THE_PAINT_SHED_HOLDINGS_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Paint Shed Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 8 & 9, 20 Munro Road, Springkerse Industrial Estate, Stirling, United Kingdom, FK7 7UU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Loan notes comprise two separate loan notes of £1,100,000 (included within current liabilities, see 'Related party transactions' note) and £500,000 respectively. The £500,000 loan note is considered by the directors to be a long term liability. Interest is payable on loan notes at 8%.

During the year the company reclassified 178 Ordinary shares of £0.10 each to 178 'A' Ordinary shares of £0.10 each.

At the year end there was a balance due to a director of £5,000 (2019 - £5,000). The loan is unsecured and interest free with no fixed repayment terms in place.

Included within current liabilities is a loan note of £1,100,000 payable to a director. Interest of £47,470 was payable during the year. The loan note is unsecured.

The company and has taken advantage of the exemptions within FRS 102 section 1AC.35 (Related Party Disclosure) which allows exemption from the disclosure of related party transactions with other group companies.true