REGISTERED NUMBER: 04369440 (England and Wales)

SPECIAL PAINT PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C Somerfield

REGISTERED OFFICE:

Unit 10 Redhouse Ind. Estate

Middlemore Lane West

Aldridge

Walsall

WS9 8DL

REGISTERED NUMBER:

04369440 (England and Wales)

ACCOUNTANTS:

Wallace Crooke Walsall Limited

Chartered Accountants

Wallace House

20 Birmingham Road

Walsall

West Midlands

WS1 2LT

FIXED ASSETS

Tangible assets

4

3,257

4,601

CURRENT ASSETS

Stocks

20,000

17,000

Debtors

5

95,558

121,055

Cash at bank and in hand

2,003

266

117,561

138,321

CREDITORS

Amounts falling due within one year

6

109,582

127,422

NET CURRENT ASSETS

7,979

10,899

TOTAL ASSETS LESS CURRENT LIABILITIES

11,236

15,500

CREDITORS

Amounts falling due after more than one year

7

(7,720

)

(12,500

)

PROVISIONS FOR LIABILITIES

8

(619

)

(874

)

NET ASSETS

2,897

2,126

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

2,895

2,124

SHAREHOLDERS' FUNDS

2,897

2,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2025 and were signed by:

Mr C Somerfield - Director

1.	STATUTORY INFORMATION

Special Paint Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Equipment

Totals

£

£

£

£

COST

At 1 March 2024

17,027

14,610

11,831

43,468

Disposals

-

(7,630

)

-

(7,630

)

At 28 February 2025

17,027

6,980

11,831

35,838

DEPRECIATION

At 1 March 2024

15,564

12,381

10,922

38,867

Charge for year

220

414

137

771

Eliminated on disposal

-

(7,057

)

-

(7,057

)

At 28 February 2025

15,784

5,738

11,059

32,581

NET BOOK VALUE

At 28 February 2025

1,243

1,242

772

3,257

At 29 February 2024

1,463

2,229

909

4,601

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

43,540

60,508

Amounts owed by group undertakings

50,964

60,547

Other debtors

1,054

-

95,558

121,055

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

28,482

32,148

Trade creditors

70,407

77,427

Taxation and social security

7,078

14,396

Other creditors

3,615

3,451

109,582

127,422

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

7,720

12,500

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

619

874

Deferred

tax

£

Balance at 1 March 2024

874

Provided during year

(255

)

Balance at 28 February 2025

619

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary A

£1

2

2