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COMPANY REGISTRATION NUMBER: 07845657
Paint Technology Solutions Limited
Filleted Unaudited Financial Statements
30 November 2024
Paint Technology Solutions Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Current assets
Debtors
4
78,543
72,992
Cash at bank and in hand
1,246
2,537
--------
--------
79,789
75,529
Creditors: amounts falling due within one year
5
1,532
557
--------
--------
Net current assets
78,257
74,972
--------
--------
Total assets less current liabilities
78,257
74,972
--------
--------
Net assets
78,257
74,972
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
78,057
74,772
--------
--------
Shareholders funds
78,257
74,972
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mr A Patterson
Mr I Patterson
Director
Director
Company registration number: 07845657
Paint Technology Solutions Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61 High Street, Fareham, Hants, PO16 7BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
4. Debtors
2024
2023
£
£
Trade debtors
500
Other debtors
78,043
72,992
--------
--------
78,543
72,992
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
477
32
Corporation tax
391
Other creditors
664
525
-------
----
1,532
557
-------
----
6. Related party transactions
The company was controlled by the directors who are majority shareholders No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities (effective April 2008).