The Invisible Painter Limited - Accounts to registrar (filleted) - small 22.3
The Invisible Painter Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| The Invisible Painter Limited |
| Financial Statements for the Year Ended 31st July 2022 |
| The Invisible Painter Limited (Registered number: 05890220) |
| Contents of the Financial Statements |
| for the Year Ended 31st July 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| The Invisible Painter Limited |
| Company Information |
| for the Year Ended 31st July 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Engine House |
| 77 Station Road |
| Petersfield |
| Hampshire |
| GU32 3FQ |
| The Invisible Painter Limited (Registered number: 05890220) |
| Balance Sheet |
| 31st July 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable profits reserve |
| Retained earnings |
| 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 Invisible Painter Limited (Registered number: 05890220) |
| Balance Sheet - continued |
| 31st July 2022 |
| 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 |
| The Invisible Painter Limited (Registered number: 05890220) |
| Notes to the Financial Statements |
| for the Year Ended 31st July 2022 |
| 1. | STATUTORY INFORMATION |
| The Invisible Painter Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. |
| The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
| Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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. |
| The Invisible Painter Limited (Registered number: 05890220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st July 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 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. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1st August 2021 |
| Disposals | ( |
) |
| At 31st July 2022 |
| DEPRECIATION |
| At 1st August 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st July 2022 |
| NET BOOK VALUE |
| At 31st July 2022 |
| At 31st July 2021 |
| The Invisible Painter Limited (Registered number: 05890220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st July 2022 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st August 2021 |
| Additions |
| At 31st July 2022 |
| NET BOOK VALUE |
| At 31st July 2022 |
| At 31st July 2021 |
| Fair value at 31st July 2022 is represented by: |
| £ |
| Valuation in 2019 | 310,246 |
| Cost | 419,221 |
| 729,467 |
| If investments properties had not been revalued they would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 419,221 | - |
| Investment properties were valued on an open market basis on 31st July 2022 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| The Invisible Painter Limited (Registered number: 05890220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st July 2022 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Bank loans totalling £33,244 (2021: £41,302) are secured against one of the company's investment properties with a net book value of £600,000. |
| Bank loans totalling £41,293 (2021: £50,000) relate to a loan granted under the Bounce Back Loan Scheme. In the event of default by the company, repayment of the loan and interest is guaranteed by the UK government. |