REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PRISMA COLOUR LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PRISMA COLOUR LIMITED |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
PRISMA COLOUR LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
45 Union Road |
New Mills |
High Peak |
SK22 3EL |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Company Information |
Prisma Colour Ltd is a private company limited by shares in England & Wales. The registered office is Unit B, Thornsett Trading Estate, Birch Vale, High Peak, SK22 1AH. |
Principle Activities |
Prisma Colour Ltd is a leading supplier of colour and additive concentrates for the plastic, rubber and packaging film industry. Additionally, we are a manufacturer of polymer powders for the rotational moulding industry. |
Business Review |
Our aim to present a balanced and comprehensive review of our business's development and performance throughout the year and at year-end. |
Business Overview |
The company prepares an annual budget and this becomes the key document against which the performance of the year is monitored. A combination of factors impacted profitability in the financial year. A shift in product mix and new business assisted in an improved revenue mix. This was assisted by the relentless cost control we continually focus on. Singularly we had renegotiated our energy purchasing arrangement which has had a strong impact year on year but with much more future flexibility to control. The business has a cost policy to both keep a high level of competitiveness and de-risk through internal efforts to ensure second and third sources of materials. Our commitment to addressing cost challenges, coupled with our sustained high level of customer retention, acquisition of new business, establishes a positive and promising outlook for the upcoming financial year. |
The company recorded a pre-tax profit for the financial period of £3,063,286, compared to £1,896,191 in 2022. We continue to be financially strong and are managed in a prudent manner. |
Turnover |
2023 2022 2021 |
£23,587,802 £23,275,881 £18,700,237 |
The company continues to operate ISO 9001 and passed this year's assessment without any non-conformances. |
Employees |
Year ended 2023 total number of employees 94 |
Year ended 2022 total number of employees 86 |
Year ended 2021 total number of employees 88 |
The company continues to recruit skilled employees, along with investment in training for all areas of human resource in the business. Apprenticeship schemes are taken on wherever possible. |
Key Performance Indicators |
The key performance indicators which the company focus on are: |
Revenue |
Volume |
Value Added Margin |
Working Capital |
Operating Cash Flow. |
The company met all its expected KPI's during the year and will continue to do so by ensuring it remains our priority to ensure the growth of Prisma Colour sales into new and existing markets. This will be achieved by continuing our investment in skilled employees, equipment & manufacturing processes to meet the needs of the business. |
Research and Development |
The company continues to invest in our internal expertise, allowing for the required detailed research and development into new products and processes. This has enabled us to continue to explore new diverse opportunities within the global market. |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Environmental Policy |
The company continues to recognise the importance of its environmental responsibilities and attempts to minimize its impact on the environment. We continue to work towards being a more sustainable business, including safe recycling & the use where possible of recycled plastics. All company sites were moved during the year to the use of 100% green renewable electric. We remain compliant with all other current legislation. |
ON BEHALF OF THE BOARD: |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th November 2021 will be £1,209,408 (2022 - £715,609) |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, A.Allen & Son Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRISMA COLOUR LIMITED |
Opinion |
We have audited the financial statements of Prisma Colour Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRISMA COLOUR LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRISMA COLOUR LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our audit procedures were designed to respond to those identified risks, including non compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our Audit procedures include but are not limited to: |
discussing with the directors and management their policies and procedures regarding compliance with laws and regulations: |
communicating identified laws and regulations throughout our engagement team and remaining alert to any indications on non compliance throughout our audit. |
Our audit procedures in relation to fraud included but were not limited to: |
marking enquires of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud: |
gaining an understanding of the internal controls established to mitigate risks related to fraud: |
discussing amongst the engagement team the risk of fraud; and |
addressing the risk of fraud through management override of controls by performing journal entry testing. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentation or override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
