Impress Colour Ltd Small abridged accounts

IMPRESS COLOUR LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Impress Colour Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04986944

Impress Colour Ltd

Filleted Unaudited Abridged Financial Statements

31 December 2017

Impress Colour Ltd

Abridged Financial Statements

Year ended 31 December 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	8

Impress Colour Ltd

Officers and Professional Advisers

Director	M Lear

Company secretary	S Jefferies

Registered office	Unit D2
	Southgate
	Commerce Park
	Frome
	Somerset
	BA11 2RY

Accountants	Berkeley Hall Limited
	Chartered accountant
	Unit D2 Southgate
	Commerce Park
	Frome
	BA11 2RY

Bankers	HSBC
	30 High Street
	Weston Super Mare
	North Somerset
	BS23 1JE

Impress Colour Ltd

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		1,152	–

Current assets

Debtors	16,238		16,885

Creditors: amounts falling due within one year	17,604		15,010
	----------		----------
Net current (liabilities)/assets		( 1,366)	1,875
		--------	--------
Total assets less current liabilities		( 214)	1,875

Creditors: amounts falling due after more than one year	50,000	50,000
	----------	----------
Net liabilities	( 50,214)	( 48,125)
	----------	----------

Impress Colour Ltd

Abridged Statement of Financial Position (continued)

31 December 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 50,216)	( 48,127)
	----------	----------
Shareholders deficit	( 50,214)	( 48,125)
	----------	----------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , and are signed on behalf of the board by:

M Lear
Director

Company registration number: 04986944

Impress Colour Ltd

Notes to the Abridged Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D2, Southgate, Commerce Park, Frome, Somerset, BA11 2RY.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(i) Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

(ii) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(iii) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(iv) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Office equipment	-	33% straight line

(v) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(vi) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	£
Cost
At 1 January 2017	–
Additions	1,728
	--------
At 31 December 2017	1,728
	--------
Depreciation
At 1 January 2017	–
Charge for the year	576
	--------
At 31 December 2017	576
	--------
Carrying amount
At 31 December 2017	1,152
	--------
At 31 December 2016	–
	--------

5. Related party transactions

The company has been under the control of M Lear throughout the current and previous financial period. Mr Lear is the sole director and owns 50% of the issued share capital. No material transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard FRS102.

Impress Colour Ltd

Management Information

Year ended 31 December 2017

The following pages do not form part of the abridged financial statements.

Impress Colour Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Impress Colour Ltd

Year ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Impress Colour Ltd for the year ended 31 December 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Berkeley Hall Limited Chartered accountant

Unit D2 Southgate Commerce Park Frome BA11 2RY

28 September 2018