Registered number
05497735
Spraytech Paint Services Ltd
Report and Unaudited Accounts
31 October 2024
Spraytech Paint Services Ltd
Registered number: 05497735
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 89,517 117,222
Current assets
Stock and WIP 13,992 13,992
Debtors 4 354,168 156,439
Cash at bank and in hand 143,907 170,421
512,067 340,852
Creditors: amounts falling due within one year 5 (101,584) (68,651)
Net current assets 410,483 272,201
Total assets less current liabilities 500,000 389,423
Creditors: amounts falling due after more than one year 6 (5,833) (15,833)
Net assets 494,167 373,590
Capital and reserves
Called up share capital 2 2
Profit and loss account 494,165 373,588
Shareholders' funds 494,167 373,590
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sarah King
Director
Approved by the board on 16 June 2025
Spraytech Paint Services Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fittings + Equipment 15% reducing balance
Plant and machinery 25% reducing balance
Fixtures and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Fittings + Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 26,212 48,206 156,296 230,714
Additions - 1,200 - 1,200
At 31 October 2024 26,212 49,406 156,296 231,914
Depreciation
At 1 November 2023 20,953 42,408 50,131 113,492
Charge for the year 788 1,575 26,542 28,905
At 31 October 2024 21,741 43,983 76,673 142,397
Net book value
At 31 October 2024 4,471 5,423 79,623 89,517
At 31 October 2023 5,259 5,798 106,165 117,222
4 Debtors 2024 2023
£ £
Trade debtors 74,557 128,388
Amounts owed by group undertakings and undertakings in which the company has a participating interest 262,387 -
Director's Current account 9,715 20,722
Other debtors 7,509 7,329
354,168 156,439
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Director's accounts - 11,277
Corporation tax 46,945 6,073
VAT liability 41,352 24,813
Other taxes and social security costs - 4,884
Other creditors 3,287 11,604
101,584 68,651
Included within bank loans is a COVID bounce back loan of £10,000 (2023: £10,000), 100% guaranteed
by the government.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,833 15,833
Included within bank loans is a COVID bounce back loan of £5,833 (2023: £15,833), 100% guaranteed
by the government.
7 Other information
Spraytech Paint Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/O Craufurd Hale Group
The Ground Floor Arena Court
Crown Lane
Maidenhead
SL6 8QZ
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