REGISTERED NUMBER: 05346393 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

PAINTING PRACTICE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J E Collins

D J May

REGISTERED OFFICE:

The Old Workshop

1 Ecclesall Road South

Sheffield

South Yorkshire

S11 9PA

REGISTERED NUMBER:

05346393 (England and Wales)

ACCOUNTANTS:

Brown McLeod Limited

Chartered Accountants

The Old Workshop

1 Ecclesall Road South

Sheffield

South Yorkshire

S11 9PA

FIXED ASSETS

Intangible assets

4

2,790

4,185

Tangible assets

5

56,866

84,674

59,656

88,859

CURRENT ASSETS

Debtors

6

432,300

523,407

Cash at bank

431,065

528,914

863,365

1,052,321

CREDITORS

Amounts falling due within one year

7

312,755

192,189

NET CURRENT ASSETS

550,610

860,132

TOTAL ASSETS LESS CURRENT LIABILITIES

610,266

948,991

PROVISIONS FOR LIABILITIES

9,070

18,378

NET ASSETS

601,196

930,613

CAPITAL AND RESERVES

Called up share capital

872

872

Capital redemption reserve

131

131

Retained earnings

600,193

929,610

SHAREHOLDERS' FUNDS

601,196

930,613

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 directors acknowledge their 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 Board of Directors and authorised for issue on 21 October 2025 and were signed on its behalf by:

J E Collins - Director

D J May - Director

1.	STATUTORY INFORMATION

Painting Practice 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 company's place of business address is Wolf Studios Wales, building 1, Trident Park Estate, Glass Avenue, CF24 5EN, Cardiff, Wales.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been amortized evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

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 etc - 25% on cost and 15% on reducing balance

Motor vehicles - 25% on reducing balance

Financial instruments

Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses

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.

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 9 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

28,000

6,975

34,975

AMORTISATION

At 1 April 2024

28,000

2,790

30,790

Charge for year

-

1,395

1,395

At 31 March 2025

28,000

4,185

32,185

NET BOOK VALUE

At 31 March 2025

-

2,790

2,790

At 31 March 2024

-

4,185

4,185

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

479,917

Additions

7,186

Disposals

(7,837

)

At 31 March 2025

479,266

DEPRECIATION

At 1 April 2024

395,243

Charge for year

32,431

Eliminated on disposal

(5,274

)

At 31 March 2025

422,400

NET BOOK VALUE

At 31 March 2025

56,866

At 31 March 2024

84,674

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

85,081

129,119

Other debtors

347,219

394,288

432,300

523,407

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

25,796

51,983

Taxation and social security

10,449

106,082

Other creditors

276,510

34,124

312,755

192,189