46 51 Paint Process Management Limited 02698390 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the provision of services of paint processing technicians. Digita Accounts Production Advanced 6.30.9574.0 true 02698390 2024-01-01 2024-12-31 02698390 2024-12-31 02698390 core:CurrentFinancialInstruments 2024-12-31 02698390 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02698390 core:FurnitureFittingsToolsEquipment 2024-12-31 02698390 bus:SmallEntities 2024-01-01 2024-12-31 02698390 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02698390 bus:FilletedAccounts 2024-01-01 2024-12-31 02698390 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02698390 bus:RegisteredOffice 2024-01-01 2024-12-31 02698390 bus:CompanySecretary1 2024-01-01 2024-12-31 02698390 bus:Director1 2024-01-01 2024-12-31 02698390 bus:Director4 2024-01-01 2024-12-31 02698390 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02698390 bus:Agent1 2024-01-01 2024-12-31 02698390 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 02698390 core:OfficeEquipment 2024-01-01 2024-12-31 02698390 core:VehiclesPlantMachinery 2024-01-01 2024-12-31 02698390 countries:EnglandWales 2024-01-01 2024-12-31 02698390 2023-12-31 02698390 core:FurnitureFittingsToolsEquipment 2023-12-31 02698390 2023-01-01 2023-12-31 02698390 2023-12-31 02698390 core:CurrentFinancialInstruments 2023-12-31 02698390 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02698390 core:FurnitureFittingsToolsEquipment 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 02698390

Paint Process Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Paint Process Management Limited

Contents
for the Year Ended 31 December 2024

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Paint Process Management Limited

Company Information
for the Year Ended 31 December 2024

Directors

S Lawson

G Lawson

Company secretary

S Spring

Registered office

8 Progress Business Centre
Whittle Parkway
Slough
Berkshire
SL1 6DQ

Registered number

02698390 ( England and Wales )

Accountants

Windsor Accountancy Limited
Chartered Certified AccountantsSt. Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Paint Process Management Limited

(Registration number: 02698390)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,242

6,543

Current assets

 

Debtors

5

491,433

654,904

Cash at bank and in hand

 

190,626

47,859

 

682,059

702,763

Creditors: Amounts falling due within one year

6

(340,043)

(359,017)

Net current assets

 

342,016

343,746

Net assets

 

345,258

350,289

Capital and reserves

 

Called up share capital

100

100

Retained earnings

345,158

350,189

Shareholders' funds

 

345,258

350,289

For the financial year ending 31 December 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 and 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.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

.........................................
S Lawson
Director

 

Paint Process Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
8 Progress Business Centre
Whittle Parkway
Slough
Berkshire
SL1 6DQ

These financial statements were authorised for issue by the Board on 14 May 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Paint Process Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

Office equipment

1 Year Straight line

Plant and machinery

10 Years 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. Amounts classified as receivable within one year are not amortised.

 

Paint Process Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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. Amounts classified as payable within one year are not amortised.

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.

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 46 (2023 - 51).

 

Paint Process Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

32,693

32,693

Additions

2,662

2,662

At 31 December 2024

35,355

35,355

Depreciation

At 1 January 2024

26,150

26,150

Charge for the year

5,963

5,963

At 31 December 2024

32,113

32,113

Carrying amount

At 31 December 2024

3,242

3,242

At 31 December 2023

6,543

6,543

5

Debtors

Current

2024
£

2023
£

Trade debtors

369,589

597,755

Prepayments

24,917

26,136

Other debtors

96,927

31,013

 

491,433

654,904

 

Paint Process Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

91,505

89,060

Taxation and social security

94,066

119,037

Accruals and deferred income

135,380

135,696

Other creditors

19,092

15,224

340,043

359,017