Peerless Painters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06119171 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

PEERLESS PAINTERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

D W Peerless

SECRETARY:

J Peerless

REGISTERED OFFICE:

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

REGISTERED NUMBER:

06119171 (England and Wales)

ACCOUNTANTS:

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

FIXED ASSETS

Tangible assets

4

96,988

74,576

CURRENT ASSETS

Stocks

1,500

1,500

Debtors

5

91,120

107,724

Cash at bank

180,446

221,050

273,066

330,274

CREDITORS

Amounts falling due within one year

6

30,588

77,884

NET CURRENT ASSETS

242,478

252,390

TOTAL ASSETS LESS CURRENT LIABILITIES

339,466

326,966

CREDITORS

Amounts falling due after more than one year

7

(143,997

)

-

PROVISIONS FOR LIABILITIES

(18,428

)

(14,169

)

NET ASSETS

177,041

312,797

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

176,941

312,697

177,041

312,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 29 November 2021 and were signed by:

D W Peerless - Director

1.	STATUTORY INFORMATION

Peerless Painters Limited is a private company, limited by shares , registered in England and Wales. 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 (£).

The principal place of business is:

37 Valley Road

Tunbridge Wells

Kent

TN4 8PW

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.

Turnover

Turnover is recognised when it is probable that future economic benefits will flow to the company from the provision of contracts for the sale of services and is measured as the fair value of consideration which the company expects to receive from those transactions.

When the outcome of a services contract can be estimated reliably, contract turnover and associated expenditure are recognised by reference to the stage of completion of the contract at the reporting date.

Turnover is recognised net of returns and of trade discounts and is shown exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost price, this can include transport, installation, legal and other such associated costs. After initial recognition the asset is subsequently measured under the cost model of cost, less depreciation, less any impairment losses.

Subsequent day-to-day servicing of the assets will be recognised in the profit or loss in the period they are incurred. Only subsequent expenditure that can provide an incremental benefit will be capitalised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less any estimated completion or selling costs.

Financial instruments

The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank and other borrowings and investments in non puttable equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest.

Equity instruments are accounted for at transaction price unless they can be accounted for at fair value based on a readily available transaction price. Alternatively, equity instruments are subsequently accounted for at cost less impairment where no fair value can be reasonably obtained.

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.

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 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

24,480

6,000

110,604

2,647

143,731

Additions

11,495

-

60,395

272

72,162

Disposals

-

-

(35,324

)

-

(35,324

)

At 31 March 2021

35,975

6,000

135,675

2,919

180,569

DEPRECIATION

At 1 April 2020

10,658

1,500

54,350

2,647

69,155

Charge for year

6,329

1,125

24,815

91

32,360

Eliminated on disposal

-

-

(17,934

)

-

(17,934

)

At 31 March 2021

16,987

2,625

61,231

2,738

83,581

NET BOOK VALUE

At 31 March 2021

18,988

3,375

74,444

181

96,988

At 31 March 2020

13,822

4,500

56,254

-

74,576

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

70,341

34,482

Other debtors

20,779

73,242

91,120

107,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

11,215

16,463

Taxation and social security

8,298

52,233

Other creditors

11,075

9,188

30,588

77,884

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Other creditors

143,997

-

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peerless Painters Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Peerless Painters Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peerless Painters Limited and state those matters that we have agreed to state to the director of Peerless Painters Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peerless Painters Limited and its director for our work or for this report.

It is your duty to ensure that Peerless Painters Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peerless Painters Limited. You consider that Peerless Painters Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peerless Painters Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BSR Bespoke Chartered Accountants

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

29 November 2021