Paintline Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC262391 (Scotland)

Abbreviated Accounts

For The Year Ended 28 February 2015

for

Paintline Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J S McKinlay

Miss K McKinlay

SECRETARY:

Mrs C McKinlay

REGISTERED OFFICE:

Unit D

Duchess Place

Rutherglen

Glasgow

G73 1DR

REGISTERED NUMBER:

SC262391 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Intangible assets

2

-

8,750

Tangible assets

3

83,151

54,052

83,151

62,802

CURRENT ASSETS

Stocks

201,571

205,429

Debtors

751,675

738,695

Investments

15,000

15,000

Cash at bank and in hand

219,066

147,814

1,187,312

1,106,938

CREDITORS

Amounts falling due within one year

746,827

781,846

NET CURRENT ASSETS

440,485

325,092

TOTAL ASSETS LESS CURRENT LIABILITIES

523,636

387,894

CREDITORS

Amounts falling due after more than one year

(19,075

)

-

PROVISIONS FOR LIABILITIES

(16,630

)

(10,618

)

NET ASSETS

487,931

377,276

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,000

Profit and loss account

486,931

376,276

SHAREHOLDERS' FUNDS

487,931

377,276

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 June 2015 and were signed on its behalf by:

J S McKinlay - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the underlying timing differences can be deducted.

Deferred tax is measured at the rates that are expected to apply in the periods in which the timing differences

reverse and is not discounted.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2014

and 28 February 2015

87,500

AMORTISATION

At 1 March 2014

78,750

Amortisation for year

8,750

At 28 February 2015

87,500

NET BOOK VALUE

At 28 February 2015

-

At 28 February 2014

8,750

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2014

152,396

Additions

75,456

Disposals

(48,210

)

At 28 February 2015

179,642

DEPRECIATION

At 1 March 2014

98,344

Charge for year

32,925

Eliminated on disposal

(34,778

)

At 28 February 2015

96,491

NET BOOK VALUE

At 28 February 2015

83,151

At 28 February 2014

54,052

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.15

28.2.14

value:

£

£

1,000

Ordinary

£1

1,000

1,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £21,127 (2014: £18,340) to Mr J McKinlay, director. The maximum balance

outstanding during the year was £22,634.