Company registration number 04721019 (England and Wales)
CURTIS PAINTING GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
CURTIS PAINTING GROUP LTD
COMPANY INFORMATION
Directors
Mr B P Russell
Mr G Owen
(Appointed 1 May 2024)
Company number
04721019
Registered office
4a Tregarnedd Industrial Park
Llangefni
Wales
LL77 7JD
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
4a Tregarnedd Industrial Park
Llangefni
Wales
LL77 7JD
CURTIS PAINTING GROUP LTD
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 17
CURTIS PAINTING GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 March 2025.

Principal activities

The principal activity of the company continued to be that of painting contractors.

Results

The results for the year are set out on page 6.

 

Review of the business

The directors are pleased to report a strong year of financial performance, with work effort increasing by £2.4m to £8.8m.

Contract performance improved during the year under review, with the company gross profit margin percentage increasing by 4.3% to 24.2%. We are targeting a similar gross profit margin percentage for the March 2026 year, with a heavy focus on improving procurement of materials, plant and subcontractor services. This is to counterbalance increased costs of raw materials, as well as direct labour arising from the recent employer’s National Insurance rises and general wage inflation.

In the year under review we have managed to grow revenue by 35.6% whilst increasing overheads by only 3.9%. Cost control at an overhead level, coupled with improved gross profit performance, has helped the company improve its EBITDA position by £0.8m and profit before tax by £0.8m.

The strong financial performance has continued into the new financial year, and at the time of signing these financial statements the company has achieved more than 50% of the full year budgeted profit before tax, from the first quarter’s contract delivery.

The increased profitability has had a positive impact on cashflow, with an improvement in the year end cash balances as well as the current ratio increasing to 1.6:1 from 1.3:1. Pleasingly, the proportion of aged debt beyond 30 days has reduced from 56.2% to 25.6%, therefore helping the cash cycle. The positive impact of this is that suppliers are being paid more promptly, with the proportion of aged creditors beyond 30 days falling from 30.7% to 27.3%.

As a result of the profits recorded, the net assets of the company increased by £0.6m to £0.7m, importantly with the profit and loss reserves moving from negative £0.2 to positive £0.4m. As part of our parent company’s commitment to support the achievement of the short-term business plan, no dividends were paid in respect of the issued ordinary shares.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B P Russell
Mr G Owen
(Appointed 1 May 2024)
Auditor

JS. Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

CURTIS PAINTING GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr B P Russell
Director
12 August 2025
CURTIS PAINTING GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CURTIS PAINTING GROUP LTD
- 3 -
Opinion

We have audited the financial statements of Curtis Painting Group Ltd (the 'company') for the year ended 30 March 2025 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CURTIS PAINTING GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CURTIS PAINTING GROUP LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, included in the directors report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the sectors in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, distributable profits, UK tax, employment, pension, health and safety and environmental legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as UK Financial Reporting Standards and the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition.

CURTIS PAINTING GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CURTIS PAINTING GROUP LTD (CONTINUED)
- 5 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Harrison BA FCA (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited, Statutory Auditor
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
12 August 2025
CURTIS PAINTING GROUP LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 MARCH 2025
- 6 -
Year
Period
ended
ended
30 March
30 March
2025
2024
Notes
£
£
Turnover
8,786,771
6,478,429
Cost of sales
(6,660,803)
(5,188,218)
Gross profit
2,125,968
1,290,211
Administrative expenses
(1,259,119)
(1,211,476)
Operating profit
866,849
78,735
Interest receivable and similar income
56
-
0
Interest payable and similar expenses
4
(152,976)
(172,048)
Profit/(loss) before taxation
713,929
(93,313)
Tax on profit/(loss)
(109,165)
28,953
Profit/(loss) for the financial year
604,764
(64,360)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CURTIS PAINTING GROUP LTD
BALANCE SHEET
AS AT 30 MARCH 2025
30 March 2025
- 7 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
326,585
388,147
Current assets
Stocks
30,000
50,000
Debtors
6
2,964,965
1,890,116
Cash at bank and in hand
31,622
190
3,026,587
1,940,306
Creditors: amounts falling due within one year
7
(1,853,459)
(1,463,973)
Net current assets
1,173,128
476,333
Total assets less current liabilities
1,499,713
864,480
Creditors: amounts falling due after more than one year
8
(711,584)
(760,899)
Provisions for liabilities
(80,212)
-
0
Net assets
707,917
103,581
Capital and reserves
Called up share capital
10
200,010
200,000
Share premium account
62
-
0
Other reserves
71,573
97,865
Profit and loss reserves
436,272
(194,284)
Total equity
707,917
103,581

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
Mr B P Russell
Director
Company registration number 04721019 (England and Wales)
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
- 8 -
1
Accounting policies
Company information

Curtis Painting Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4a Tregarnedd Industrial Park, Llangefni, Wales, LL77 7JD.

