Paintline Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC262391 (Scotland)

Financial Statements for the Year Ended 28 February 2022

for

Paintline Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J S McKinlay

Miss K McKinlay

Secretary:

Mrs C McKinlay

Registered office:

88-92 Cambuslang Road

Rutherglen

Glasgow

G73 1BQ

Registered number:

SC262391 (Scotland)

Accountant:

Audrey Wolfson

10 Southern Avenue

Glasgow

G73 4JN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

366,717

332,851

366,717

332,851

CURRENT ASSETS

Stocks

458,899

292,532

Debtors

6

528,831

496,987

Investments

7

30,297

27,977

Cash at bank and in hand

383,672

313,974

1,401,699

1,131,470

CREDITORS

Amounts falling due within one year

8

784,812

674,744

NET CURRENT ASSETS

616,887

456,726

TOTAL ASSETS LESS CURRENT LIABILITIES

983,604

789,577

CREDITORS

Amounts falling due after more than one year

9

(174,618

)

(107,582

)

PROVISIONS FOR LIABILITIES

(16,915

)

(9,253

)

NET ASSETS

792,071

672,742

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

12

15,673

13,353

Retained earnings

775,398

658,389

792,071

672,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 30 August 2022 and were signed on its behalf by:

J S McKinlay - Director

1.	STATUTORY INFORMATION

Paintline Limited is a private company, limited by shares , registered in Scotland. 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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets

As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

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 0, is being amortised evenly over its estimated useful life of nil 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.

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.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on cost and 25% 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.

Financial instruments

The following assets and liabilities are classified as basic financial instruments - trade debtors, trade creditors, directors' loans and non-puttable listed investments.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Non-puttable listed investments are measured at fair value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2021

and 28 February 2022

87,500

AMORTISATION

At 1 March 2021

and 28 February 2022

87,500

NET BOOK VALUE

At 28 February 2022

-

At 28 February 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2021

322,900

300,939

623,839

Additions

-

78,233

78,233

Disposals

-

(23,710

)

(23,710

)

At 28 February 2022

322,900

355,462

678,362

DEPRECIATION

At 1 March 2021

38,748

252,240

290,988

Charge for year

6,458

30,407

36,865

Eliminated on disposal

-

(16,208

)

(16,208

)

At 28 February 2022

45,206

266,439

311,645

NET BOOK VALUE

At 28 February 2022

277,694

89,023

366,717

At 28 February 2021

284,152

48,699

332,851

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

Plant and

machinery

etc

£

COST

At 1 March 2021

52,705

Additions

77,874

Transfer to ownership

(52,705

)

At 28 February 2022

77,874

DEPRECIATION

At 1 March 2021

36,029

Charge for year

19,469

Transfer to ownership

(36,029

)

At 28 February 2022

19,469

NET BOOK VALUE

At 28 February 2022

58,405

At 28 February 2021

16,676

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Trade debtors

525,896

490,055

Other debtors

2,935

6,932

528,831

496,987

7.	CURRENT ASSET INVESTMENTS

The current asset listed investment is shown at fair value based on the prevailing market value at the balance sheet date in accordance with FRS102.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Bank loans and overdrafts

29,820

65,820

Hire purchase contracts (see note 10)

14,972

5,632

Trade creditors

605,389

470,214

Taxation and social security

89,550

89,047

Other creditors

45,081

44,031

784,812

674,744

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.22

28.2.21

£

£

Bank loans

118,009

107,582

Hire purchase contracts (see note 10)

56,609

-

174,618

107,582

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,482

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

28.2.22

28.2.21

£

£

Net obligations repayable:

Within one year

14,972

5,632

Between one and five years

56,609

-

71,581

5,632

Non-cancellable

operating leases

28.2.22

28.2.21

£

£

Within one year

2,343

4,006

Between one and five years

44,031

22,437

46,374

26,443

11.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.22

28.2.21

£

£

Bank loans

147,829

173,402

The Bank of Scotland Plc holds a standard security over the company's business premises and floating charge in respect of an outstanding loan balance.

12.

RESERVES

Fair

value

reserve

£

At 1 March 2021

13,353

Fair value adjustment

2,320

At 28 February 2022

15,673