REGISTERED NUMBER: |
Colorlogic (UK) Ltd |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Colorlogic (UK) Ltd |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Colorlogic (UK) Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Station House |
Station Road |
Whalley |
Clitheroe |
Lancashire |
BB7 9RT |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
Colorlogic (UK) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
DEPRECIATION |
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
Asset class | Depreciation method and rate |
Fixtures and fittings | 15% on reducing balance |
Office equipment | 15% on reducing balance |
Motor vehicles | 25% on reducing balance |
STOCKS |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
CASH AND CASH EQUIVALENTS |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | Accounting policies - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss 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. |
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. |
TRADE DEBTORS |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
TRADE CREDITORS |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | Accounting policies - continued |
BORROWINGS |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Rent deposit |
Prepayments |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Pension payable | - | 20 |
Social security and other tax | ( |
) |
VAT | 1,630 | 2,646 |
Wages control account | 485 | 724 |
Directors' current accounts | 17,766 | 291 |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
9. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Bank loans 2 | 8,333 | 8,333 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Bank loan 2 (1-2 yrs) | 8,333 | 8,333 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bank loan 2 (2-5 yrs) | 27,075 | 29,239 |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Other timing differences | - | 1,476 |
Colorlogic (UK) Ltd (Registered number: 04619680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Statement of Profit and Loss and Retained Earnings during year | ( |
) |
Balance at 31 March 2023 |