Paintman Paint Limited 08651815 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Manufacture and retail of specialist paint Digita Accounts Production Advanced 6.30.9574.0 true true 08651815 2023-09-01 2024-08-31 08651815 2024-08-31 08651815 bus:OrdinaryShareClass1 2024-08-31 08651815 core:RetainedEarningsAccumulatedLosses 2024-08-31 08651815 core:ShareCapital 2024-08-31 08651815 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 08651815 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 08651815 core:FurnitureFittingsToolsEquipment 2024-08-31 08651815 core:MotorVehicles 2024-08-31 08651815 bus:SmallEntities 2023-09-01 2024-08-31 08651815 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08651815 bus:AbridgedAccounts 2023-09-01 2024-08-31 08651815 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08651815 bus:RegisteredOffice 2023-09-01 2024-08-31 08651815 bus:Director1 2023-09-01 2024-08-31 08651815 bus:Director2 2023-09-01 2024-08-31 08651815 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 08651815 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08651815 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 08651815 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 08651815 core:MotorVehicles 2023-09-01 2024-08-31 08651815 core:OfficeEquipment 2023-09-01 2024-08-31 08651815 countries:England 2023-09-01 2024-08-31 08651815 2023-08-31 08651815 core:FurnitureFittingsToolsEquipment 2023-08-31 08651815 core:MotorVehicles 2023-08-31 08651815 2022-09-01 2023-08-31 08651815 2023-08-31 08651815 bus:OrdinaryShareClass1 2023-08-31 08651815 core:RetainedEarningsAccumulatedLosses 2023-08-31 08651815 core:ShareCapital 2023-08-31 08651815 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08651815 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 08651815 core:FurnitureFittingsToolsEquipment 2023-08-31 08651815 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08651815

Paintman Paint Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

Paintman Paint Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the abridged financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Ms Christine Pickles

Mr Gordon David Pickles

Principal activity

The principal activity of the company is Manufacture and retail of specialist paint

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 21 May 2024 and signed on its behalf by:
 

.........................................
Ms Christine Pickles
Director

.........................................
Mr Gordon David Pickles
Director

 

Paintman Paint Limited

(Registration number: 08651815)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

26,645

25,748

 

26,646

25,749

Current assets

 

Stocks

7

96,968

90,279

Cash at bank and in hand

 

48,332

17,891

 

145,300

108,170

Prepayments and accrued income

 

6,181

8,725

Creditors: Amounts falling due within one year

(68,911)

(48,381)

Net current assets

 

82,570

68,514

Total assets less current liabilities

 

109,216

94,263

Creditors: Amounts falling due after more than one year

(43,851)

(53,161)

Provisions for liabilities

(7,008)

(4,892)

Accruals and deferred income

 

(3,600)

(5,495)

Net assets

 

54,757

30,715

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

54,657

30,615

Shareholders' funds

 

54,757

30,715

For the financial year ending 31 August 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Paintman Paint Limited

(Registration number: 08651815)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 21 May 2024 and signed on its behalf by:
 

.........................................
Ms Christine Pickles
Director

.........................................
Mr Gordon David Pickles
Director

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Unit 7
Trinity Park Industrial Estate
Sloswicke Drive
Retford
Nottinghamshire
DN22 7WQ

These financial statements were authorised for issue by the Board on 21 May 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 abridged 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 abridged 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.

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,320

5,581

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

3,684

At 31 August 2024

3,684

Amortisation

At 1 September 2023

3,683

At 31 August 2024

3,683

Carrying amount

At 31 August 2024

1

At 31 August 2023

1

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

33,267

18,474

51,741

Additions

8,284

-

8,284

Disposals

-

(6,000)

(6,000)

At 31 August 2024

41,551

12,474

54,025

Depreciation

At 1 September 2023

20,281

5,712

25,993

Charge for the year

5,589

730

6,319

Eliminated on disposal

-

(4,932)

(4,932)

At 31 August 2024

25,870

1,510

27,380

Carrying amount

At 31 August 2024

15,681

10,964

26,645

At 31 August 2023

12,986

12,762

25,748

 

Paintman Paint Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

7

Stocks

2024
£

2023
£

Other inventories

96,968

90,279

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £600.00 (2023 - £516.98) per ordinary share

 

60,000

 

51,698