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Registered Number 01243009

KEYPAINT LIMITED

Abbreviated Accounts

30 September 2016

KEYPAINT LIMITED Registered Number 01243009

Abbreviated Balance Sheet as at 30 September 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 1 1
Tangible assets 3 21,951 18,088
21,952 18,089
Current assets
Stocks 76,353 79,132
Debtors 146,996 160,209
Cash at bank and in hand 24,653 44,616
248,002 283,957
Creditors: amounts falling due within one year (257,547) (181,840)
Net current assets (liabilities) (9,545) 102,117
Total assets less current liabilities 12,407 120,206
Provisions for liabilities (4,390) (3,618)
Total net assets (liabilities) 8,017 116,588
Capital and reserves
Called up share capital 4 6,000 6,000
Other reserves 48,018 48,018
Profit and loss account (46,001) 62,570
Shareholders' funds 8,017 116,588
  • For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 13 December 2016

And signed on their behalf by:
C Boakes, Director

KEYPAINT LIMITED Registered Number 01243009

Notes to the Abbreviated Accounts for the period ended 30 September 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold properties - Straight line over the period of the lease
Plant & machinery - 10% straight line
Fixtures, fittings & equipment - 20% straight line
Motor vehicles - 25% straight line

Valuation information and policy
Stock is valued at the lower of cost and net realisable value.

Other accounting policies
Deferred tax. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

2Intangible fixed assets
£
Cost
At 1 October 2015 39,602
Additions -
Disposals -
Revaluations -
Transfers -
At 30 September 2016 39,602
Amortisation
At 1 October 2015 39,601
Charge for the year -
On disposals -
At 30 September 2016 39,601
Net book values
At 30 September 2016 1
At 30 September 2015 1
3Tangible fixed assets
£
Cost
At 1 October 2015 105,555
Additions 16,341
Disposals (9,772)
Revaluations -
Transfers -
At 30 September 2016 112,124
Depreciation
At 1 October 2015 87,467
Charge for the year 11,041
On disposals (8,335)
At 30 September 2016 90,173
Net book values
At 30 September 2016 21,951
At 30 September 2015 18,088
4Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
6,000 Ordinary shares of £1 each 6,000 6,000