Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.1trueThe company's principal activity is the provision of therapy services2022-08-25falsefalsetrue0 14318764 2022-08-24 14318764 2022-08-25 2023-08-31 14318764 2021-08-25 2022-08-24 14318764 2023-08-31 14318764 c:Director1 2022-08-25 2023-08-31 14318764 c:Director2 2022-08-25 2023-08-31 14318764 d:OfficeEquipment 2022-08-25 2023-08-31 14318764 d:OfficeEquipment 2023-08-31 14318764 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-25 2023-08-31 14318764 d:CurrentFinancialInstruments 2023-08-31 14318764 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 14318764 d:ShareCapital 2023-08-31 14318764 d:RetainedEarningsAccumulatedLosses 2023-08-31 14318764 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 14318764 c:FRS102 2022-08-25 2023-08-31 14318764 c:AuditExemptWithAccountantsReport 2022-08-25 2023-08-31 14318764 c:FullAccounts 2022-08-25 2023-08-31 14318764 c:PrivateLimitedCompanyLtd 2022-08-25 2023-08-31 14318764 e:PoundSterling 2022-08-25 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 14318764










THINKING IN COLOUR LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2023

 
THINKING IN COLOUR LTD
 

CONTENTS



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9


 
THINKING IN COLOUR LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THINKING IN COLOUR LTD
FOR THE PERIOD ENDED 31 AUGUST 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thinking In Colour Ltd for the period ended 31 August 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 https://www.icaew.com /regulation.

This report is made solely to the board of directors of Thinking In Colour Ltd, as a body, in accordance with the terms of our engagement letter dated 30 October 2022Our work has been undertaken solely to prepare for your approval the financial statements of Thinking In Colour Ltd and state those matters that we have agreed to state to the board of directors of Thinking In Colour Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thinking In Colour Ltd and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Thinking In Colour 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 profit of Thinking In Colour Ltd. You consider that Thinking In Colour Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Thinking In Colour 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
5 April 2024
Page 1

 
THINKING IN COLOUR LTD
REGISTERED NUMBER: 14318764

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
Note
£

Fixed assets
  

Tangible assets
  
4,625

  
4,625

Current assets
  

Debtors: amounts falling due within one year
  
6,255

Cash at bank and in hand
  
3,150

  
9,405

Creditors: amounts falling due within one year
  
(15,572)

Net current (liabilities)/assets
  
 
 
(6,167)

Total assets less current liabilities
  
(1,542)

Provisions for liabilities
  

Deferred tax
  
(1,226)

  
 
 
(1,226)

Net (liabilities)/assets
  
(2,768)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(2,868)

  
(2,768)


Page 2

 
THINKING IN COLOUR LTD
REGISTERED NUMBER: 14318764
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 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 by: 




................................................
Dr K Heath-Tilford
................................................
Mr A Heath-Tilford
Director
Director


Date: 27 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

1.


General information

Thinking In Colour Ltd is a company limited by shares, incorporated in England and Wales. Its registered office address is 3 Water Lane, Bassingham, Lincoln, LN5 9LA.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the period 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.

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

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.

 
2.5

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.

Page 5

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 6

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.

Page 7

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
6,174



At 31 August 2023

6,174



Depreciation


Charge for the period on owned assets
1,549



At 31 August 2023

1,549



Net book value



At 31 August 2023
4,625


5.


Debtors

2023
£


Trade debtors
4,526

Other debtors
761

Prepayments and accrued income
968

6,255



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
3,150

3,150


Page 8

 
THINKING IN COLOUR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
£

Corporation tax
13,289

Accruals and deferred income
2,283

15,572



8.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
3,150




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

 
Page 9