Caseware UK (AP4) 2023.0.135 2023.0.135 12No description of principal activity2022-04-01false12truetrue 11067913 2022-04-01 2023-03-31 11067913 2021-04-01 2022-03-31 11067913 2023-03-31 11067913 2022-03-31 11067913 2021-04-01 11067913 c:Director1 2022-04-01 2023-03-31 11067913 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 11067913 d:Buildings d:ShortLeaseholdAssets 2023-03-31 11067913 d:Buildings d:ShortLeaseholdAssets 2022-03-31 11067913 d:PlantMachinery 2022-04-01 2023-03-31 11067913 d:PlantMachinery 2023-03-31 11067913 d:PlantMachinery 2022-03-31 11067913 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:MotorVehicles 2022-04-01 2023-03-31 11067913 d:MotorVehicles 2023-03-31 11067913 d:MotorVehicles 2022-03-31 11067913 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:FurnitureFittings 2022-04-01 2023-03-31 11067913 d:FurnitureFittings 2023-03-31 11067913 d:FurnitureFittings 2022-03-31 11067913 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:OfficeEquipment 2022-04-01 2023-03-31 11067913 d:OfficeEquipment 2023-03-31 11067913 d:OfficeEquipment 2022-03-31 11067913 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:ComputerEquipment 2022-04-01 2023-03-31 11067913 d:ComputerEquipment 2023-03-31 11067913 d:ComputerEquipment 2022-03-31 11067913 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11067913 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 11067913 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 11067913 d:CurrentFinancialInstruments 2023-03-31 11067913 d:CurrentFinancialInstruments 2022-03-31 11067913 d:Non-currentFinancialInstruments 2023-03-31 11067913 d:Non-currentFinancialInstruments 2022-03-31 11067913 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11067913 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11067913 d:ShareCapital 2023-03-31 11067913 d:ShareCapital 2022-03-31 11067913 d:RetainedEarningsAccumulatedLosses 2023-03-31 11067913 d:RetainedEarningsAccumulatedLosses 2022-03-31 11067913 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11067913 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 11067913 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 11067913 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-03-31 11067913 d:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-03-31 11067913 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11067913 c:OrdinaryShareClass1 2023-03-31 11067913 c:OrdinaryShareClass1 2022-03-31 11067913 c:FRS102 2022-04-01 2023-03-31 11067913 c:Audited 2022-04-01 2023-03-31 11067913 c:FullAccounts 2022-04-01 2023-03-31 11067913 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11067913 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11067913 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 11067913 8 2022-04-01 2023-03-31 11067913 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-04-01 2023-03-31 11067913 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11067913










AS Colour UK Limited










Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
AS Colour UK Limited
Registered number: 11067913

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
2,316
10,859

Tangible assets
 6 
1,926,226
177,424

  
1,928,542
188,283

Current assets
  

Stocks
 7 
7,561,335
3,391,246

Debtors
 8 
981,618
1,154,119

Cash at bank and in hand
  
200,191
268,538

  
8,743,144
4,813,903

Creditors: amounts falling due within one year
 9 
(10,837,953)
(5,114,494)

Net current liabilities
  
 
 
(2,094,809)
 
 
(300,591)

Provisions for liabilities
  

Other provisions
 11 
(755,199)
-

  
 
 
(755,199)
 
 
-

Net liabilities
  
(921,466)
(112,308)


Capital and reserves
  

Called up share capital 
 12 
52
52

Profit and loss account
  
(921,518)
(112,360)

  
(921,466)
(112,308)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 March 2024.




Lawrence Railton
Director

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

AS Colour UK Limited (‘the company’) is a private company, limited by shares, domiciled and incorporated in England and Wales. The company’s registered office is Unit 14, Ascent Logistics Park, Leighton Buzzard, LU7 3RH. The company's principal place of business is 48-50 Redchurch Street, London, E2 7DP. The principal activity of the company is the sale of clothing and accessories.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £2,094,809 (2022: £300,591), net liabilities of £921,466            (2022: £112,308) and a loss of £809,158 (2022: £94,160 profit). Included within Creditors: Amounts due within one year is an amount of £10,332,068 (2022: £4,846,973) due to AS Colour Limited, a fellow group company. AS Colour Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.
In addition, confirmation has been received from AS Colour Holdings Limited, the immediate parent company, confirming that it intends to support the company for a period of at least twelve months from the date of signing of these financial statements.

  
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Retail income is recognised once a transaction has been completed. 
Wholesale income is recognised when the risks and rewards are transferred to the customer which is
when goods are dispatched from the warehouse.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website costs
-
50%
straight line

Page 3

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10% - 16.67%
Plant and machinery
-
10% - 50%
Motor vehicles
-
20%
Fixtures and fittings
-
10% - 33%
Office equipment
-
16.67% - 33%
Computer equipment
-
16.67% - 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results. 
Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors, including expectations of future that are believed to be reasonable under the circumstances.
Key accounting estimates recognised are:

Useful economic lives of tangible asset (Note 7)
 
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Note 7 for the carrying amount of tangible fixed assets and Note 2.9 for the useful economic lives for each class of assets.
 
