Company Registration No. 09992779 (England and Wales)
CODACHROME PRODUCTION LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CODACHROME PRODUCTION LTD.
COMPANY INFORMATION
Directors
Mr K C Burridge
Miss B C Comboy
Company number
09992779
Registered office
Unit 3
No 2 Cleveland Gardens
London
W2 6HA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Santander UK Plc
21 Prescot Street
London
E1 8AD
CODACHROME PRODUCTION LTD.
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CODACHROME PRODUCTION LTD.
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CODACHROME PRODUCTION LTD. FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Codachrome Production Ltd. for the year ended 28 February 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Codachrome Production Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Codachrome Production Ltd. and state those matters that we have agreed to state to the Board of Directors of Codachrome Production Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Codachrome Production Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Codachrome Production Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Codachrome Production Ltd.. You consider that Codachrome Production Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Codachrome Production Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
21 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CODACHROME PRODUCTION LTD.
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,724
Current assets
Debtors
4
28,610
Cash at bank and in hand
1
1,089
1
29,699
Creditors: amounts falling due within one year
5
(27,840)
(34,910)
Net current liabilities
(27,839)
(5,211)
Total assets less current liabilities
(27,839)
5,513
Creditors: amounts falling due after more than one year
6
(40,290)
(40,289)
Net liabilities
(68,129)
(34,776)
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
(68,329)
(34,976)
Total equity
(68,129)
(34,776)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CODACHROME PRODUCTION LTD.
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr K C Burridge
Director
Company Registration No. 09992779
CODACHROME PRODUCTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Codachrome Production Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, No 2 Cleveland Gardens, London, W2 6HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable and services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% on reducing balance
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CODACHROME PRODUCTION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 March 2022
18,274
7,657
25,931
Disposals
(18,274)
(7,657)
(25,931)
At 28 February 2023
Depreciation and impairment
At 1 March 2022
7,748
7,459
15,207
Depreciation charged in the year
3,473
198
3,671
Eliminated in respect of disposals
(11,221)
(7,657)
(18,878)
At 28 February 2023
Carrying amount
At 28 February 2023
At 28 February 2022
10,526
198
10,724
CODACHROME PRODUCTION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
27,936
Deferred tax asset
674
28,610
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,507
9,507
Trade creditors
1,289
928
Taxation and social security
15,900
18,214
Other creditors
1,144
6,261
27,840
34,910
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,290
40,289
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
49,797
49,796
Bank loans are secured by way of a government-backed guarantee.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of £1 each
200
200
200
200
CODACHROME PRODUCTION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan accounts
-
27,936
(27,936)
-
27,936
(27,936)
-
10
Ultimate controlling party
There is no ultimate controlling party.