REGISTERED NUMBER: 03956689 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Mark One Paints Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G R Watson

REGISTERED OFFICE:

Unit 58 Perry Street

Wednesbury

West Midlands

WS10 0AZ

REGISTERED NUMBER:

03956689 (England and Wales)

FIXED ASSETS

Tangible assets

4

35,036

42,702

CURRENT ASSETS

Stocks

41,740

20,840

Debtors

5

91,973

92,259

Cash at bank

27,572

33,134

161,285

146,233

CREDITORS

Amounts falling due within one year

6

208,892

215,937

NET CURRENT LIABILITIES

(47,607

)

(69,704

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,571

)

(27,002

)

CREDITORS

Amounts falling due after more than one year

7

(10,342

)

(17,546

)

PROVISIONS FOR LIABILITIES

(1,419

)

(5,862

)

NET LIABILITIES

(24,332

)

(50,410

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Capital redemption reserve

3

3

Retained earnings

(24,337

)

(50,415

)

SHAREHOLDERS' FUNDS

(24,332

)

(50,410

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

G R Watson - Director

1.	STATUTORY INFORMATION

Mark One Paints 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The company has a deficit of £24,332 (2024: £50,410) on the balance sheet and made a profit for the year of £26,078. The director is confident that the company will be able to trade out of its current financial position.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

133,442

2,752

38,971

175,165

DEPRECIATION

At 1 April 2024

115,956

2,477

14,030

132,463

Charge for year

2,623

55

4,988

7,666

At 31 March 2025

118,579

2,532

19,018

140,129

NET BOOK VALUE

At 31 March 2025

14,863

220

19,953

35,036

At 31 March 2024

17,486

275

24,941

42,702

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

and 31 March 2025

38,971

DEPRECIATION

At 1 April 2024

14,030

Charge for year

4,988

At 31 March 2025

19,018

NET BOOK VALUE

At 31 March 2025

19,953

At 31 March 2024

24,941

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

86,129

86,415

Other debtors

5,844

5,844

91,973

92,259

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

7,873

13,678

Trade creditors

112,497

121,187

Taxation and social security

14,642

7,192

Other creditors

73,880

73,880

208,892

215,937

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

10,342

17,546

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

2

Ordinary

£1

2

2