Reid Painting & Decorating Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI045359 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Reid Painting & Decorating Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Reid

SECRETARY:

Mrs M P Reid

REGISTERED OFFICE:

18 Market Road

Ballymena

BT43 6EL

REGISTERED NUMBER:

NI045359 (Northern Ireland)

ACCOUNTANTS:

J A McNicholl & Company Limited

18 Market Road

Ballymena

BT43 6EL

BANKERS:

First Trust Bank

78 Wellington Street

Ballymena

BT43 6AF

FIXED ASSETS

Property, plant and equipment

4

17,360

21,173

CURRENT ASSETS

Inventories

2,271

8,016

Debtors

2,673

2,081

4,944

10,097

CREDITORS

Amounts falling due within one year

31,643

34,778

NET CURRENT LIABILITIES

(26,699

)

(24,681

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,339

)

(3,508

)

CREDITORS

Amounts falling due after more than one year

5

18,721

20,000

NET LIABILITIES

(28,060

)

(23,508

)

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

(28,360

)

(23,808

)

SHAREHOLDERS' FUNDS

(28,060

)

(23,508

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 27 May 2022 and were signed by:

J Reid - Director

1.	STATUTORY INFORMATION

Reid Painting & Decorating Limited is a private company, limited by shares , registered in Northern Ireland. 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 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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

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 3 (2021 - 6 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 April 2021

49,625

Disposals

(12,400

)

At 31 March 2022

37,225

DEPRECIATION

At 1 April 2021

28,452

Charge for year

1,213

Eliminated on disposal

(9,800

)

At 31 March 2022

19,865

NET BOOK VALUE

At 31 March 2022

17,360

At 31 March 2021

21,173

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.22

31.3.21

£

£

Repayable otherwise than by instalments

Loan Account

18,721

20,000