Premier Painting & Decorating Ltd

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 8

Premier Painting & Decorating Ltd

Company Information

Director

Mr N Price

Company secretary

Mrs S J Price

Registered office

Stanhope House 9-10 Fore Street Holsworthy Devon EX22 6DT

Premier Painting & Decorating Ltd

(Registration number: 05427778)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	6	4,497	3,737
Current assets
Stocks	7	40,740	6,740
Debtors	8	33,579	11,986
Cash at bank and in hand		96,863	139,886
		171,182	158,612
Creditors: Amounts falling due within one year	9	(27,486)	(13,585)
Net current assets		143,696	145,027
Total assets less current liabilities		148,193	148,764
Provisions for liabilities		(1,125)	(935)
Net assets		147,068	147,829
Capital and reserves
Called up share capital		100	100
Profit and loss account		146,968	147,729
Shareholders' funds		147,068	147,829

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 5 October 2026
 

Mr N Price Director

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT

Principal activity

The principal activity of the company is that of painting and decorating.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, with management having given due consideration to the company’s ability to continue as a going concern for at least the next twelve months.

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Depreciation method and rate for tangible assets
Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Office equipment	33% straight line
Motor vehicles	25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2025 - 4).

4

Taxation

Tax charged/(credited) in the statement of comprehensive income

	2026 £	2025 £
Current taxation
UK corporation tax	10,671	4,331
UK corporation tax adjustment to prior periods	(83)	-
	10,588	4,331
Deferred taxation
Arising from origination and reversal of timing differences	190	(367)
Tax expense in the income statement	10,778	3,964

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2025	22,625	22,625
At 31 March 2026	22,625	22,625
Amortisation
At 1 April 2025	22,625	22,625
At 31 March 2026	22,625	22,625
Carrying amount
At 31 March 2026	-	-

6	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2025	15,510	3,380	15,918	34,808
Additions	1,768	91	-	1,859
At 31 March 2026	17,278	3,471	15,918	36,667
Depreciation
At 1 April 2025	14,201	3,076	13,794	31,071
Charge for the year	404	164	531	1,099
At 31 March 2026	14,605	3,240	14,325	32,170
Carrying amount
At 31 March 2026	2,673	231	1,593	4,497
At 31 March 2025	1,309	304	2,124	3,737

7

Stocks

	2026 £	2025 £
Raw materials and consumables	1,500	1,000
Work in progress	39,240	5,740
	40,740	6,740

Premier Painting & Decorating Ltd

Notes to the Unaudited Financial Statements for the year ended 31 March 2026 (continued)

8

Debtors

	2026 £	2025 £
Trade debtors	31,255	10,582
Other debtors	2,142	1,187
Prepayments	182	217
	33,579	11,986

9

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	8,799	3,180
Taxation and social security	10,645	4,331
Accruals and deferred income	2,080	1,924
Other creditors	5,962	4,150
	27,486	13,585

10	Provisions for liabilities

	Deferred tax £	Total £
At 1 April 2025	935	935
Increase (decrease) in existing provisions	190	190
At 31 March 2026	1,125	1,125

11

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.