Paintline Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC262391 (Scotland)

Financial Statements for the Year Ended 28 February 2023

for

Paintline Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Miss K McKinlay

Mr S J McKinlay

Secretary:

Mrs C McKinlay

Registered office:

88-92 Cambuslang Road

Rutherglen

Glasgow

G73 1BQ

Registered number:

SC262391 (Scotland)

Accountant:

Audrey Wolfson

10 Southern Avenue

Glasgow

G73 4JN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

338,586

366,717

338,586

366,717

CURRENT ASSETS

Stocks

361,645

458,899

Debtors

6

548,975

528,831

Investments

7

22,347

30,297

Cash at bank and in hand

552,479

383,672

1,485,446

1,401,699

CREDITORS

Amounts falling due within one year

8

678,406

784,812

NET CURRENT ASSETS

807,040

616,887

TOTAL ASSETS LESS CURRENT LIABILITIES

1,145,626

983,604

CREDITORS

Amounts falling due after more than one year

9

(41,638

)

(174,618

)

PROVISIONS FOR LIABILITIES

(12,798

)

(16,915

)

NET ASSETS

1,091,190

792,071

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

12

7,723

15,673

Retained earnings

1,082,467

775,398

1,091,190

792,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 5 June 2023 and were signed on its behalf by:

Miss K McKinlay - Director

1.	STATUTORY INFORMATION

Paintline Limited is a private company, limited by shares , registered in Scotland. 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 (£).

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.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on cost and 25% on reducing balance

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.

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 23 (2022 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

and 28 February 2023

87,500

AMORTISATION

At 1 March 2022

and 28 February 2023

87,500

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2022

322,900

355,462

678,362

Additions

-

1,326

1,326

At 28 February 2023

322,900

356,788

679,688

DEPRECIATION

At 1 March 2022

45,206

266,439

311,645

Charge for year

6,458

22,999

29,457

At 28 February 2023

51,664

289,438

341,102

NET BOOK VALUE

At 28 February 2023

271,236

67,350

338,586

At 28 February 2022

277,694

89,023

366,717

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2022

and 28 February 2023

77,874

DEPRECIATION

At 1 March 2022

19,469

Charge for year

14,601

At 28 February 2023

34,070

NET BOOK VALUE

At 28 February 2023

43,804

At 28 February 2022

58,405

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

545,557

525,896

Other debtors

3,418

2,935

548,975

528,831

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

28.2.23

28.2.22

£

£

Bank loans and overdrafts

78,144

29,820

Hire purchase contracts (see note 10)

14,972

14,972

Trade creditors

414,968

605,389

Taxation and social security

138,233

89,550

Other creditors

32,089

45,081

678,406

784,812

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

-

118,009

Hire purchase contracts (see note 10)

41,638

56,609

41,638

174,618

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

28.2.23

28.2.22

£

£

Net obligations repayable:

Within one year

14,972

14,972

Between one and five years

41,638

56,609

56,610

71,581

Non-cancellable

operating leases

28.2.23

28.2.22

£

£

Within one year

9,140

2,343

Between one and five years

28,291

44,031

37,431

46,374

11.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.23

28.2.22

£

£

Bank loans

78,144

147,829

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 2022

15,673

Fair value adjustment

(7,950

)

At 28 February 2023

7,723