17 31/07/2023 2023-07-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-08-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04822836 2022-08-01 2023-07-31 04822836 2023-07-31 04822836 2022-07-31 04822836 2021-08-01 2022-07-31 04822836 2022-07-31 04822836 2021-07-31 04822836 core:NetGoodwill 2022-08-01 2023-07-31 04822836 core:PlantMachinery 2022-08-01 2023-07-31 04822836 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 04822836 core:MotorVehicles 2022-08-01 2023-07-31 04822836 core:OnerousContractsExcludingVacantProperties 2022-08-01 2023-07-31 04822836 bus:RegisteredOffice 2022-08-01 2023-07-31 04822836 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 04822836 bus:Director4 2022-08-01 2023-07-31 04822836 bus:Director5 2022-08-01 2023-07-31 04822836 bus:Director6 2022-08-01 2023-07-31 04822836 bus:Director7 2022-08-01 2023-07-31 04822836 bus:Director1 2022-08-01 2023-07-31 04822836 bus:Director2 2022-08-01 2023-07-31 04822836 bus:Director3 2022-08-01 2023-07-31 04822836 core:WithinOneYear 2023-07-31 04822836 core:WithinOneYear 2022-07-31 04822836 core:AfterOneYear 2023-07-31 04822836 core:AfterOneYear 2022-07-31 04822836 core:NetGoodwill 2022-07-31 04822836 core:NetGoodwill 2023-07-31 04822836 core:LandBuildings 2022-07-31 04822836 core:PlantMachinery 2022-07-31 04822836 core:FurnitureFittingsToolsEquipment 2022-07-31 04822836 core:MotorVehicles 2022-07-31 04822836 core:LandBuildings 2023-07-31 04822836 core:PlantMachinery 2023-07-31 04822836 core:FurnitureFittingsToolsEquipment 2023-07-31 04822836 core:MotorVehicles 2023-07-31 04822836 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 04822836 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 04822836 core:ShareCapital 2023-07-31 04822836 core:ShareCapital 2022-07-31 04822836 core:RetainedEarningsAccumulatedLosses 2023-07-31 04822836 core:RetainedEarningsAccumulatedLosses 2022-07-31 04822836 core:ShareCapital 2021-07-31 04822836 core:RetainedEarningsAccumulatedLosses 2021-07-31 04822836 core:BetweenOneFiveYears 2023-07-31 04822836 core:BetweenOneFiveYears 2022-07-31 04822836 core:LandBuildings 2022-08-01 2023-07-31 04822836 core:NetGoodwill 2022-07-31 04822836 core:FurnitureFittingsToolsEquipment core:LeasedAssetsHeldAsLessee 2023-07-31 04822836 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-07-31 04822836 core:FurnitureFittingsToolsEquipment core:LeasedAssetsHeldAsLessee 2022-07-31 04822836 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-07-31 04822836 core:LandBuildings 2022-07-31 04822836 core:FurnitureFittingsToolsEquipment 2022-07-31 04822836 core:MotorVehicles 2022-07-31 04822836 bus:Director1 2021-07-31 04822836 bus:Director2 2021-07-31 04822836 bus:Director3 2021-07-31 04822836 bus:Director1 2021-08-01 2022-07-31 04822836 bus:Director2 2021-08-01 2022-07-31 04822836 bus:Director3 2021-08-01 2022-07-31 04822836 bus:SmallEntities 2022-08-01 2023-07-31 04822836 bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 04822836 bus:FullAccounts 2022-08-01 2023-07-31 04822836 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 04822836 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31
Company registration number: 04822836
Quarmby Colour Studio Limited
Unaudited filleted financial statements
31 July 2023
Quarmby Colour Studio Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Quarmby Colour Studio Limited
Directors and other information
Directors
R Thornton
C Steeples
E Wilson
L Brook
Company number 04822836
Registered office Units 3 & 4, Aston Court
Town End Close
Leeds
LS13 2AF
Business address Units 3 & 4, Aston Court
Town End Close
Leeds
LS13 2AF
Accountants SMH Howard Matthews Ltd
Queensgate House
23, North Park Road
Harrogate
North Yorkshire
HG1 5PD
Quarmby Colour Studio Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 4,511
Tangible assets 275,332 370,783
_______ _______
275,332 375,294
Current assets
Stocks 28,435 90,857
Debtors 7 1,328,651 1,115,729
Cash at bank and in hand 78,326 109,861
_______ _______
1,435,412 1,316,447
Creditors: amounts falling due
within one year 8 ( 775,277) ( 709,793)
_______ _______
Net current assets 660,135 606,654
_______ _______
Total assets less current liabilities 935,467 981,948
Creditors: amounts falling due
after more than one year 9 ( 118,489) ( 261,841)
Provisions for liabilities ( 68,839) ( 91,757)
_______ _______
Net assets 748,139 628,350
_______ _______
Capital and reserves
