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Registered Number: 07780644
England and Wales

 

 

 

PAINTXPRESS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 21,000    21,000 
Tangible fixed assets 4 29,009    38,327 
50,009    59,327 
Current assets      
Cash at bank and in hand 4,626    2,668 
Creditors: amount falling due within one year (20,129)   (19,208)
Net current assets (15,503)   (16,540)
 
Total assets less current liabilities 34,506    42,787 
Creditors: amount falling due after more than one year (34,209)   (47,414)
Net assets 297    (4,627)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 197    (4,727)
Shareholders' funds 297    (4,627)
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 December 2024 and were signed on its behalf by:


-------------------------------
Ricky Tsang
Director
1
General Information
Paintxpress Ltd is a private company, limited by shares, registered in England and Wales, registration number 07780644, registration address The Counting House 4A Moss Lane, Swinton, Manchester, M27 9SA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 October 2023 21,000    21,000 
Additions  
Disposals  
At 30 September 2024 21,000    21,000 
Net book values
At 30 September 2024 21,000    21,000 
At 30 September 2023 21,000    21,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 October 2023 9,534    102,840    112,374 
Additions    
Disposals    
At 30 September 2024 9,534    102,840    112,374 
Depreciation
At 01 October 2023 6,905    67,142    74,047 
Charge for year 394    8,924    9,318 
On disposals    
At 30 September 2024 7,299    76,066    83,365 
Net book values
Closing balance as at 30 September 2024 2,235    26,774    29,009 
Opening balance as at 01 October 2023 2,629    35,698    38,327 


2