N B Colour Print Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02645064 (England and Wales)

N B Colour Print Limited

Unaudited Financial Statements

For The Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Nelson

R Nelson

Mrs T R Nelson

SECRETARY:

P Morris

REGISTERED OFFICE:

Fellery Street

Chorley

Lancashire

PR7 1EH

REGISTERED NUMBER:

02645064 (England and Wales)

ACCOUNTANTS:

Lloyd Piggott Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Intangible assets

4

-

3,019

Tangible assets

5

669,982

749,241

669,982

752,260

CURRENT ASSETS

Stocks

17,835

15,879

Debtors

6

251,755

310,031

Cash at bank and in hand

44,791

4,409

314,381

330,319

CREDITORS

Amounts falling due within one year

7

329,637

496,008

NET CURRENT LIABILITIES

(15,256

)

(165,689

)

TOTAL ASSETS LESS CURRENT LIABILITIES

654,726

586,571

CREDITORS

Amounts falling due after more than one year

8

(225,108

)

(136,957

)

PROVISIONS FOR LIABILITIES

(62,018

)

(74,846

)

NET ASSETS

367,600

374,768

CAPITAL AND RESERVES

Called up share capital

54,733

54,733

Share premium

8,766

8,766

Capital redemption reserve

27,500

27,500

Retained earnings

276,601

283,769

367,600

374,768

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 March 2020 and were signed on its behalf by:

R Nelson - Director

1.	STATUTORY INFORMATION

N B Colour Print 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the

costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at

cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition

date where it is probable that the expected future economic benefits that are attributable to the asset will flow to

the entity and the fair value of the asset can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their

useful lives on the following bases:

Software 25% Straight Line

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

20% on cost

Plant and machinery

-

8% to 25% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset, and is credited or charged to profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable

assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are

incurred. Grants relating to an asset are recognised in income systematically over the assets's expected useful life.

If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's

carrying amount.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred

in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories

over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or

loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company only has financial assets (debtors, cash and bank balances) and liabilities (creditors, directors loan

accounts and accruals) of a kind that qualify as basic financial instruments. They are initially recognised at

transaction value and subsequently measured at their settlement value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profits for the year. Taxable profit differs from net profit as

reported in the income statement because it excludes items of income or expense that are taxable or deductible in

other years and it further excludes items that are never taxable or deductible. The company's liability for current

tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised

to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill

or from the initial recognition of other assets and liabilities in a transaction that affects neither tax profit nor the

accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it

is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be

recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is

settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates

to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current

tax assets and liabilities and the deferred tax assets and liabilities relate to tax levied by the same tax authority.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and

rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of

inception and the present value of the minimum lease payments. The related liability is included in the statement

of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest

elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the

remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a

straight line basis over the term of the relevant lease except where another more systematic basis is more

representative of the time pattern in which economic benefits from the leases asset are consumed.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset for which the estimates of future

cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,

the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating

unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount

does not exceed the carrying amount that would have been determined had no impairment loss been recognised

for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately

in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the

impairment loss is treated as a revaluation increase.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

and 31 December 2019

22,178

AMORTISATION

At 1 January 2019

19,159

Charge for year

3,019

At 31 December 2019

22,178

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

3,019

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

350,851

1,419,269

1,770,120

Additions

-

20,077

20,077

Disposals

-

(21,597

)

(21,597

)

At 31 December 2019

350,851

1,417,749

1,768,600

DEPRECIATION

At 1 January 2019

81,637

939,242

1,020,879

Charge for year

6,811

92,525

99,336

Eliminated on disposal

-

(21,597

)

(21,597

)

At 31 December 2019

88,448

1,010,170

1,098,618

NET BOOK VALUE

At 31 December 2019

262,403

407,579

669,982

At 31 December 2018

269,214

480,027

749,241

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

230,540

283,455

Other debtors

21,215

26,576

251,755

310,031

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

15,951

15,563

Hire purchase contracts

78,040

91,136

Trade creditors

167,745

199,667

Taxation and social security

27,593

21,781

Other creditors

40,308

167,861

329,637

496,008

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

35,888

50,580

Hire purchase contracts

7,092

74,710

Other creditors

182,128

11,667

225,108

136,957

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

69,600

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

85,132

165,846

A fixed and floating debenture (issued on 3 January 1992) is held as security by the Royal Bank of Scotland Plc.

Hire purchase creditor (due within one year) of £78,040; (due after one year) of £7,092 is secured against the

assets to which the agreement relates.

10.	OTHER FINANCIAL COMMITMENTS

Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents

contributions payable by the company to the scheme and amounted to £17,050 (2018 - £37,154).

Contributions totalling £4,067 (2018 - £4,694) were payable to the scheme at the end of the year and are

included in creditors.

Operating Leases

At the reporting end date the company had outstanding commitments for future minimum lease payments under

non-cancellable operating leases, as follows:

2019 2018

£ £

4,54125,669

11.	RELATED PARTY DISCLOSURES

Mrs TR Nelson who is a director of the company loaned the company £70,000 during the year. This loan will be

repaid within 5 years and interest will be applied accordingly.