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REGISTERED NUMBER: 04619680 (England and Wales)










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: Mr S Hall





REGISTERED OFFICE: Unit 11 Whalley Business Park
Clitheroe Road
Barrow
Lancashire
BB7 9WP





REGISTERED NUMBER: 04619680 (England and Wales)





ACCOUNTANTS: DSM CA LTD
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 2,054 2,416

CURRENT ASSETS
Stocks 5 93,029 103,365
Debtors 6 6,714 14,907
Cash at bank and in hand 539 2,664
100,282 120,936
CREDITORS
Amounts falling due within one year 7 (38,877 ) (22,206 )
NET CURRENT ASSETS 61,405 98,730
TOTAL ASSETS LESS CURRENT
LIABILITIES

63,459

101,146

CREDITORS
Amounts falling due after more than one year 8 (40,090 ) (46,552 )

PROVISIONS FOR LIABILITIES 10 - (1,476 )
NET ASSETS 23,369 53,118

CAPITAL AND RESERVES
Called up share capital 18,010 18,010
Retained earnings 5,359 35,108
23,369 53,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 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 4 October 2023 and were signed by:





Mr S Hall - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 classDepreciation method and rate
Fixtures and fittings 15% on reducing balance
Office equipment15% on reducing balance
Motor vehicles25% 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 2 (2022 - 2 ) .

4. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 7,342 980 8,322
DEPRECIATION
At 1 April 2022 5,590 316 5,906
Charge for year 263 99 362
At 31 March 2023 5,853 415 6,268
NET BOOK VALUE
At 31 March 2023 1,489 565 2,054
At 31 March 2022 1,752 664 2,416

5. Stocks
2023 2022
£    £   
Stocks 93,029 103,365

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 5,365 12,959
Rent deposit 1,198 1,198
Prepayments 151 750
6,714 14,907

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) 13,919 13,919
Trade creditors 3,817 5,220
Pension payable - 20
Social security and other tax 327 (805 )
VAT 1,630 2,646
Wages control account 485 724
Directors' current accounts 17,766 291
Accrued expenses 933 191
38,877 22,206

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 9) 40,090 46,552

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 5,586 5,586
Bank loans 2 8,333 8,333
13,919 13,919

Amounts falling due between one and two years:
Bank loans - 1-2 years 4,682 5,586
Bank loan 2 (1-2 yrs) 8,333 8,333
13,015 13,919

Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,394
Bank loan 2 (2-5 yrs) 27,075 29,239
27,075 32,633

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 1,476
Credit to Statement of Profit and Loss and Retained Earnings during year (1,476 )
Balance at 31 March 2023 -