1.1
Reporting period

During the prior period, the company’s immediate parent company, Russell Painting Holdings Limited, was acquired by RW Integrated Solutions Limited and subsequently the accounting reference date for the company was extended to 30 March 2024 to be in line with the rest of the group. As a result of this, the current period and prior period figures are not comparable. The current period covers the year ended 30 March 2025 and the prior period relates to 1 January 2023 through to 30 March 2024.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of RW Integrated Solutions Limited. These consolidated financial statements are available from its registered office, Unit 2, Prenton Way, North Cheshire Trading Estate, Prenton, CH43 3EA.

1.3
Prior period adjustment

The directors have reconsidered the presentation of certain intergroup balances as previously recorded in the balance sheet as at 30 March 2024 and appropriate reclassifications have been applied retrospectively by way of a prior period adjustment in accordance with FRS 102. The adjustment is disclosed in note14 to the financial statements.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
1.4
Turnover

Turnover represents the value of invoices raised in the year, net of value added tax and discounts where applicable, adjusted for movement in amounts recoverable on contracts. All contracts are assessed on an individual basis, with the relevant profit and loss account entries recording turnover and matched contract costs reflective of activity on the relevant works under way.

 

Turnover is established with reference to the stage of completion of the relevant works, with valuations periodically agreed by clients in line with the terms of contract in place. Profits on contracts are realised when the outcome of the work being undertaken can be assessed with reasonable certainty and turnover will only be recognised where there is a contractual right to do so.

 

Where applicable, losses on contracts are realised as soon as it is apparent the contract cannot return a positive return over its full term. Where the outcome of contract cannot be reasonably assessed, the relevant costs are recorded in the profit and loss account with a corresponding amount included in turnover, to ensure no profit or loss is realised.

 

Where applicable, retentions may be applied by clients on the cumulative value of amount invoiced. Such adjustments serve to reduce the value of trade debtors, with the future recoverable amount included within other debtors, however do not impact on the disclosure of turnover in the profit and loss account with continues to be disclosed gross of retentions.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Computers
20% straight line
Motor vehicles
16.67% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on maintenance contracts and work in progress

Amounts recoverable on maintenance contracts and work in progress are based on a stage of completion determined by the company on the basis of expected total revenue and expected total costs on projects. The recoverability of such amounts are subject to negotiation with customers which may cause adjustments up and down in determining final amounts.

Share based payment

Management is required to use an appropriate pricing model to value the issue of equity to employees or those providing similar services. Any charge to the profit and loss account is therefore a function of the chosen pricing model, which is based on a range of assumptions. All conditional growth shares issued in the year at subscription price have a hurdle price calculated to be in excess of the current aggregate value of the company attributable to all other share classes. The cost to the company in issuing these shares at the subscription price is regarded by the directors to be £nil and therefore in their judgement no charge has been made to the profit and loss in the current period nor will be applicable to future periods.

Determining and reassessing residual values and useful economic lives of tangible assets

The company depreciates tangible assets over their estimated useful lives. In determining appropriate useful lives of assets, the directors have considered historic performance as well as future expectations for factors such as expected usage of the asset, physical wear and tear, technical and commercial obsolescence and legal limitations of the usage of the asset, such as lease terms. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
40
39
4
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
33,373
-
0
Unwinding of discount on debt owed to group undertakings
26,292
18,877
CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 14 -
5
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 31 March 2024
1,696
2,140
602,761
606,597
Additions
-
0
3,262
74,260
77,522
Disposals
-
0
-
0
(176,561)
(176,561)
At 30 March 2025
1,696
5,402
500,460
507,558
Depreciation and impairment
At 31 March 2024
1,289
1,516
215,645
218,450
Depreciation charged in the year
86
461
50,090
50,637
Eliminated in respect of disposals
-
0
-
0
(88,114)
(88,114)
At 30 March 2025
1,375
1,977
177,621
180,973
Carrying amount
At 30 March 2025
321
3,425
322,839
326,585
At 30 March 2024
407
624
387,116
388,147
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,571,620
784,743
Amounts owed by group undertakings
810,826
454,038
Other debtors
582,519
622,382
2,964,965
1,861,163
Deferred tax asset
-
0
28,953
2,964,965
1,890,116

Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 15 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
53,030
62,030
Trade creditors
534,122
176,116
Taxation and social security
123,290
620,948
Other creditors
1,143,017
604,879
1,853,459
1,463,973

Included in bank loans is £53,030 (2024: £53,030) which is secured by a fixed and floating charge over the assets of the company. Interest is charged on the loan at 7% per annum and the loan is due to mature in September 2027.

 

Other creditors includes £63,324 (2024: £52,028) in respect of finance leases which are secured against the assets to which they relate. Also included in other creditors are balances totaling £925,409 (2024: £417,322) in respect of invoice finance facilities. As at 30 March 2025 this creditor is secured by way of a fixed and floating charge on certain company assets, dated 21 February 2025, with the previous security, dated 21 May 2021, having been satisfied on 11 March 2025.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
92,672
156,202
Amounts owed to group undertakings
540,212
513,920
Other creditors
78,700
90,777
711,584
760,899

Bank loans includes £92,672 (2024: £145,702) which is secured by a fixed and floating charge over the assets of the company. Interest is charged on the loan at 7% per annum and the loan is due to mature in September 2027.

 

Amounts owed to group undertakings include a balance of £540,212 (2024: £513,920) which constitutes a financing loan, where the transaction is measured at the present value of future payments discounted at a market rate of interest. The discount is recognised as a capital contribution within equity.

 

Other creditors includes £78,777 (2024: £90,777) in respect of finance leases which are secured against the assets to which they relate.

9
Share-based payment transactions

On 26 March 2025 10 ordinary A £1 shares were granted. These conditional growth shares issued had a subscription price of £7.19 with a hurdle price calculated to be in excess of their fair value at the measurement date which was calculated to be £nil.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 16 -
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
Ordinary A shares of £1 each
10
0
10
-
0
200,010
200,000
200,010
200,000

On 26 March 2025 the company allotted 10 ordinary A £1 shares for a total subscription price of £72. This sum was paid in full by the subscriber on that date.

 

The ordinary shares and ordinary A shares have independent rights to received dividends and a return of capital subject to the terms in the Articles of Association dated 26 March 2025. The ordinary A shares do not have voting rights.

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
9,500
19,000
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included within other debtors is an amount of £nil (2024: £223,499) due from related parties linked by a common director. The movement in the related party debtors represents various working capital loans between the relevant entities, rather than as a result of the trade of goods and services.

 

Included within trade creditors is an amount of £43,313 (2024: £nil) due to related parties linked by a common director.

 

Included within other creditors is an amount of £nil (2024: £49,923) due to related parties linked by a common director. The movement in the related party creditors represents various working capital loans between the relevant entities.

 

The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.

CURTIS PAINTING GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 17 -
13
Parent company

The immediate parent undertaking is Russell Painting Holdings Limited.

 

The ultimate parent undertaking is RW Integrated Solutions Limited which has a registered office of Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA. RW Integrated Solutions Limited prepares consolidated financial statements which include Russell Painting Holdings Limited and Curtis Painting Group Ltd.

 

The smallest and largest group into which the results of this entity are consolidated is that headed by RW Integrated Solutions Limited.

 

The directors are of the opinion that Mr B P Russell is the ultimate controlling party.

14
Prior period adjustment

The directors have reconsidered the presentation of certain intergroup balances as previously recorded in the balance sheet as at 30 March 2024 and appropriate reclassifications have been applied retrospectively by way of prior period adjustments in accordance with FRS 102 as follows:-.

Reconciliation of changes in equity
1 January
30 March
2023
2024
£
£
Adjustments to prior year
Amounts owed from group undertakings
-
229,040
Amounts due to group undertakings
-
(229,040)
Total adjustments
-
-
Equity as previously reported
(48,801)
103,581
Equity as adjusted
(48,801)
103,581
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