Registered number
04384938
Color-Chem (Europe) Limited
Filleted Accounts
31 March 2023
Color-Chem (Europe) Limited
Registered number: 04384938
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 991 1,238
Current assets
Stocks 26,214 83,704
Debtors 4 618,594 341,416
Cash at bank and in hand 23,902 259,983
668,710 685,103
Creditors: amounts falling due within one year 5 (52,730) (126,858)
Net current assets 615,980 558,245
Total assets less current liabilities 616,971 559,483
Creditors: amounts falling due after more than one year 6 (87,300) (95,100)
Net assets 529,671 464,383
Capital and reserves
Called up share capital 150 150
Profit and loss account 529,521 464,233
Shareholders' funds 529,671 464,383
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Thomas Abraham
Director
Approved by the board on 19 October 2023
Color-Chem (Europe) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 3,650
At 31 March 2023 3,650
Depreciation
At 1 April 2022 2,412
Charge for the year 247
At 31 March 2023 2,659
Net book value
At 31 March 2023 991
At 31 March 2022 1,238
4 Debtors 2023 2022
£ £
Trade debtors 269,086 -
Other debtors 349,508 341,416
618,594 341,416
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,728 739
Trade creditors 12,663 12,070
Corporation tax 15,406 22,462
Other taxes and social security costs 138 5,433
Other creditors 22,795 86,154
52,730 126,858
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 87,300 95,100
7 Related party transactions 2023 2022
£ £
TRV PROPERTIES LTD
Both companies have common directors and shareholders. The company has given a loan of £338,863 to TRV PROPERTIES LTD, Included within other debtors. 338,863 338,863
8 Other information
Color-Chem (Europe) Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Chestnut Avenue
Leicester
LE2 5JH
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