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

REGISTERED NUMBER: NI045359 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2017

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

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

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 2017 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 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 .

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

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