Park Colour Solutions Limited - Accounts to registrar (filleted) - small 18.2

Park Colour Solutions Limited - Accounts to registrar (filleted) - small 18.2

PARK COLOUR SOLUTIONS LIMITED - Company Information

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REGISTERED NUMBER: 05681852 (England and Wales)










Financial Statements for the Year Ended 31 January 2021

for

Park Colour Solutions Limited
Park Colour Solutions Limited (Registered number: 05681852)






Contents of the Financial Statements
for the Year Ended 31 January 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Park Colour Solutions Limited

Company Information
for the Year Ended 31 January 2021







DIRECTOR: L D Clarke





SECRETARY: Mrs L Clarke





REGISTERED OFFICE: 33a High Street
Belper
Derbyshire
DE56 1GF





REGISTERED NUMBER: 05681852 (England and Wales)





ACCOUNTANTS: NRB Accountancy Limited
33A High Street
Belper
Derbyshire
DE56 1GF
Page 1
Park Colour Solutions Limited (Registered number: 05681852)

Balance Sheet
31 January 2021

31.1.21 31.1.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 6,196 7,863
6,196 7,863

CURRENT ASSETS
Stocks 6,500 9,500
Debtors 6 36,027 39,922
Cash at bank 36,064 12,377
78,591 61,799
CREDITORS
Amounts falling due within one year 7 33,049 53,853
NET CURRENT ASSETS 45,542 7,946
TOTAL ASSETS LESS CURRENT
LIABILITIES
51,738
15,809

CREDITORS
Amounts falling due after more than one year 8 (50,000 ) -

PROVISIONS FOR LIABILITIES (651 ) (968 )
NET ASSETS 1,087 14,841

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 987 14,741
SHAREHOLDERS' FUNDS 1,087 14,841

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 notes form part of these financial statements

Page 2 continued...
Park Colour Solutions Limited (Registered number: 05681852)

Balance Sheet - continued
31 January 2021


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 director and authorised for issue on 8 June 2021 and were signed by:





L D Clarke - Director


The notes form part of these financial statements

Page 3
Park Colour Solutions Limited (Registered number: 05681852)

Notes to the Financial Statements
for the Year Ended 31 January 2021

1. STATUTORY INFORMATION

Park Colour Solutions 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 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Page 4 continued...
Park Colour Solutions Limited (Registered number: 05681852)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2020
and 31 January 2021 1
AMORTISATION
At 1 February 2020
and 31 January 2021 1
NET BOOK VALUE
At 31 January 2021 -
At 31 January 2020 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2020 104,556
Additions 399
At 31 January 2021 104,955
DEPRECIATION
At 1 February 2020 96,693
Charge for year 2,066
At 31 January 2021 98,759
NET BOOK VALUE
At 31 January 2021 6,196
At 31 January 2020 7,863

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.21 31.1.20
£    £   
Trade debtors 18,943 32,137
Other debtors 17,084 7,785
36,027 39,922

Page 5 continued...
Park Colour Solutions Limited (Registered number: 05681852)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.21 31.1.20
£    £   
Trade creditors 2,343 11,474
Taxation and social security 19,836 26,451
Other creditors 10,870 15,928
33,049 53,853

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.21 31.1.20
£    £   
Bank loans 50,000 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 50,000 -

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director, Mr L D Clarke, introduced funds to and withdrew funds from the company by way of a director's loan account. At the year end the director owed the company £6.760 (2020: the company owed the director £5,098) and this amount is included in debtors.

10. RELATED PARTY DISCLOSURES

During the year the company lent funds to Thomas Bradley Investments Limited, a company registered in England and Wales in which the director, Mr L D Clarke, has a material interest. The loan was interest free and the amount of £4,433 was written off during the year.

During the year the company lent funds from EM2 Developments Limited, a company registered in England and Wales in which the director, Mr L D Clarke, has a material interest. The loan was interest free and the amount of £10,131 was written off during the year.

11. ULTIMATE CONTROLLING PARTY

The controlling party is L D Clarke.

Page 6