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Registration number: 05610309

Colour Data UK LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2022

 

Colour Data UK LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Colour Data UK LTD

Company Information

Director

Mr Philip Stephen Carlyn

Registered office

Unit 7, Hyders Farm,
CRAWLEY
West Sussex
RH11 0NY

Accountants

DF Accountants Limited
23 Hansom Way,
Pease Pottage
Crawley
West Sussex
RH119GQ

 

Colour Data UK LTD

(Registration number: 05610309)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

3,119

7,043

Current assets

 

Stocks

5

30,000

30,000

Debtors

6

310,915

310,847

Cash at bank and in hand

 

96,574

23,145

 

437,489

363,992

Creditors: Amounts falling due within one year

7

(149,997)

(181,694)

Net current assets

 

287,492

182,298

Total assets less current liabilities

 

290,611

189,341

Creditors: Amounts falling due after more than one year

7

(75,727)

(86,405)

Net assets

 

214,884

102,936

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

214,883

102,935

Shareholders' funds

 

214,884

102,936

For the financial year ending 31 October 2022 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr Philip Stephen Carlyn
Director

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in United kingdom.

The address of its registered office is:
Unit 7, Hyders Farm,
CRAWLEY
West Sussex
RH11 0NY
England

These financial statements were authorised for issue by the director on 19 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible 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

Plant and Machinery

3 Years - Straight Line

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.

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.

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.

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2021 - 5).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2021

105,613

105,613

Additions

1,711

1,711

At 31 October 2022

107,324

107,324

Depreciation

At 1 November 2021

98,570

98,570

Charge for the year

5,635

5,635

At 31 October 2022

104,205

104,205

Carrying amount

At 31 October 2022

3,119

3,119

At 31 October 2021

7,043

7,043

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £Nil (2021 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

30,000

30,000

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

54,365

25,076

Amounts owed by related parties

11

250,010

275,010

Prepayments

 

375

950

Other debtors

 

6,165

9,811

   

310,915

310,847

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

11,096

18,392

Trade creditors

 

90,320

71,523

Taxation and social security

 

36,156

81,576

Accruals and deferred income

 

1,400

7,613

Other creditors

 

11,025

2,590

 

149,997

181,694

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

75,727

86,405

8

Share capital

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

69,977

80,651

Hire purchase contracts

5,750

5,754

75,727

86,405

2022
£

2021
£

Current loans and borrowings

Bank borrowings

11,096

14,564

Hire purchase contracts

-

3,828

11,096

18,392

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

10

Dividends

   

2022

 

2021

   

£

 

£

Final dividend of £1.00 (2021 - £1.00) per ordinary share

 

-

 

-

Interim dividend of £1.00 (2021 - £1.00) per ordinary share

 

-

 

2,422,000

   

-

 

2,422,000

         

11

Related party transactions

 

Colour Data UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

10,542

12,276