VK Colour Works Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 04924431 (England and Wales)

VK COLOUR WORKS LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs K J Wells

Miss V A Wilkins

SECRETARY:

Mrs K J Wells

REGISTERED OFFICE:

37 Mill Street

Bideford

DEVON

EX39 2JJ

REGISTERED NUMBER:

04924431 (England and Wales)

ACCOUNTANTS:

Jane Maynard Limited

T/A Maynard Johns

37 Mill Street

Bideford

DEVON

EX39 2JJ

FIXED ASSETS

Intangible assets

2

1,280

1,600

Tangible assets

3

8,121

11,292

9,401

12,892

CURRENT ASSETS

Stocks

1,300

480

Debtors

79,040

19,463

Cash at bank

91,203

-

171,543

19,943

CREDITORS

Amounts falling due within one year

(166,543

)

(25,801

)

NET CURRENT ASSETS/(LIABILITIES)

5,000

(5,858

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

14,401

7,034

CREDITORS

Amounts falling due after more than one year

(3,321

)

(5,312

)

PROVISIONS FOR LIABILITIES

(1,114

)

-

NET ASSETS

9,966

1,722

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

9,964

1,720

SHAREHOLDERS' FUNDS

9,966

1,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 July 2016 and were signed on its behalf by:

Miss V A Wilkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where

turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was being amortised evenly over

twenty years. However, in 2016, this was reviewed and the previously unamortised balance is now being amortised evenly

over the remaining estimated useful life of five years.

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

-

50% on reducing balance, 25% on reducing balance and Straight line over 3 years

Stocks

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

items.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only

to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of

deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the

average tax rates that would apply when the timing differences are expected to reverse, based on the tax rates and laws that

have been enacted by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Amounts recoverable on contracts

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after

provisions for contingencies and anticipated future losses on contracts, less amount received as progress payments on

account. Excess progress payments are included in creditors as payments received on account.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

4,000

AMORTISATION

At 1 May 2015

2,400

Amortisation for year

320

At 30 April 2016

2,720

NET BOOK VALUE

At 30 April 2016

1,280

At 30 April 2015

1,600

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

135,238

Additions

5,688

At 30 April 2016

140,926

DEPRECIATION

At 1 May 2015

123,946

Charge for year

8,859

At 30 April 2016

132,805

NET BOOK VALUE

At 30 April 2016

8,121

At 30 April 2015

11,292

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2016 and 30 April 2015:

2016

2015

£

Miss V A Wilkins

Balance outstanding at start of year

-

Amounts advanced

1,513

-

Amounts repaid

(1,513

)

-

Balance outstanding at end of year

-