Registered number
03930851
Colourtech Limited
Report and Accounts
31 March 2023
Colourtech Limited
Registered number: 03930851
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,396 10,432
Current assets
Stocks 10,000 8,000
Debtors 4 60,786 81,718
Cash at bank and in hand 81,061 156,594
151,847 246,312
Creditors: amounts falling due within one year 5 (97,083) (151,104)
Net current assets 54,764 95,208
Total assets less current liabilities 64,160 105,640
Creditors: amounts falling due after more than one year 6 (21,667) (31,667)
Provisions for liabilities (1,785) (1,982)
Net assets 40,708 71,991
Capital and reserves
Called up share capital 2 2
Profit and loss account 40,706 71,989
Shareholders' funds 40,708 71,991
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.
T Moore
Director
Approved by the board on 17 October 2023
Colourtech 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% - 33% straight line
Motor vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 67,200 26,350 93,550
Additions 2,394 - 2,394
At 31 March 2023 69,594 26,350 95,944
Depreciation
At 1 April 2022 64,975 18,143 83,118
Charge for the year 1,628 1,802 3,430
At 31 March 2023 66,603 19,945 86,548
Net book value
At 31 March 2023 2,991 6,405 9,396
At 31 March 2022 2,225 8,207 10,432
4 Debtors 2023 2022
£ £
Trade debtors 53,409 76,461
Other debtors 7,377 5,257
60,786 81,718
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 3,803
Trade creditors 17,297 18,429
Corporation tax 5,396 20,803
Other taxes and social security costs 17,631 25,719
Other creditors 46,759 72,350
97,083 151,104
The aggregate amount of creditors for which security has been given amounted to £Nil (2022-£3803)
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 14,898 10,256
8 Related party transactions
Included in other creditors is an amount of £45,307 (2022 - £67,030) owed to the director as at the year end. This amount is undated, unsecured, interest free and repayable on demand.
9 Other information
Colourtech Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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