Paintline Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC262391 (Scotland)

Abbreviated Accounts

For The Year Ended 29 February 2016

for

Paintline Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J S McKinlay

Miss K McKinlay

SECRETARY:

Mrs C McKinlay

REGISTERED OFFICE:

Unit D

Duchess Place

Rutherglen

Glasgow

G73 1DR

REGISTERED NUMBER:

SC262391 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

427,514

83,151

427,514

83,151

CURRENT ASSETS

Stocks

197,313

201,571

Debtors

720,809

751,675

Investments

15,000

Cash at bank and in hand

337,679

219,066

1,270,801

1,187,312

CREDITORS

Amounts falling due within one year

4

929,403

746,827

NET CURRENT ASSETS

341,398

440,485

TOTAL ASSETS LESS CURRENT
LIABILITIES

768,912

523,636

CREDITORS

Amounts falling due after more than one year

4

(220,677

)

(19,075

)

PROVISIONS FOR LIABILITIES

(22,214

)

(16,630

)

NET ASSETS

526,021

487,931

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

525,021

486,931

SHAREHOLDERS' FUNDS

526,021

487,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 September 2016 and were signed on its behalf by:

J S McKinlay - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than

not that there will be suitable taxable profits from which the underlying timing differences can be deducted. Deferred

tax is measured at the rates that are expected to apply in the periods in which the timing differences reverse and is

not discounted.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

and 29 February 2016

87,500

AMORTISATION

At 1 March 2015

and 29 February 2016

87,500

NET BOOK VALUE

At 29 February 2016

-

At 28 February 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

179,642

Additions

392,716

Disposals

(6,595

)

At 29 February 2016

565,763

DEPRECIATION

At 1 March 2015

96,491

Charge for year

47,693

Eliminated on disposal

(5,935

)

At 29 February 2016

138,249

NET BOOK VALUE

At 29 February 2016

427,514

At 28 February 2015

83,151

4.

CREDITORS

Creditors include an amount of £ 232,546 for which security has been given.

They also include the following debts falling due in more than five years:

29.2.16

28.2.15

£

Repayable by instalments

209,096

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.16

28.2.15

value:

£

1,000

Ordinary

£1

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £65,296 (2015: £21,127) to Mr J McKinlay, director and £14,521 (2015: nil) to

Miss K McKinlay, director.