Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3182023-01-01falseNo description of principal activity10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03918783 2023-01-01 2023-12-31 03918783 2022-01-01 2022-12-31 03918783 2023-12-31 03918783 2022-12-31 03918783 c:Director1 2023-01-01 2023-12-31 03918783 c:Director2 2023-01-01 2023-12-31 03918783 d:PlantMachinery 2023-01-01 2023-12-31 03918783 d:PlantMachinery 2023-12-31 03918783 d:PlantMachinery 2022-12-31 03918783 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03918783 d:MotorVehicles 2023-01-01 2023-12-31 03918783 d:MotorVehicles 2023-12-31 03918783 d:MotorVehicles 2022-12-31 03918783 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03918783 d:FurnitureFittings 2023-01-01 2023-12-31 03918783 d:FurnitureFittings 2023-12-31 03918783 d:FurnitureFittings 2022-12-31 03918783 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03918783 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03918783 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 03918783 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 03918783 d:CurrentFinancialInstruments 2023-12-31 03918783 d:CurrentFinancialInstruments 2022-12-31 03918783 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03918783 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03918783 d:ShareCapital 2023-12-31 03918783 d:ShareCapital 2022-12-31 03918783 d:SharePremium 2023-12-31 03918783 d:SharePremium 2022-12-31 03918783 d:CapitalRedemptionReserve 2023-12-31 03918783 d:CapitalRedemptionReserve 2022-12-31 03918783 d:RetainedEarningsAccumulatedLosses 2023-12-31 03918783 d:RetainedEarningsAccumulatedLosses 2022-12-31 03918783 c:FRS102 2023-01-01 2023-12-31 03918783 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03918783 c:FullAccounts 2023-01-01 2023-12-31 03918783 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03918783 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03918783 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03918783 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03918783









COLORITE PAINT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COLORITE PAINT COMPANY LIMITED
REGISTERED NUMBER: 03918783

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
56,593
28,966

  
56,593
28,966

Current assets
  

Stocks
  
124,949
121,285

Debtors: amounts falling due within one year
 6 
88,131
321,295

Cash at bank and in hand
 7 
233,560
24,370

  
446,640
466,950

Creditors: amounts falling due within one year
 8 
(192,460)
(199,663)

Net current assets
  
 
 
254,180
 
 
267,287

Total assets less current liabilities
  
310,773
296,253

Provisions for liabilities
  

Deferred tax
 9 
(10,460)
-

  
 
 
(10,460)
 
 
-

Net assets
  
300,313
296,253


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
2,153
2,153

Capital redemption reserve
  
2,163
2,163

Profit and loss account
  
295,897
291,837

  
300,313
296,253


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 year in question in accordance with section 476 of the Companies Act 2006.

Page 1

 
COLORITE PAINT COMPANY LIMITED
REGISTERED NUMBER: 03918783
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 

................................................
B D Sawyer
................................................
A Bailey
Director
Director


Date: 31 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Colorite Paint Company Ltd is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is First Floor, Radius House, 51 Clarendon Road, Watford, WD17 1HP.
The company's principal activity is the sale of paints and solvents.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

Page 3

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 4

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

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.

 
2.8

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 first in, first out 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.

 
2.9

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.

 
2.10

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.

 
2.11

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 5

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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 year was 8 (2022 - 10).


4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
720



At 31 December 2023

720



Amortisation


At 1 January 2023
720



At 31 December 2023

720



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 6

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
35,449
48,721
35,975
120,145


Additions
6,175
40,152
737
47,064


Disposals
(33,168)
-
(31,926)
(65,094)



At 31 December 2023

8,456
88,873
4,786
102,115



Depreciation


At 1 January 2023
34,589
23,066
33,524
91,179


Charge for the year on owned assets
1,998
16,452
987
19,437


Disposals
(33,168)
-
(31,926)
(65,094)



At 31 December 2023

3,419
39,518
2,585
45,522



Net book value



At 31 December 2023
5,037
49,355
2,201
56,593



At 31 December 2022
860
25,655
2,451
28,966


6.


Debtors

2023
2022
£
£


Trade debtors
54,018
249,072

Other debtors
-
55,300

Prepayments and accrued income
34,113
16,923

88,131
321,295


Page 7

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
233,560
24,370

233,560
24,370



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
128,429
155,855

Corporation tax
8,669
9,049

Other taxation and social security
24,625
27,076

Other creditors
1,120
1,063

Accruals and deferred income
29,617
6,620

192,460
199,663



9.


Deferred taxation




2023


£






Charged to profit or loss
(10,460)



At end of year
(10,460)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,460)
-

(10,460)
-

Page 8

 
COLORITE PAINT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions 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 £3,479 (2022 - £2,957). Contributions totalling £906 (2022 - £849) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9