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REGISTERED NUMBER: 07223534 (England and Wales)















Colourcraft Autos Ltd

Financial Statements

for the Year Ended 30 April 2022






Colourcraft Autos Ltd (Registered number: 07223534)

Contents of the Financial Statements
for the year ended 30 April 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Colourcraft Autos Ltd

Company Information
for the year ended 30 April 2022







Director: J N Merritt





Registered office: Bakers Yard
Grove Road
Chadwell Heath
Romford
Essex
RM6 4UL





Registered number: 07223534 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Colourcraft Autos Ltd (Registered number: 07223534)

Balance Sheet
30 April 2022

2022 2021
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 383,804 163,118
383,804 163,118

Current assets
Stocks 193,401 121,252
Debtors 6 628,081 414,758
Cash at bank and in hand 238,829 522,403
1,060,311 1,058,413
Creditors
Amounts falling due within one year 7 749,281 686,280
Net current assets 311,030 372,133
Total assets less current liabilities 694,834 535,251

Creditors
Amounts falling due after more than one
year

8

(163,889

)

-

Provisions for liabilities 10 (31,282 ) (30,993 )
Net assets 499,663 504,258

Capital and reserves
Called up share capital 11 100 100
Retained earnings 12 499,563 504,158
Shareholders' funds 499,663 504,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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.

Colourcraft Autos Ltd (Registered number: 07223534)

Balance Sheet - continued
30 April 2022


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 October 2023 and were signed by:





J N Merritt - Director


Colourcraft Autos Ltd (Registered number: 07223534)

Notes to the Financial Statements
for the year ended 30 April 2022


1. Statutory information

Colourcraft Autos 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.

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 comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over the life of the lease
Plant and machinery - 20% on reducing balance
Office equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Colourcraft Autos Ltd (Registered number: 07223534)

Notes to the Financial Statements - continued
for the year ended 30 April 2022


2. Accounting policies - continued

Going concern
Following the emergence and spread of the coronavirus (COVID-19) as well as its financial effects on business's worldwide the director has considered its effects on the business of the company and believe there are sufficient funds available for the business to continue.

3. Employees and directors

The average number of employees during the year was 16 (2021 - 19 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 May 2021
and 30 April 2022 69,000
Amortisation
At 1 May 2021
and 30 April 2022 69,000
Net book value
At 30 April 2022 -
At 30 April 2021 -

5. Tangible fixed assets
Short Plant and Motor Office
leasehold machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1 May 2021 35,618 263,708 - 5,854 305,180
Additions 21,655 207,990 41,250 - 270,895
At 30 April 2022 57,273 471,698 41,250 5,854 576,075
Depreciation
At 1 May 2021 35,618 100,590 - 5,854 142,062
Charge for year 361 41,598 8,250 - 50,209
At 30 April 2022 35,979 142,188 8,250 5,854 192,271
Net book value
At 30 April 2022 21,294 329,510 33,000 - 383,804
At 30 April 2021 - 163,118 - - 163,118

Colourcraft Autos Ltd (Registered number: 07223534)

Notes to the Financial Statements - continued
for the year ended 30 April 2022


6. Debtors
2022 2021
£ £
Amounts falling due within one year:
Trade debtors 364,151 269,231
Other debtors 171,577 145,527
535,728 414,758

Amounts falling due after more than one year:
Other debtors 92,353 -

Aggregate amounts 628,081 414,758

7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts (see note 9) 33,333 -
Trade creditors 195,758 118,507
Taxation and social security 428,726 507,277
Other creditors 91,464 60,496
749,281 686,280

8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans (see note 9) 163,889 -

9. Loans

An analysis of the maturity of loans is given below:

2022 2021
£ £
Amounts falling due within one year or on demand:
Bank loans 33,333 -

Amounts falling due between one and two years:
Bank loans - 1-2 years 66,666 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 97,223 -

Colourcraft Autos Ltd (Registered number: 07223534)

Notes to the Financial Statements - continued
for the year ended 30 April 2022


10. Provisions for liabilities
2022 2021
£ £
Deferred tax
Accelerated capital allowances 31,282 30,993

Deferred tax
£
Balance at 1 May 2021 30,993
Provided during year 289
Balance at 30 April 2022 31,282

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
100 Ordinary £1 100 100

12. Reserves
Retained
earnings
£

At 1 May 2021 504,158
Profit for the year 59,405
Dividends (64,000 )
At 30 April 2022 499,563

13. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 April 2022 and 30 April 2021:

2022 2021
£ £
J N Merritt
Balance outstanding at start of year 38,922 64,174
Amounts advanced 19,690 38,922
Amounts repaid (38,922 ) (64,174 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,690 38,922

14. Ultimate controlling party

The ultimate controlling party is J N Merritt.