Company registration number 02154268 (England and Wales)
HOLLAND COLOURS U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HOLLAND COLOURS U.K. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HOLLAND COLOURS U.K. LIMITED (REGISTERED NUMBER: 02154268)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
81,741
109,002
Current assets
Debtors
5
676,099
537,497
Cash at bank and in hand
11,274
21,689
687,373
559,186
Creditors: amounts falling due within one year
6
(106,568)
(51,679)
Net current assets
580,805
507,507
Total assets less current liabilities
662,546
616,509
Provisions for liabilities
(19,954)
(16,772)
Net assets
642,592
599,737
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
641,592
598,737
Total equity
642,592
599,737
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 27 August 2024 and are signed on its behalf by:
C Vinke
Director
HOLLAND COLOURS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Holland Colours U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 18 Sabre Court, Valentine Close, Gillingham Business park, Gillingham, Kent, ME8 0RW.
1.1
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Holland Colours NV. These consolidated financial statements are available from www.hollandcolours.com.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The parent company has confirmed its ongoing financial support for the foreseeable future,
HOLLAND COLOURS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods is transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be reliably estimated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% - 20% straight line
Fixtures and fittings
10% - 20% straight line
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HOLLAND COLOURS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Depreciation is provided for at the rates noted above under note 1.4.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
HOLLAND COLOURS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
200,654
468,831
57,968
727,453
Additions
6,804
2,400
9,204
Disposals
(21,732)
(8,025)
(3,036)
(32,793)
At 31 March 2024
185,726
463,206
54,932
703,864
Depreciation and impairment
At 1 April 2023
186,147
378,125
54,179
618,451
Depreciation charged in the year
3,960
31,053
1,452
36,465
Eliminated in respect of disposals
(21,732)
(8,025)
(3,036)
(32,793)
At 31 March 2024
168,375
401,153
52,595
622,123
Carrying amount
At 31 March 2024
17,351
62,053
2,337
81,741
At 31 March 2023
14,507
90,706
3,789
109,002
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
623,152
496,065
Other debtors
52,947
41,432
676,099
537,497
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,761
3,873
Amounts owed to group undertakings
466
480
Taxation and social security
30,080
22,344
Other creditors
23,261
24,982
106,568
51,679
HOLLAND COLOURS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Scott Jiggins
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
16 September 2024
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
230,072
89,248
9
Related party transactions
Holland Colours U.K. