LM Paints Limited NI700221 false 2023-08-08 2024-03-31 2024-03-31 The principal activity of the company is Retail of paints Digita Accounts Production Advanced 6.30.9574.0 true true NI700221 2023-08-08 2024-03-31 NI700221 2024-03-31 NI700221 bus:OrdinaryShareClass1 2024-03-31 NI700221 core:CurrentFinancialInstruments 2024-03-31 NI700221 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI700221 core:Non-currentFinancialInstruments 2024-03-31 NI700221 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI700221 core:FurnitureFittingsToolsEquipment 2024-03-31 NI700221 core:MotorVehicles 2024-03-31 NI700221 core:OtherPropertyPlantEquipment 2024-03-31 NI700221 bus:SmallEntities 2023-08-08 2024-03-31 NI700221 bus:AuditExemptWithAccountantsReport 2023-08-08 2024-03-31 NI700221 bus:FilletedAccounts 2023-08-08 2024-03-31 NI700221 bus:SmallCompaniesRegimeForAccounts 2023-08-08 2024-03-31 NI700221 bus:RegisteredOffice 2023-08-08 2024-03-31 NI700221 bus:Director1 2023-08-08 2024-03-31 NI700221 bus:Director2 2023-08-08 2024-03-31 NI700221 bus:OrdinaryShareClass1 2023-08-08 2024-03-31 NI700221 bus:PrivateLimitedCompanyLtd 2023-08-08 2024-03-31 NI700221 core:FurnitureFittingsToolsEquipment 2023-08-08 2024-03-31 NI700221 core:MotorVehicles 2023-08-08 2024-03-31 NI700221 core:OtherPropertyPlantEquipment 2023-08-08 2024-03-31 NI700221 countries:NorthernIreland 2023-08-08 2024-03-31 NI700221 2023-08-07 NI700221 core:FurnitureFittingsToolsEquipment 2023-08-07 NI700221 core:MotorVehicles 2023-08-07 NI700221 core:OtherPropertyPlantEquipment 2023-08-07 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI700221

LM Paints Limited

Unaudited Filleted Financial Statements

for the Period from 8 August 2023 to 31 March 2024

 

LM Paints Limited

(Registration number: NI700221)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

97,635

Current assets

 

Stocks

5

46,050

Debtors

6

643,965

Cash at bank and in hand

 

85,349

 

775,364

Creditors: due within one year

7

(570,388)

Net current assets

 

204,976

Total assets less current liabilities

 

302,611

Creditors: due after more than one year

7

(73,542)

Provisions for liabilities

(16,280)

Net assets

 

212,789

Capital and reserves

 

Called up share capital

9

100

Retained earnings

212,689

Shareholders' funds

 

212,789

For the financial period ending 31 March 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

LM Paints Limited

(Registration number: NI700221)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

.........................................
Mr Jonathon McMillan
Director

.........................................
Mr Ronald McMillan
Director

 
     
 

LM Paints Limited

Notes to the Unaudited Financial Statements for the Period from 8 August 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 4 McKeestown Lane, Shankbridge, Ballymena, Co. Antrim, BT42 2LU.

These financial statements were authorised for issue by the Board on 2 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

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.

 

LM Paints Limited

Notes to the Unaudited Financial Statements for the Period from 8 August 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

 

LM Paints Limited

Notes to the Unaudited Financial Statements for the Period from 8 August 2023 to 31 March 2024

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5.

 

LM Paints Limited

Notes to the Unaudited Financial Statements for the Period from 8 August 2023 to 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 8 August 2023

6,977

37,900

23,225

68,102

Additions

-

66,610

8,500

75,110

At 31 March 2024

6,977

104,510

31,725

143,212

Depreciation

At 8 August 2023

3,567

10,130

17,580

31,277

Charge for the period

487

13,007

806

14,300

At 31 March 2024

4,054

23,137

18,386

45,577

Carrying amount

At 31 March 2024

2,923

81,373

13,339

97,635

5

Stocks

2024
£

Finished goods and goods for resale

46,050

6

Debtors

2024
£

Trade debtors

606,243

Prepayments

10,177

Other debtors

27,545

 

643,965

 

LM Paints Limited

Notes to the Unaudited Financial Statements for the Period from 8 August 2023 to 31 March 2024

7

Creditors: due within one year

2024
£

Loans and borrowings

25,390

Trade creditors

466,490

Taxation and social security

67,133

Accruals and deferred income

3,289

Other creditors

8,086

570,388

8

Creditors: due after more than one year

2024
£

Bank borrowings

32,007

HP and finance lease liabilities

41,535

73,542

9

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

100

100