Paintline Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: SC262391 (Scotland)

Financial Statements

For The Year Ended 28 February 2017

for

Paintline Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S McKinlay

Miss K McKinlay

SECRETARY:

Mrs C McKinlay

REGISTERED OFFICE:

88-92 Cambuslang Road

Rutherglen

Glasgow

G73 1BQ

REGISTERED NUMBER:

SC262391 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

409,826

427,514

409,826

427,514

CURRENT ASSETS

Stocks

230,725

197,313

Debtors

6

604,293

720,809

Investments

7

24,804

15,000

Cash at bank and in hand

464,233

337,679

1,324,055

1,270,801

CREDITORS

Amounts falling due within one year

8

871,089

929,403

NET CURRENT ASSETS

452,966

341,398

TOTAL ASSETS LESS CURRENT LIABILITIES

862,792

768,912

CREDITORS

Amounts falling due after more than one year

9

(211,563

)

(220,677

)

PROVISIONS FOR LIABILITIES

(19,968

)

(22,214

)

NET ASSETS

631,261

526,021

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

12

9,804

-

Retained earnings

620,457

525,021

SHAREHOLDERS' FUNDS

631,261

526,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 10 November 2017 and were signed on its behalf by:

J S 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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, net of discounts/rebates and

value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Revenue from agreement to provide services is recognised in the period in which the services are provided when

all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the agreement.

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.

Financial instruments

The following assets and liabilities are classified as financial instruments:

short term listed investments, trade debtors, trade creditors, bank loans, and directors' loans.

Short term listed investments are valued at fair value based on the share price at the balance sheet date. Bank

loans are initially measured at the present value of future payments, discounted at a market rate of interest, and

subsequently at amortised cost using the effective interest method. 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.

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 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

87,500

AMORTISATION

At 1 March 2016

and 28 February 2017

87,500

NET BOOK VALUE

At 28 February 2017

-

At 29 February 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 March 2016

322,900

41,248

20,000

Disposals

-

(6,974

)

-

At 28 February 2017

322,900

34,274

20,000

DEPRECIATION

At 1 March 2016

6,458

30,134

5,000

Charge for year

6,458

5,364

5,000

Eliminated on disposal

-

(6,974

)

-

At 28 February 2017

12,916

28,524

10,000

NET BOOK VALUE

At 28 February 2017

309,984

5,750

10,000

At 29 February 2016

316,442

11,114

15,000

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2016

172,904

8,711

565,763

Additions

32,828

786

33,614

Disposals

(23,744

)

-

(30,718

)

At 28 February 2017

181,988

9,497

568,659

DEPRECIATION

At 1 March 2016

88,302

8,355

138,249

Charge for year

27,774

375

44,971

Eliminated on disposal

(17,413

)

-

(24,387

)

At 28 February 2017

98,663

8,730

158,833

NET BOOK VALUE

At 28 February 2017

83,325

767

409,826

At 29 February 2016

84,602

356

427,514

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

Motor

vehicles

£

COST

At 1 March 2016

30,367

Additions

24,428

At 28 February 2017

54,795

DEPRECIATION

At 1 March 2016

13,286

Charge for year

10,377

At 28 February 2017

23,663

NET BOOK VALUE

At 28 February 2017

31,132

At 29 February 2016

17,081

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

601,793

718,309

Other debtors

2,500

2,500

604,293

720,809

7.	CURRENT ASSET INVESTMENTS

28.2.17

29.2.16

£

£

Listed investments

24,804

15,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Bank loans and overdrafts

23,450

23,450

Hire purchase contracts (see note 10)

10,584

7,223

Trade creditors

635,048

653,009

Tax

31,968

27,046

Social security and other taxes

21,336

19,193

VAT

25,798

41,895

Other creditors

13,389

12,581

Directors' loan accounts

52,151

79,817

Accrued expenses

57,365

65,189

871,089

929,403

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.17

29.2.16

£

£

Bank loans > 5 yr by instal

191,232

209,096

Hire purchase contracts (see note 10)

20,331

11,581

211,563

220,677

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 yr by instal

191,232

209,096

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

28.2.17

29.2.16

£

£

Net obligations repayable:

Within one year

10,584

7,223

Between one and five years

20,331

11,581

30,915

18,804

Non-cancellable operating

leases

28.2.17

29.2.16

£

£

Within one year

1,260

9,430

Between one and five years

46,788

14,834

48,048

24,264

11.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.17

29.2.16

£

£

Bank loans

214,682

232,546

The Bank of Scotland Plc holds a standard security and floating charge in respect of the outstanding loan

balance.

12.

RESERVES

Fair

value

reserve

£

Fair value adjustment

9,804

At 28 February 2017

9,804

13.	ULTIMATE CONTROLLING PARTY

The controlling party is J S McKinlay.

14.	FIRST YEAR ADOPTION

The policies applied under the company's previous accounting framework are not materially different to FRS

102. There were no adjustments necessary on the adoption of FRS102.

The date of transition to FRS 102 was 1st March 2015.