Paintercom Limited - Period Ending 2021-07-31

Paintercom Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 10

Paintercom Limited

(Registration number: 09111775)
Balance Sheet as at 31 July 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	549	916
Current assets
Debtors	5	21,957	28,722
Cash at bank and in hand		763	1,983
		22,720	30,705
Creditors: Amounts falling due within one year	6	(20,438)	(20,199)
Net current assets		2,282	10,506
Total assets less current liabilities		2,831	11,422
Creditors: Amounts falling due after more than one year	6	(9,574)	(10,633)
Provisions for liabilities		(104)	(174)
Net (liabilities)/assets		(6,847)	615
Capital and reserves
Called up share capital		100	100
Profit and loss account		(6,947)	515
Shareholders' (deficit)/funds		(6,847)	615

For the financial year ending 31 July 2021 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 March 2022
 

Paintercom Limited

(Registration number: 09111775)
Balance Sheet as at 31 July 2021

......................................... Mr Bret Painter-Spanyol Director

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
27 York Road
Hitchin
Herts
SG5 1XB

These financial statements were authorised for issue by the director on 22 March 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £7,292 (2020: £127) and retained Loss of £6,947 (2020: £515 Profit). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements on the going concern basis.

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, 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 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 balance sheet 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.

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:

Asset class	Depreciation method and rate
Computer equipment	25% straight line
Fixtures and fittings	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2020	5,353	5,353
At 31 July 2021	5,353	5,353
Depreciation
At 1 August 2020	4,437	4,437
Charge for the year	367	367
At 31 July 2021	4,804	4,804
Carrying amount
At 31 July 2021	549	549
At 31 July 2020	916	916

5

Debtors

	2021 £	2020 £
Trade debtors	3,046	6,000
Other debtors	18,911	22,722
	21,957	28,722

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Bank loans and overdrafts	8	1,426	367
Trade creditors		1,044	-
Taxation and social security		17,068	18,932
Accruals and deferred income		900	900
		20,438	20,199

 

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	9,574	10,633

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	9,574	10,633

During the year, the company acquired a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial back of, the Secretary of State for Business, Energy and Industrial Strategy.

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	1,426	367

During the year, the company acquired a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial back of, the Secretary of State for Business, Energy and Industrial Strategy.

9

Dividends

		2021		2020
		£		£
Interim dividend of £Nil (2020 - £90) per ordinary share		-		9,000

10	Related party transactions

At the balance sheet date the company was owed £14,273 (2020: £17,149) by Mr B Painter-Spanyol, a director of the company. There are no terms relating to the repayment of capital on this loan and interest is being charged at a rate of 2.5% per annum.

11	Ultimate controlling party

The ultimate controlling party is Mr B Painter-Spanyol, director of the company by virtue of his majority shareholding.

Paintercom Limited

Notes to the Financial Statements for the Year Ended 31 July 2021

12	Non adjusting events after the financial period

At the time of preparing these accounts, the coronavirus pandemic is still playing an active part in how businesses are able or unable to trade. As with many businesses during this time, the company has accessed government backed inititatives which include the Coronavirus Job Retention Scheme to enable them to safegaurd the future of the company.