 High Street
Ballymoney
Co. Antrim
BT53 6AD
Paints & Components (Ballymoney) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Paints & Components (Ballymoney) Limited
Year ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paints & Components (Ballymoney) Limited for the year ended 31 January 2025 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Paints & Components (Ballymoney) Limited, as a body, in accordance with the terms of our engagement letter dated 3 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Paints & Components (Ballymoney) Limited and state those matters that we have agreed to state to the board of directors of Paints & Components (Ballymoney) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paints & Components (Ballymoney) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Paints & Components (Ballymoney) 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 Paints & Components (Ballymoney) Limited. You consider that Paints & Components (Ballymoney) 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 Paints & Components (Ballymoney) 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.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
20 May 2025
Paints & Components (Ballymoney) Limited
Balance sheet
31 January 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 260,062 272,872
_______ _______
260,062 272,872
Current assets
Stocks 6 596,332 569,952
Debtors 7 366,740 304,511
Cash at bank and in hand 246,403 170,833
_______ _______
1,209,475 1,045,296
Creditors: amounts falling due
within one year 8 ( 529,402) ( 544,887)
_______ _______
Net current assets 680,073 500,409
_______ _______
Total assets less current liabilities 940,135 773,281
Provisions for liabilities 9 ( 16,619) ( 13,376)
_______ _______
Net assets 923,516 759,905
_______ _______
Capital and reserves
Called up share capital 11 2,500 2,500
Capital redemption reserve 2,500 2,500
Profit and loss account 918,516 754,905
_______ _______
Shareholders funds 923,516 759,905
_______ _______
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
Mr Graeme Wallace
Director
Company registration number: NI011105
Paints & Components (Ballymoney) Limited
Notes to the financial statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Paints & Components (Ballymoney) Limited, 13 - 17 Seymour Street, Ballymoney, Co. Antrim, BT53 6JR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 5 % reducing balance
Long leasehold property - 2 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2024: 16 ).
5. Tangible assets
Freehold property Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2024 347,632 80,503 170,508 74,300 672,943
Additions - - - 7,050 7,050
_______ _______ _______ _______ _______
At 31 January 2025 347,632 80,503 170,508 81,350 679,993
_______ _______ _______ _______ _______
Depreciation
At 1 February 2024 186,452 39,234 125,319 49,066 400,071
Charge for the year 8,059 825 4,519 6,457 19,860
_______ _______ _______ _______ _______
At 31 January 2025 194,511 40,059 129,838 55,523 419,931
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2025 153,121 40,444 40,670 25,827 260,062
_______ _______ _______ _______ _______
At 31 January 2024 161,180 41,269 45,189 25,234 272,872
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2025 3,513
_______
At 31 January 2024 4,391
_______
6. Stocks
2025 2024
£ £
Finished goods 596,332 569,952
_______ _______
7. Debtors
2025 2024
£ £
Trade debtors 354,363 290,895
Other debtors 12,377 13,616
_______ _______
366,740 304,511
_______ _______
8. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts - 118,824
Trade creditors 380,269 305,419
Corporation tax 88,220 49,773
Social security and other taxes 51,892 40,634
Other creditors 9,021 30,237
_______ _______
529,402 544,887
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 February 2024 13,376 13,376
Charges against provisions 3,243 3,243
_______ _______
At 31 January 2025 16,619 16,619
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2025 2024
£ £
Included in provisions (note 9) 16,619 13,376
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2025 2024
£ £
Accelerated capital allowances 16,619 13,376
_______ _______
11. Called up share capital
Issued, called up and fully paid
2025 2024
No £ No £
Ordinary shares of £ 1.00 each 2,500 2,500 2,500 2,500
_______ _______ _______ _______
12. Controlling party
The company is controlled by Graeme Wallace.