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Company registration number: 05272069
Colourpress Limited
Unaudited filleted financial statements
30 November 2023
Colourpress Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Colourpress Limited
Directors and other information
Directors Dilesh Amin
Dilpesh Amin
Secretary Dilesh Amin
Company number 05272069
Registered office Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
Business address 5 - 7 Atlas Road
Wembley
Middlesex
HA9 0JH
Accountants SRV Delson
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
Colourpress Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 19,836 13,656
Investments 7 25,000 25,000
_______ _______
44,836 38,656
Current assets
Debtors 8 353,004 321,495
Cash at bank and in hand 437,454 363,810
_______ _______
790,458 685,305
Creditors: amounts falling due
within one year 9 ( 198,354) ( 230,193)
_______ _______
Net current assets 592,104 455,112
_______ _______
Total assets less current liabilities 636,940 493,768
Creditors: amounts falling due
after more than one year 10 ( 16,035) ( 25,225)
Provisions for liabilities ( 752) ( 752)
_______ _______
Net assets 620,153 467,791
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 620,133 467,771
_______ _______
Shareholders funds 620,153 467,791
_______ _______
For the year ending 30 November 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 29 August 2024 , and are signed on behalf of the board by:
Dilesh Amin
Director
Company registration number: 05272069
Colourpress Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 20 278,315 278,335
Profit for the year 222,226 222,226
_______ _______ _______
Total comprehensive income for the year - 222,226 222,226
Dividends paid and payable ( 32,770) ( 32,770)
_______ _______ _______
Total investments by and distributions to owners - ( 32,770) ( 32,770)
_______ _______ _______
At 30 November 2022 and 1 December 2022 20 467,771 467,791
Profit for the year 187,362 187,362
_______ _______ _______
Total comprehensive income for the year - 187,362 187,362
Dividends paid and payable ( 35,000) ( 35,000)
_______ _______ _______
Total investments by and distributions to owners - ( 35,000) ( 35,000)
_______ _______ _______
At 30 November 2023 20 620,133 620,153
_______ _______ _______
Colourpress Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Maruti House, 1st Floor, 369 Station Road, Harrow, HA1 2AW.
Principal Activities
The principal activity of the company was that of printing, copying and designing.
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.
Going concern
The directors consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available together with their continued support to the company. On this basis the directors consider that it is appropriate to prepare the financial statements on a going concern basis.These financial statements do not include any adjustments that would result if the company would cease trading.
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.
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:
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 57,976 52,056
_______ _______
Tax on profit 57,976 52,056
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2022 63,191 63,191
Additions 12,792 12,792
_______ _______
At 30 November 2023 75,983 75,983
_______ _______
Depreciation
At 1 December 2022 49,535 49,535
Charge for the year 6,612 6,612
_______ _______
At 30 November 2023 56,147 56,147
_______ _______
Carrying amount
At 30 November 2023 19,836 19,836
_______ _______
At 30 November 2022 13,656 13,656
_______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2022 and 30 November 2023 25,000 25,000
_______ _______
Impairment
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 25,000 25,000
_______ _______
At 30 November 2022 25,000 25,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 143,004 161,495
Other debtors 210,000 160,000
_______ _______
353,004 321,495
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,679 10,920
Trade creditors 67,950 70,026
Corporation tax 57,975 52,056
Social security and other taxes 37,804 56,480
Other creditors 23,946 40,711
_______ _______
198,354 230,193
_______ _______
Other creditors include the directors current account balance of £6 (30 November 2022 - £23,808)
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,035 25,225
_______ _______
11. Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
12. 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
£ £ £
Dilesh Amin ( 23,808) 23,802 ( 6)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dilesh Amin ( 17,803) ( 6,005) ( 23,808)
_______ _______ _______
13. Related party transactions
The amounts owed to the directors are disclosed in note 12.
14. Controlling party
The ultimate controlling interest is held by the director and shareholder of the company.