Park Colour Solutions Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05681852 (England and Wales)

Financial Statements for the Year Ended 31 January 2024

for

Park Colour Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L D Clarke

Mrs J Burrows

REGISTERED OFFICE:

40 Market Place

Belper

Derbyshire

DE56 1FZ

REGISTERED NUMBER:

05681852 (England and Wales)

ACCOUNTANTS:

NRB Accountancy Limited

40 Market Place

Belper

Derbyshire

DE56 1FZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,604

7,471

5,604

7,471

CURRENT ASSETS

Stocks

15,873

12,100

Debtors

6

32,735

33,667

Cash at bank and in hand

5,682

2,682

54,290

48,449

CREDITORS

Amounts falling due within one year

7

19,815

12,807

NET CURRENT ASSETS

34,475

35,642

TOTAL ASSETS LESS CURRENT LIABILITIES

40,079

43,113

CREDITORS

Amounts falling due after more than one year

8

(33,871

)

(36,018

)

PROVISIONS FOR LIABILITIES

(827

)

(1,054

)

NET ASSETS

5,381

6,041

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

5,281

5,941

SHAREHOLDERS' FUNDS

5,381

6,041

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:

L D Clarke - Director

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2023

and 31 January 2024

1

AMORTISATION

At 1 February 2023

and 31 January 2024

1

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2023

and 31 January 2024

111,928

DEPRECIATION

At 1 February 2023

104,457

Charge for year

1,867

At 31 January 2024

106,324

NET BOOK VALUE

At 31 January 2024

5,604

At 31 January 2023

7,471

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Trade debtors

25,712

24,352

Other debtors

7,023

9,315

32,735

33,667

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans and overdrafts

5,556

5,556

Trade creditors

2,312

4,412

Taxation and social security

5,681

(776

)

Other creditors

6,266

3,615

19,815

12,807

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans

33,871

36,018

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,648

13,795

9.	DIRECTORS' 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. Interest of £0.00 (2023: £0.00) has been charged on the loan at the official rate of interest per annum, and the loan is repayable upon demand. At the year end the company owed the director £232 (2023:The director owed the company £2,292) and this amount is included in creditors.

During the year the director, Mrs J Burrows, introduced funds to and withdrew funds from the company by way of a director's loan account. Interest of £0.00 has been charged on the loan at the official rate of interest per annum, and the loan is repayable upon demand. At the year end the company owed the director £4,500 (2023: £2,000) and this amount is included in creditors.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is L D Clarke.