Colour Inc Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04589874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2019

for

Colour Inc Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K Drake

P M Drake

SECRETARY:

P M Drake

REGISTERED OFFICE:

Unit 9

Basingstoke Business Centre

Winchester Road

Basingstoke

Hampshire

RG22 4AU

REGISTERED NUMBER:

04589874 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

21,383

33,248

21,383

33,248

CURRENT ASSETS

Stocks

9,177

8,708

Debtors

6

31,009

32,984

Cash at bank and in hand

109,412

82,482

149,598

124,174

CREDITORS

Amounts falling due within one year

7

33,018

71,805

NET CURRENT ASSETS

116,580

52,369

TOTAL ASSETS LESS CURRENT LIABILITIES

137,963

85,617

PROVISIONS FOR LIABILITIES

9

3,775

6,017

NET ASSETS

134,188

79,600

CAPITAL AND RESERVES

Called up share capital

10

81

81

Capital redemption reserve

20

20

Retained earnings

134,087

79,499

SHAREHOLDERS' FUNDS

134,188

79,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 17 April 2019 and were signed on its behalf by:

Mrs K Drake - Director

1.	STATUTORY INFORMATION

Colour Inc Limited is a private company, limited by shares , registered in England and Wales. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been

amortised evenly over its estimated useful life of ten 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

-

25% on cost

Fixtures and fittings

-

33% on cost and 25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs.

Subsequently they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at

each balance sheet date. The directors review the carrying amount of the relevant assets and compare

them to their market values and recoverable amounts. Where the carrying amount exceeds this, an

impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where

the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2018

and 31 January 2019

75,000

AMORTISATION

At 1 February 2018

and 31 January 2019

75,000

NET BOOK VALUE

At 31 January 2019

-

At 31 January 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2018

86,199

8,529

9,275

104,003

Additions

2,320

-

-

2,320

At 31 January 2019

88,519

8,529

9,275

106,323

DEPRECIATION

At 1 February 2018

57,324

6,474

6,957

70,755

Charge for year

10,330

1,537

2,318

14,185

At 31 January 2019

67,654

8,011

9,275

84,940

NET BOOK VALUE

At 31 January 2019

20,865

518

-

21,383

At 31 January 2018

28,875

2,055

2,318

33,248

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade debtors

21,606

24,905

Other debtors

9,403

8,079

31,009

32,984

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Trade creditors

1,402

9,684

Taxation and social security

29,438

20,078

Other creditors

2,178

42,043

33,018

71,805

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.19

31.1.18

£

£

Within one year

14,850

2,383

Between one and five years

48,263

-

63,113

2,383

9.	PROVISIONS FOR LIABILITIES

31.1.19

31.1.18

£

£

Deferred tax

3,775

6,017

Deferred

tax

£

Balance at 1 February 2018

6,017

Accelerated capital allowances

(2,242

)

Balance at 31 January 2019

3,775

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

1

Ordinary B

£1

1

1

Allotted and issued:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

80

Ordinary A

£1

80

80

11.	RELATED PARTY DISCLOSURES

During the year the company made loan repayments totalling £40,000 to the directors. At the year end

the balance due to the directors was £Nil (2018: £40,000).