45 Union Road |
New Mills |
High Peak |
SK22 3EL |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,861,999 | 1,832,659 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
3,108,836 | 1,928,193 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
BALANCE SHEET |
30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Prisma Colour Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Turnover |
Turnover represents net invoiced sale of goods, excluding value added tax. Turnover is recognised when the goods have been dispatched, and confirmation of delivery has been obtained. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is now fully amortised. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Electrical installation and distribution | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
The company is exempt from preparing consolidated accounts as it is itself a wholly owned subsidiary of Prisma Colour (Holdings) Limited. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
30/11/23 | 30/11/22 |
£ | £ |
United Kingdom |
Europe |
Rest of the world | 1,462,444 | 1,283,589 |
4. | EMPLOYEES AND DIRECTORS |
30/11/23 | 30/11/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30/11/23 | 30/11/22 |
Average number of employees |
30/11/23 | 30/11/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30/11/23 | 30/11/22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/11/23 | 30/11/22 |
£ | £ |
Bank loan interest |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2022 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30/11/23 | 30/11/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
R & D enhanced deduction | (162,500 | ) | (113,990 | ) |
Tax rate change | (51,795 | ) | - |
Fixed asset additions none FYA | (12,555 | ) | - |
Pensions paid | 12,250 | (3,230 | ) |
Buildings and structures allowance | (413 | ) | (314 | ) |
Total tax charge | 590,208 | 330,621 |
8. | DIVIDENDS |
30/11/23 | 30/11/22 |
£ | £ |
Ordinary shares of £1 each |
Ordinary - paid |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | TANGIBLE FIXED ASSETS |
Electrical |
installation | Improvements |
Freehold | and | to | Plant and |
property | distribution | property | machinery |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 | 876,960 |
NET BOOK VALUE |
At 30 November 2023 | 876,960 |
At 30 November 2022 | 876,960 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30/11/23 | 30/11/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | STOCKS |
30/11/23 | 30/11/22 |
£ | £ |
Stocks |
Stock recognised in cost of sales during the year as an expense was £2,372,337 (2022 - £3,240,885) |
13. | DEBTORS |
30/11/23 | 30/11/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Maine Commercial Property |
Limited | - | 61,608 |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Pension & attachment creditor | 19,210 | 16,735 |
VAT | 389,179 | 246,728 |
Other creditors |
Directors' loan accounts | - | 630 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans (see note 16) |
Other loans (see note 16) |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30/11/23 | 30/11/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Lombard loan < 1 year | 85,507 | 82,776 |
CBIL < 1 year | 200,000 | 200,000 |
Amounts falling due between one and two years: |
CBIL 1 - 2 years | 200,000 | 200,000 |
Lombard loan 1 - 2 years | 25,952 | 85,507 |
Amounts falling due between two and five years: |
Lombard loan 2 - 5 years |
Nat West CBIL 2 - 5 years | 116,667 | 316,667 |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The bank holds a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, plant and machinery. |
19. | PROVISIONS FOR LIABILITIES |
30/11/23 | 30/11/22 |
£ | £ |
Deferred tax |
Capital allowances in excess of depreciation | 349,024 | 358,018 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Movement in the year | (8,994 | ) |
Balance at 30 November 2023 |
PRISMA COLOUR LIMITED (REGISTERED NUMBER: 02658661) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/11/23 | 30/11/22 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
21. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2022 | 9,940,501 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2023 | 11,154,143 |
22. | RELATED PARTY DISCLOSURES |
Prisma Colour Holdings Limited |
Owns 100% of the share capital in Prisma Colour Limited. |
During the year Prisma Colour Limited paid dividends of £1,259,436 (2022 - £715,609) to Prisma Colour Holdings Limited. |
The amount due to the related party at the balance sheet date was £2,502,500 (2022 - £2,502,500). |
Related party transactions |
During the year the company made sales to related parties on normal trading terms of £693,489 (2022 - £484,717). |
During the year the company purchased goods and services from related parties on normal trading terms of |
£877,387 (2022 - £898,965). |
The amount due to the related parties at the year end was £10,002 (2021 - £614,856). |
Loans |
During the year the company made loans to related parties of £266,814 (2022 - £163,000). |
The amount due from the related parties at the balance sheet date was £488164 (2022 - £221,350) |
23. | ULTIMATE CONTROLLING PARTY |
Prisma Colour is a wholly owned subsidiary of Prisma Colour (Holdings) Limited. |
Tim Johnson, together with his wife, owns 82% of the shareholding in Prisma Colour (Holdings) Limited is the ultimate controlling party. |