Colour Inc Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04589874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2024

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

88,752

67,265

88,752

67,265

CURRENT ASSETS

Stocks

10,022

10,191

Debtors

6

122,021

87,943

Cash at bank and in hand

27,864

78,277

159,907

176,411

CREDITORS

Amounts falling due within one year

7

68,829

51,410

NET CURRENT ASSETS

91,078

125,001

TOTAL ASSETS LESS CURRENT LIABILITIES

179,830

192,266

CREDITORS

Amounts falling due after more than one year

8

(19,389

)

(6,312

)

PROVISIONS FOR LIABILITIES

11

(18,531

)

(12,780

)

NET ASSETS

141,910

173,174

CAPITAL AND RESERVES

Called up share capital

12

81

81

Capital redemption reserve

20

20

Retained earnings

141,809

173,073

SHAREHOLDERS' FUNDS

141,910

173,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 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 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.

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 Statement of Income and Retained Earnings, 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 8 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2023

and 31 January 2024

75,000

AMORTISATION

At 1 February 2023

and 31 January 2024

75,000

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2023

156,631

18,160

9,275

184,066

Additions

54,299

7,126

-

61,425

At 31 January 2024

210,930

25,286

9,275

245,491

DEPRECIATION

At 1 February 2023

94,294

13,232

9,275

116,801

Charge for year

36,513

3,425

-

39,938

At 31 January 2024

130,807

16,657

9,275

156,739

NET BOOK VALUE

At 31 January 2024

80,123

8,629

-

88,752

At 31 January 2023

62,337

4,928

-

67,265

The obligations under hire purchase agreements are secured against the items of plant and machinery to which they relate that have a carrying value of £37,500 (2023: £Nil).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Trade debtors

82,820

78,886

Other debtors

39,201

9,057

122,021

87,943

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans and overdrafts

3,522

19,138

Hire purchase contracts (see note 9)

16,555

-

Trade creditors

3,776

4,908

Taxation and social security

42,576

15,809

Other creditors

2,400

11,555

68,829

51,410

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans

-

6,312

Hire purchase contracts (see note 9)

19,389

-

19,389

6,312

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.24

31.1.23

£

£

Net obligations repayable:

Within one year

16,555

-

Between one and five years

19,389

-

35,944

-

Non-cancellable

operating leases

31.1.24

31.1.23

£

£

Within one year

19,032

3,713

Between one and five years

61,232

-

80,264

3,713

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.24

31.1.23

£

£

Bank loans

3,522

25,450

Hire purchase contracts

35,944

-

39,466

25,450

The loan is secured by a personal guarantee from the directors.

11.	PROVISIONS FOR LIABILITIES

31.1.24

31.1.23

£

£

Deferred tax

18,531

12,780

Deferred

tax

£

Balance at 1 February 2023

12,780

Accelerated capital allowances

5,751

Balance at 31 January 2024

18,531

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.24

31.1.23

value:

£

£

1

Ordinary B

£1

1

1

Allotted and issued:

Number:

Class:

Nominal

31.1.24

31.1.23

value:

£

£

80

Ordinary A

£1

80

80