STEVES PAINTS LIMITED


Directors	Miss A J Williams
	Mr T S Williams


Company Secretary	Miss A J Williams


Registered Address	14b New Yard Clay Flatts Industrial Estate
	Workington
	CA14 3YE


Registered Number	03602496 (England and Wales)

Statement of Financial Position
30 November 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		34,653		46,729
Investment property	5		760,000		760,000
			794,653		806,729
Current assets
Stocks	6	198,768		204,000
Debtors	7	36,062		37,250
Cash at bank and on hand		28,725		31,230
		263,555		272,480
Creditors amounts falling due within one year	8	(405,499)		(404,938)
Net current assets (liabilities)			(141,944)		(132,458)
Total assets less current liabilities			652,709		674,271
Net assets			652,709		674,271
Capital and reserves
Called up share capital			325,000		325,000
Other reserves			200,000		200,000
Profit and loss account			127,709		149,271
Shareholders' funds			652,709		674,271

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 20 January 2026, and are signed on its behalf by:

Miss A J Williams
Director

Mr T S Williams
Director

Registered Company No. 03602496

STEVES PAINTS LIMITED

Notes to the Financial Statements
for the year ended 30 November 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

Operating leases

Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	17		12

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 December 24	510,000	510,000
At 30 November 25	510,000	510,000
Amortisation and impairment
At 01 December 24	510,000	510,000
At 30 November 25	510,000	510,000
Net book value
At 30 November 25	-	-
At 30 November 24	-	-

4.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 01 December 24	65,133	243,825	308,958
At 30 November 25	65,133	243,825	308,958
Depreciation and impairment
At 01 December 24	26,826	235,403	262,229
Charge for year	9,576	2,500	12,076
At 30 November 25	36,402	237,903	274,305
Net book value
At 30 November 25	28,731	5,922	34,653
At 30 November 24	38,307	8,422	46,729

5.	Investment property


		£
	Fair value at 01 December 24	760,000
	At 30 November 25	760,000

6.	Stocks

	2025	2024
	£	£
Finished goods	198,768	204,000
Total	198,768	204,000

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	23,362	24,075
Other debtors	8,168	8,168
Prepayments and accrued income	4,532	5,007
Total	36,062	37,250

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	88,509	117,204
Bank borrowings and overdrafts	201,344	159,782
Taxation and social security	21,823	21,772
Finance lease and HP contracts	16,217	24,326
Other creditors	31,748	68,722
Accrued liabilities and deferred income	45,858	13,132
Total	405,499	404,938