35 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04321091 2023-01-01 2023-12-31 04321091 2023-12-31 04321091 2022-12-31 04321091 2022-01-01 2022-12-31 04321091 2022-12-31 04321091 2021-12-31 04321091 core:PlantMachinery 2023-01-01 2023-12-31 04321091 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04321091 core:MotorVehicles 2023-01-01 2023-12-31 04321091 bus:Director1 2023-01-01 2023-12-31 04321091 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 04321091 core:PlantMachinery 2022-12-31 04321091 core:FurnitureFittingsToolsEquipment 2022-12-31 04321091 core:MotorVehicles 2022-12-31 04321091 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 04321091 core:PlantMachinery 2023-12-31 04321091 core:FurnitureFittingsToolsEquipment 2023-12-31 04321091 core:MotorVehicles 2023-12-31 04321091 core:WithinOneYear 2023-12-31 04321091 core:WithinOneYear 2022-12-31 04321091 core:AfterOneYear 2023-12-31 04321091 core:AfterOneYear 2022-12-31 04321091 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 04321091 core:ShareCapital 2023-12-31 04321091 core:ShareCapital 2022-12-31 04321091 core:RetainedEarningsAccumulatedLosses 2023-12-31 04321091 core:RetainedEarningsAccumulatedLosses 2022-12-31 04321091 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 04321091 core:PlantMachinery 2022-12-31 04321091 core:FurnitureFittingsToolsEquipment 2022-12-31 04321091 core:MotorVehicles 2022-12-31 04321091 bus:SmallEntities 2023-01-01 2023-12-31 04321091 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04321091 bus:FullAccounts 2023-01-01 2023-12-31 04321091 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04321091 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04321091 core:WithinOneYear 2023-01-01 2023-12-31 04321091 core:OtherRelatedParties 2023-01-01 2023-12-31
Company registration number: 04321091
Colour Gro Limited
Unaudited financial statements
For the year ended
31 December 2023
Colour Gro Limited
Contents
Statement of financial position
Notes to the financial statements
Colour Gro Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 445,171 333,399
_______ _______
445,171 333,399
Current assets
Stocks 573,580 540,809
Debtors 4 135,553 123,643
Cash at bank and in hand 16 43
_______ _______
709,149 664,495
Creditors: amounts falling due
within one year 5 ( 427,952) ( 489,863)
_______ _______
Net current assets 281,197 174,632
_______ _______
Total assets less current liabilities 726,368 508,031
Creditors: amounts falling due
after more than one year 6 ( 455,551) ( 228,595)
Provisions for liabilities
Deferred taxation ( 53,299) ( 28,027)
_______ _______
Net assets 217,518 251,409
_______ _______
Capital and reserves
Called up share capital 1,002 1,002
Profit and loss account 216,516 250,407
_______ _______
Shareholders funds 217,518 251,409
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 18 July 2024 , and are signed on behalf of the board by:
Mr D K Beadsmoore
Director
Company registration number: 04321091
Colour Gro Limited
Notes to the financial statements
Year ended 31 December 2023
1. Accounting policies
Basis of preparation
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'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Turnover
Turnover represents the amount derived from the provision of goods after the deduction of trade discounts and value added tax.
Tangible assets
Tangible fixed assets are included at cost less depreciation.
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:
Short leasehold property - Straight line over the life of the lease or 20 years
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
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.
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.
Provisions
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2022: 35 ).
3. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 340,740 1,400,002 36,313 389,811 2,166,866
Additions - 21,338 - 179,450 200,788
Disposals - - - ( 217,016) (217,016)
_______ _______ _______ _______ _______
At 31 December 2023 340,740 1,421,340 36,313 352,245 2,150,638
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 208,816 1,287,762 27,128 309,762 1,833,468
Charge for the year 10,541 13,354 1,837 49,055 74,787
Disposals - - - ( 202,788) (202,788)
_______ _______ _______ _______ _______
At 31 December 2023 219,357 1,301,116 28,965 156,029 1,705,467
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 121,383 120,224 7,348 196,216 445,171
_______ _______ _______ _______ _______
At 31 December 2022 131,924 112,240 9,185 80,049 333,398
_______ _______ _______ _______ _______
4. Debtors
2023 2022
£ £
Trade debtors 13,461 20,557
Other debtors 122,092 103,086
_______ _______
135,553 123,643
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 208,820 192,237
Trade creditors 121,770 209,758
Corporation tax - 15,779
Taxation and social security 28,478 14,059
Other creditors 68,884 58,030
_______ _______
427,952 489,863
_______ _______
The bank overdraft and loans are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 365,798 202,549
Other creditors 89,753 26,046
_______ _______
455,551 228,595
_______ _______
The bank loans outstanding at the year end includes instalments due after more than five years of £85,133 (2021 - £113,491). These loans are secured by a fixed and floating charge on the assets of the company. The finance leases and hire purchase contracts are secured on the assets concerned.
7. Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held seperately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1204 (2022 - £552) were due to the fund. They are included in other creditors.
8. Directors advances, credits and guarantees
During the year the company made advances to Mr D K Beadsmoore , a director, totalling £20,009 (2022 - £Nil) No repayments were made by 31 December 2023 and so the balance outstanding at the year end, 31 December 2023 was £85,489 (2022 - £65,480). Where applicable, interest is charged on overdrawn loan accounts at the rate of 2% per annum to 5 April 2023 then 2.25% per annum thereafter, loans are repayable on demand.
9. Related party transactions
Interest charged to directors and connected parties during the year ended 31 December 2023 amounted to £1,354 (2021- £1,822)