Page 5

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

3.Judgments in applying accounting policies (continued)

Accruals (Note 10)

Management make judgements based on experience of the level of provision required to account for unbilled invoices. At the balance sheet date, the Company has recognised £239,481 (2022: £75,841) in respect of unbilled invoices which has been included in Accruals in Creditors: Amounts falling due within one year in Note 10.

Intercompany management fee

Timesheet records are not kept for all employees so management estimate how much time is spent by employees in group companies on work for the Company. The management charge is calculated to be the value of time spent by these employees with a 5% mark-up applied and equates to £194,234            (2022: £113,300) of  employees' wages from group companies. This has been included within Administrative expenses in the Statement of income and retained earnings. The intercompany management fee is considered to be accurate, however it includes an element of estimation technique.

Determination of lease classification

The Company is significant leases in place. The classification of these leases between operating lease and finance lease requires a number of judgements to be made by management including: whether the ownership of the asset is transferred to the lessess by the end of the lease term, whether the lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable and for it to be reasonably certain at the inception of the lease that the option will be exercised, whether the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset at the inception of the lease and whether the leased assets are of such a specialised nature that only the lessee can use them without major modifications.


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 6

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Intangible assets




Website development costs

£



Cost


At 1 April 2022
38,608


Additions
2,527



At 31 March 2023

41,135



Amortisation


At 1 April 2022
27,749


Charge for the year on owned assets
11,070



At 31 March 2023

38,819



Net book value



At 31 March 2023
2,316



At 31 March 2022
10,859



Page 7

 


 
AS Colour UK Limited


 

 
Notes to the financial statements
For the year ended 31 March 2023


6.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£



Cost


At 1 April 2022
6,752
98,526
-
248,910
24,285
49,337
427,810


Additions
559,451
1,328,698
23,771
367
746
42,464
1,955,497


Disposals
-
(115,239)
-
-
-
(42,580)
(157,819)


Transfers between classes
21,770
91,765
-
(113,535)
-
-
-



At 31 March 2023

587,973
1,403,750
23,771
135,742
25,031
49,221
2,225,488



Depreciation


At 1 April 2022
2,273
68,735
-
109,695
23,184
46,499
250,386


Charge for the year on owned assets
16,838
96,238
1,189
22,480
977
8,997
146,719


Disposals
-
(55,263)
-
-
-
(42,580)
(97,843)


Transfers between classes
9,619
41,634
-
(51,253)
-
-
-



At 31 March 2023

28,730
151,344
1,189
80,922
24,161
12,916
299,262



Net book value



At 31 March 2023
559,243
1,252,406
22,582
54,820
870
36,305
1,926,226



At 31 March 2022
4,479
29,791
-
139,215
1,101
2,838
177,424

Page 8

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

7.


Stocks

2023
2022
£
£

Finished goods
7,561,335
3,391,246



8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
87,669
87,669

Deferred tax asset
33,256
33,256

120,925
120,925

Due within one year

Trade debtors
375,350
806,329

Other debtors
288,923
93,512

Prepayments and accrued income
196,420
133,353

981,618
1,154,119



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
193,022
122,838

Amounts owed to group undertakings
10,332,068
4,846,973

Other taxation and social security
44,729
43,924

Other creditors
28,653
24,918

Accruals and deferred income
239,481
75,841

10,837,953
5,114,494



10.


Deferred taxation




2023
2022


£

£






At beginning of year
33,256
33,496


Charged to profit or loss
-
(240)



At end of year
33,256
33,256

Page 9

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023
 
10.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
33,256
(33,256)

Tax losses carried forward
-
66,512

33,256
33,256


11.


Provisions




Onerous lease provision
Dilapidation provision
Total

£
£
£





At 1 April 2022
-
-
-


Charged to profit or loss
718,199
37,000
755,199



At 31 March 2023
718,199
37,000
755,199


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022: 100) Ordinary shares of $1.00 NZD each
52
52



13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,133 (2022: £5,936). Contributions totalling £1,844 (2022: £202) were payable to the fund at the reporting date and are included in creditors.


14.


Related party transactions

The company has taken advantage of the exemption conferred by Section 33.1A of FRS 102 not to disclose transactions between other members of the group.

Page 10

 
AS Colour UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

15.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


2023
2022
£
£



Not later than 1 year
533,047
263,492

Later than 1 year and not later than 5 years
3,034,118
144,368

More than 5 years
3,498,130
-

7,065,295
407,860


16.


Controlling party

The company regards AS Colour Holdings Limited, a company registered in New Zealand, as its immediate parent company and the ultimate controlling entity is the Mosaic Trust. 
The company considers its ultimate control relationship to be the trustees of the Mosaic Trust as the controlling party of AS Colour Holdings Limited.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 31 March 2024 by Stephen Moss BSc (Hons) ACA (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 11