Company registration number 04564837 (England and Wales)
Colourco Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Colourco Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Colourco Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
306,825
357,813
Current assets
Stocks
5
24,112
24,947
Debtors
6
378,248
229,408
Cash at bank and in hand
9,322
36,471
411,682
290,826
Creditors: amounts falling due within one year
7
(395,242)
(215,531)
Net current assets
16,440
75,295
Total assets less current liabilities
323,265
433,108
Creditors: amounts falling due after more than one year
8
(198,849)
(264,492)
Net assets
124,416
168,616
Capital and reserves
Called up share capital
400
400
Share premium account
21,400
21,400
Profit and loss reserves
102,616
146,816
Total equity
124,416
168,616
Colourco Limited
Statement of financial position (continued)
as at 31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 June 2024 and are signed on its behalf by:
J J Dixon
Director
Company Registration No. 04564837
Colourco Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% reducing balance per annum
Computer equipment
3 year straight line
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on s straight line basis over the period of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Colourco Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
634,435
4,498
638,933
Depreciation and impairment
At 1 January 2023
279,090
2,030
281,120
Depreciation charged in the year
50,988
50,988
At 31 December 2023
330,078
2,030
332,108
Carrying amount
At 31 December 2023
304,357
2,468
306,825
At 31 December 2022
355,345
2,468
357,813
5
Stocks
2023
2022
£
£
Stocks
24,112
24,947
Colourco Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
339,805
206,854
Amounts owed by group undertakings
16,667
Prepayments and accrued income
10,276
11,054
366,748
217,908
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
11,500
11,500
Total debtors
378,248
229,408
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdrafts
28,073
10,000
Obligations under finance leases
55,643
55,643
Trade creditors
263,356
92,101
Taxation and social security
46,057
49,450
Other creditors
913
7,137
Accruals and deferred income
1,200
1,200
395,242
215,531
The bank loan and obligations under hire purchase contracts are secured.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan and overdrafts
14,167
24,167
Obligations under hire purchases
184,682
240,325
198,849
264,492
The bank loan and obligations under hire purchase contracts are secured.
9
Company information
Colourco Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.