Paintline Limited - Accounts to registrar (filleted) - small 18.2
Paintline Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| For The Year Ended 28 February 2021 |
| for |
| Paintline Limited |
| Paintline Limited (Registered number: SC262391) |
| Contents of the Financial Statements |
| For The Year Ended 28 February 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Paintline Limited |
| Company Information |
| For The Year Ended 28 February 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 91 Alexander Street |
| Airdrie |
| North Lanarkshire |
| ML6 0BD |
| Paintline Limited (Registered number: SC262391) |
| Balance Sheet |
| 28 February 2021 |
| 28.2.21 | 29.2.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 12 |
| Retained earnings |
| 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. |
| Paintline Limited (Registered number: SC262391) |
| Balance Sheet - continued |
| 28 February 2021 |
| 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 |
| Paintline Limited (Registered number: SC262391) |
| Notes to the Financial Statements |
| For The Year Ended 28 February 2021 |
| 1. | STATUTORY INFORMATION |
| Paintline Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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. |
| Paintline Limited (Registered number: SC262391) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 March 2020 |
| and 28 February 2021 |
| AMORTISATION |
| At 1 March 2020 |
| and 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| Paintline Limited (Registered number: SC262391) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2020 |
| Additions |
| At 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| Charge for year |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2020 |
| Transfer to ownership | (24,428 | ) |
| At 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| Charge for year |
| Transfer to ownership | (16,699 | ) |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Paintline Limited (Registered number: SC262391) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2021 |
| 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 |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans > 5 yr by instal | 3,482 | 25,097 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Within one year |
| Between one and five years |
| Paintline Limited (Registered number: SC262391) |
| Notes to the Financial Statements - continued |
| For The Year Ended 28 February 2021 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 28.2.21 | 29.2.20 |
| £ | £ |
| Bank loans |
| 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 2020 |
| Fair value adjustment |
| At 28 February 2021 |