Paintline Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC262391 (Scotland)

Financial Statements

For The Year Ended 28 February 2018

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

430,702

409,826

430,702

409,826

CURRENT ASSETS

Stocks

258,059

230,725

Debtors

6

647,881

604,293

Investments

7

25,543

24,804

Cash at bank and in hand

221,747

464,233

1,153,230

1,324,055

CREDITORS

Amounts falling due within one year

8

770,263

871,089

NET CURRENT ASSETS

382,967

452,966

TOTAL ASSETS LESS CURRENT LIABILITIES

813,669

862,792

CREDITORS

Amounts falling due after more than one year

9

(204,613

)

(211,563

)

PROVISIONS FOR LIABILITIES

(24,264

)

(19,968

)

NET ASSETS

584,792

631,261

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

10

10,543

9,804

Retained earnings

573,249

620,457

584,792

631,261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2018 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.

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 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, 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

-

2% 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 30 (2017 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2017

and 28 February 2018

87,500

AMORTISATION

At 1 March 2017

and 28 February 2018

87,500

NET BOOK VALUE

At 28 February 2018

-

At 28 February 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2017

322,900

245,759

568,659

Additions

-

89,202

89,202

Disposals

-

(23,500

)

(23,500

)

At 28 February 2018

322,900

311,461

634,361

DEPRECIATION

At 1 March 2017

12,916

145,917

158,833

Charge for year

6,458

48,649

55,107

Eliminated on disposal

-

(10,281

)

(10,281

)

At 28 February 2018

19,374

184,285

203,659

NET BOOK VALUE

At 28 February 2018

303,526

127,176

430,702

At 28 February 2017

309,984

99,842

409,826

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

Plant and

machinery

etc

£

COST

At 1 March 2017

54,795

Additions

52,705

Transfer to ownership

(11,500

)

At 28 February 2018

96,000

DEPRECIATION

At 1 March 2017

23,663

Charge for year

7,783

Transfer to ownership

(6,648

)

At 28 February 2018

24,798

NET BOOK VALUE

At 28 February 2018

71,202

At 28 February 2017

31,132

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade debtors

632,285

601,793

Other debtors

15,596

2,500

647,881

604,293

7.	CURRENT ASSET INVESTMENTS

28.2.18

28.2.17

£

£

Listed investments

25,543

24,804

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Bank loans and overdrafts

27,120

23,450

Hire purchase contracts

21,257

10,584

Trade creditors

611,345

635,048

Taxation and social security

48,290

79,102

Other creditors

62,251

122,905

770,263

871,089

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.18

28.2.17

£

£

Bank loans

166,029

191,232

Hire purchase contracts

38,584

20,331

204,613

211,563

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 yr by instal

57,549

84,669

10.

RESERVES

Fair

value

reserve

£

At 1 March 2017

9,804

Fair value adjustment

739

At 28 February 2018

10,543