Elite Painters And Decorators Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC496903 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Elite Painters And Decorators Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr James Nichol

REGISTERED OFFICE:

43/2 Deanhaugh Street

Edinburgh

Scotland

EH4 1LR

REGISTERED NUMBER:

SC496903 (Scotland)

ACCOUNTANTS:

Facts & Figures (Scotland) Limited

4 Polwarth Gardens

Edinburgh

EH11 1LW

FIXED ASSETS

Tangible assets

4

3,169

4,494

CURRENT ASSETS

Stocks

5

8,620

7,341

Debtors

6

2,735

920

Cash at bank

6,497

7,787

17,852

16,048

CREDITORS

Amounts falling due within one year

7

20,720

20,442

NET CURRENT LIABILITIES

(2,868

)

(4,394

)

TOTAL ASSETS LESS CURRENT LIABILITIES

301

100

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

201

-

SHAREHOLDERS' FUNDS

301

100

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 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.

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 20 November 2017 and were signed by:

Mr James Nichol - Director

1.	STATUTORY INFORMATION

Elite Painters And Decorators Ltd 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.

Turnover

Turnover 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

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stocks to their present location and condition.

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 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 29 February 2016

and 28 February 2017

5,300

DEPRECIATION

At 29 February 2016

806

Charge for year

1,325

At 28 February 2017

2,131

NET BOOK VALUE

At 28 February 2017

3,169

At 28 February 2016

4,494

5.

STOCKS

2017

2016

£

£

Work-in-progress

8,620

7,341

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,735

920

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

7,138

5,948

Social security and other taxes

1,485

3,233

VAT

6,139

3,921

Directors' loan accounts

5,958

7,340

20,720

20,442

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

Profit for the year

24,201

Dividends

(24,000

)

At 28 February 2017

201

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended

28 February 2017 and the period ended 28 February 2016:

2017

2016

£

£

Mr James Nichol

Balance outstanding at start of year

(7,340

)

-

Amounts advanced

30,501

32,930

Amounts repaid

(29,119

)

(40,270

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,958

)

(7,340

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr James Nichol.

12.	FIRST YEAR ADOPTION

These financial statements for the year-ended 28 February 2017 are the first financial

statements of Elite Painters and Decorators Ltd that comply with FRS 102 The Financial

Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to

FRS 102 was 1 March 2015.

The transition to FRS 102 has resulted in no changes in accounting policies compared to

those used previously.