BATEMAN PAINTING AND DECORATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 05213915
BATEMAN PAINTING AND DECORATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
BATEMAN PAINTING AND DECORATING LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTOR
Mr K Bateman
SECRETARY
Mrs B Bateman
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
05213915 England and Wales
BATEMAN PAINTING AND DECORATING LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 9,239 11,588
CURRENT ASSETS
Stock 764 10,039
Debtors 6 14,617 33,423
Cash at bank and in hand 22,175 -
37,556 43,462
CREDITORS: Amounts falling due within one year 7 36,539 46,457
NET CURRENT ASSETS / (LIABILITIES) 1,017 (2,995)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,256 8,593
CREDITORS: Amounts falling due after more than one year 8 - 1,946
Provisions for liabilities and charges 2,020 2,316
NET ASSETS 8,236 4,331
CAPITAL AND RESERVES
Called up share capital 4 4
Share premium account 3,600 3,600
Distributable profit and loss account 4,632 727
SHAREHOLDERS' FUNDS 8,236 4,331
BATEMAN PAINTING AND DECORATING LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Mr K Bateman
Director
Date approved by the board: 23 May 2025
BATEMAN PAINTING AND DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
Bateman Painting and Decorating Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Cowpool Cottage
Oxford Office Village Berrick Salome
Langford Lane Wallingford
Kidlington Oxon
Oxford OX10 6JJ
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of painting and decorating services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 20% per annum
Plant and machinery Straight line basis at 10% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
BATEMAN PAINTING AND DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
BATEMAN PAINTING AND DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
BATEMAN PAINTING AND DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 2 3
5 TANGIBLE ASSETS
Office equipment Motor vehicles Plant and machinery Total
£ £ £ £
Cost
At 1 September 2023 4,125 31,082 1,207 36,414
At 31 August 2024 4,125 31,082 1,207 36,414
Accumulated depreciation and impairments
At 1 September 2023 3,493 20,126 1,207 24,826
Charge for year 158 2,191 - 2,349
At 31 August 2024 3,651 22,317 1,207 27,175
Net book value
At 1 September 2023 632 10,956 - 11,588
At 31 August 2024 474 8,765 - 9,239
6 DEBTORS
2024 2023
£ £
Trade debtors 14,376 24,968
Other debtors 241 8,455
14,617 33,423
BATEMAN PAINTING AND DECORATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 9,112
Trade creditors 3,311 6,544
Taxation and social security 26,470 24,902
Hire purchase contracts and finance leases 1,946 3,898
Accruals and deferred income 2,116 2,001
Other creditors 2,696 -
36,539 46,457
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases - 1,946
9 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 September 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 August 2024
£ £ £ £ £
Mr K Bateman 6,565 50,093 56,658 - -
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Mr K Bateman
Director 2024 2023
£ £
Amounts owed to the director: 383 -
Bateman Painting and Decorating Limited 05213915 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts (tagged by user) July 2024 true No description of principal activity 05213915 2022-09-01 2023-08-31 05213915 core:WithinOneYear 2023-08-31 05213915 core:AfterOneYear 2023-08-31 05213915 core:ShareCapital 2023-08-31 05213915 core:SharePremium 2023-08-31 05213915 core:RetainedEarningsAccumulatedLosses 2023-08-31 05213915 core:CurrentFinancialInstruments 2023-08-31 05213915 core:Non-currentFinancialInstruments 2023-08-31 05213915 2023-09-01 2024-08-31 05213915 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05213915 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05213915 bus:Director1 2023-09-01 2024-08-31 05213915 bus:CompanySecretary1 2023-09-01 2024-08-31 05213915 bus:RegisteredOffice 2023-09-01 2024-08-31 05213915 core:OfficeEquipment 2023-09-01 2024-08-31 05213915 core:MotorVehicles 2023-09-01 2024-08-31 05213915 core:PlantMachinery 2023-09-01 2024-08-31 05213915 core:KeyManagementIndividualGroup1 2023-09-01 2024-08-31 05213915 bus:FRS102 2023-09-01 2024-08-31 05213915 bus:FilletedAccounts 2023-09-01 2024-08-31 05213915 2024-08-31 05213915 core:WithinOneYear 2024-08-31 05213915 core:AfterOneYear 2024-08-31 05213915 core:ShareCapital 2024-08-31 05213915 core:SharePremium 2024-08-31 05213915 core:RetainedEarningsAccumulatedLosses 2024-08-31 05213915 core:OfficeEquipment 2024-08-31 05213915 core:MotorVehicles 2024-08-31 05213915 core:PlantMachinery 2024-08-31 05213915 core:CurrentFinancialInstruments 2024-08-31 05213915 core:Non-currentFinancialInstruments 2024-08-31 05213915 bus:Director1 2024-08-31 05213915 core:KeyManagementIndividualGroup1 2024-08-31 05213915 2023-08-31 05213915 core:OfficeEquipment 2023-08-31 05213915 core:MotorVehicles 2023-08-31 05213915 core:PlantMachinery 2023-08-31 05213915 bus:Director1 2023-08-31 iso4217:GBP xbrli:pure