Called up share capital 103 103
Profit and loss account 748,036 628,247
_______ _______
Shareholders funds 748,139 628,350
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2024 , and are signed on behalf of the board by:
R Thornton E Wilson
Director Director
Company registration number: 04822836
Quarmby Colour Studio Limited
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2021 103 565,621 565,724
Profit for the year 152,190 152,190
_______ _______ _______
Total comprehensive income for the year - 152,190 152,190
Dividends paid and payable ( 89,564) ( 89,564)
_______ _______ _______
Total investments by and distributions to owners - ( 89,564) ( 89,564)
_______ _______ _______
At 31 July 2022 and 1 August 2022 103 628,247 628,350
Profit for the year 119,789 119,789
_______ _______ _______
Total comprehensive income for the year - 119,789 119,789
_______ _______ _______
At 31 July 2023 103 748,036 748,139
_______ _______ _______
Quarmby Colour Studio Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 3 & 4, Aston Court, Town End Close, Leeds, LS13 2AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % straight line
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 90,381 90,381
_______ _______
Amortisation
At 1 August 2022 85,870 85,870
Charge for the year 4,511 4,511
_______ _______
At 31 July 2023 90,381 90,381
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 4,511 4,511
_______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Fixtures, fittings and equipment Motor vehicles
£ £
At 31 July 2023 231,768 12,052
_______ _______
At 31 July 2022 309,024 28,152
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Office & computer eqmt Total
£ £ £ £ £ £
Cost
At 1 August 2022 173,265 3,700 1,118,945 83,003 34,134 1,413,047
Additions - - 142 - 12,579 12,721
_______ _______ _______ _______ _______ _______
At 31 July 2023 173,265 3,700 1,119,087 83,003 46,713 1,425,768
_______ _______ _______ _______ _______ _______
Depreciation
At 1 August 2022 169,513 3,700 788,677 53,538 26,836 1,042,264
Charge for the year 3,752 - 82,582 17,138 4,700 108,172
_______ _______ _______ _______ _______ _______
At 31 July 2023 173,265 3,700 871,259 70,676 31,536 1,150,436
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 - - 247,828 12,327 15,177 275,332
_______ _______ _______ _______ _______ _______
At 31 July 2022 3,752 - 330,268 29,465 7,298 370,783
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 386,071 376,183
Amounts owed by group undertakings and undertakings in which the company has a participating interest 930,681 726,650
Prepayments and accrued income 11,899 12,896
Other debtors - -
_______ _______
1,328,651 1,115,729
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans 57,212 52,357
Trade creditors 169,176 144,862
Accruals and deferred income 16,138 19,407
Corporation tax 104,714 88,744
Social security and other taxes 61,493 55,551
Obligations under finance leases 83,385 160,774
Director loan accounts - -
Other creditors 283,159 188,098
_______ _______
775,277 709,793
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Accruals and deferred income 7,639 10,395
Obligations under finance leases 48,333 131,718
Other loans 62,517 119,728
_______ _______
118,489 261,841
_______ _______
10. Government grants
The amounts recognised in the for government grants are as follows:
2023 2022
£ £
Recognised in creditors:
Deferred government grants due within one year 2,756 4,871
Deferred government grants due after more than one year 7,639 10,395
_______ _______
10,395 15,266
_______ _______
Recognised in other operating income:
Government grants recognised directly in income (-) 2,476
Government grants released to profit or loss 4,871 6,189
_______ _______
4,871 8,665
_______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 40,889 47,192
Later than 1 year and not later than 5 years 101,672 155,425
_______ _______
142,561 202,617
_______ _______
12. Charge on assets
The company is subject to a factoring agreement. The amount outstanding at 31 July 2023 is £256,153 (2022: £153,161) and this is secured by a fixed and floating charge.
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D M Quarmby - - -
D G Quarmby - - -
R Quarmby - - -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D M Quarmby ( 601) 601 -
D G Quarmby ( 2,224) 2,224 -
R Quarmby ( 376) 376 -
_______ _______ _______
( 3,201) 3,201 -
_______ _______ _______