Colourxpress Limited - Period Ending 2016-08-31

 
 
 
 
 
 
 
  Colourxpress Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 August 2016
 
  Company Registration Number: 05248233

Colourxpress Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Colourxpress Limited
Abbreviated Balance Sheet
31 August 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					11,105			14,505
Tangible fixed assets					618,105			505,966
					629,210			520,471
Current assets
Stocks					27,250			22,478
Debtors					145,586			188,856
Investments					180			-
Cash at bank and in hand					79,320			409
					252,336			211,743
Creditors: Amounts falling due within one year					(335,543)			(281,919)
Net current liabilities					(83,207)			(70,176)
Total assets less current liabilities					546,003			450,295
Creditors: Amounts falling due after more than one year					(164,543)			(100,921)
Provisions for liabilities					(78,288)			(67,293)
Net assets					303,172			282,081
Capital and reserves
Called up share capital		4			100			2
Profit and loss account					303,072			282,079
Shareholders' funds					303,172			282,081

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 9 February 2017

Mr M P Corran
 Director

Company Registration Number: 05248233

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Colourxpress Limited
Notes to the Abbreviated Accounts
Year Ended 31 August 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	5% reducing balance
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	33% straight line basis
Computer equipment	25% reducing balance

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 2

Colourxpress Limited
Notes to the Abbreviated Accounts
Year Ended 31 August 2016 ......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		34,000			792,840			826,840
Additions		-			323,504			323,504
Disposals		-			(145,185)			(145,185)
At 31 August 2016		34,000			971,159			1,005,159
Depreciation
At 1 September 2015		19,495			286,874			306,369
Charge for the year		3,400			127,667			131,067
Eliminated on disposals		-			(61,487)			(61,487)
At 31 August 2016		22,895			353,054			375,949
Net book value
At 31 August 2016		11,105			618,105			629,210
At 31 August 2015		14,505			505,966			520,471

Page 3

Colourxpress Limited
Notes to the Abbreviated Accounts
Year Ended 31 August 2016 ......... continued

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Prestige Packaging Limited	England and Wales	Ordinary & A Ordinary	90.00%	that of a dormant company

The profit for the financial period of Prestige Packaging Limited was £0 and the aggregate amount of capital and reserves at the end of the period was £200.

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		56,672			11,123
Amounts falling due after more than one year		164,543			100,921
Total secured creditors		221,215			112,044

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			2			2

New shares allotted

During the year 98 Ordinary shares having an aggregate nominal value of £98 were allotted for an aggregate consideration of £98.

Page 4