Reid Painting & Decorating Limited - Accounts to registrar - small 17.2

Reid Painting & Decorating Limited - Accounts to registrar - small 17.2


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REGISTERED NUMBER: NI045359(Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 March 2017

for

Reid Painting & Decorating Limited

Reid Painting & Decorating Limited (Registered number: NI045359)






Contents of the Financial Statements
for the Year Ended 31 March 2017




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Reid Painting & Decorating Limited

Company Information
for the Year Ended 31 March 2017







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

Reid Painting & Decorating Limited (Registered number: NI045359)

Abridged Statement of Financial Position
31 March 2017

31.3.17 31.3.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 6,000
Property, plant and equipment 5 25,347 28,557
29,347 34,557

CURRENT ASSETS
Inventories 33,128 25,453
Cash at bank - 3,111
33,128 28,564
CREDITORS
Amounts falling due within one year 54,734 53,791
NET CURRENT LIABILITIES (21,606 ) (25,227 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,741

9,330

CREDITORS
Amounts falling due after more than
one year

2,400

4,800
NET ASSETS 5,341 4,530

Reid Painting & Decorating Limited (Registered number: NI045359)

Abridged Statement of Financial Position - continued
31 March 2017

31.3.17 31.3.16
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 5,041 4,230
SHAREHOLDERS' FUNDS 5,341 4,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2017 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 on 16 May 2017and were signed by:





J Reid- Director


Reid Painting & Decorating Limited (Registered number: NI045359)

Notes to the Financial Statements
for the Year Ended 31 March 2017

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 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.

Turnover
Revenue 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 2003, is being amortised evenly over its estimated useful life of five 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.
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9.

Reid Painting & Decorating Limited (Registered number: NI045359)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2016
and 31 March 2017 10,000
AMORTISATION
At 1 April 2016 4,000
Amortisation for year 2,000
At 31 March 2017 6,000
NET BOOK VALUE

At 31 March 2017 4,000
At 31 March 2016 6,000

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 April 2016
and 31 March 2017 59,321
DEPRECIATION
At 1 April 2016 30,764
Charge for year 3,210
At 31 March 2017 33,974
NET BOOK VALUE
At 31 March 2017 25,347
At 31 March 2016 28,557

Reid Painting & Decorating Limited (Registered number: NI045359)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.17 31.3.16
£    £   
Net obligations repayable:
Within one year 2,400 2,400
Between one and five years 2,400 4,800
4,800 7,200