The Invisible Painter Limited
The Invisible Painter Limited
Registered number: 05890220
Unaudited Financial Statements
For The Year Ended
31 July 2023
Phelan Cloud Accounting
Chartered Certified Accountants
8A Basepoint Business Centre
Waterberry Drive
Waterlooville
Hampshire
PO7 7TH
The Invisible Painter Limited
Unaudited Financial Statements
For The Year Ended
31 July 2023
Unaudited Financial Statements
Contents | |
Page | |
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Company Information | 1 |
Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—7 |
The Invisible Painter Limited
Company Information
For The Year Ended
31 July 2023
Company Information
Director |
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Company Number |
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Registered Office | Unit 4 Hedge End Business Centre Botley Road |
Hedge End | |
Southampton | |
Hampshire | |
SO30 2AU | |
Accountants |
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Chartered Certified Accountants | |
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Waterberry Drive | |
Waterlooville | |
Hampshire | |
PO7 7TH | |
The Invisible Painter Limited
Balance Sheet
As At
31 July 2023
Balance Sheet
Registered number:
05890220
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investment Properties | 5 |
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Investments | 6 |
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CURRENT ASSETS | |||||
Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Fair Value Reserve |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 1,347,109 | 884,434 | |||
The Invisible Painter Limited
Balance Sheet (continued)
As At
31 July 2023
On behalf of the board
Director
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The notes on pages 4 to 7 form part of these financial statements.
The Invisible Painter Limited
Notes to the Financial Statements
For The Year Ended
31 July 2023
Notes to the Financial Statements
1.
General Information
The Invisible Painter Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05890220
. The registered office is Unit 4 Hedge End Business Centre Botley Road, Hedge End, Southampton, Hampshire, SO30 2AU.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
The Invisible Painter Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 1)
4.
Tangible Assets
Plant & Machinery etc. | |
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£ | |
Cost or Valuation | |
As at
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As at
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Depreciation | |
As at
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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The Invisible Painter Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
5.
Investment Property
2023 | |
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£ | |
Fair Value | |
As at
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Fair value adjustments |
( |
As at
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If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 | 2022 | ||
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£ | £ | ||
Cost | 419,221 | 419,221 | |
Investment properties were valued on an open market basis on
31 July 2023
by the director.
6.
Investments
Subsidiaries | |
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£ | |
Cost | |
As at
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Additions |
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts owed by group undertakings | 500,000 | 70,132 | |
Other debtors | 299 | 25,343 | |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Other creditors | 955 | 2,832 | |
Taxation and social security |
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The Invisible Painter Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Bank loans |
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10.
Secured Creditors
Of the creditors the following amounts are secured.
Bank loans totalling £nil (2022: £33,245) are secured against one of the company's investment properties with a fair value of £550,000.
Bank loans totalling £31,597 (2022: £41,293) 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.
2023 | 2022 | ||
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£ | £ | ||
Bank loans and overdrafts | 31,567 | 74,538 |
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 | 2022 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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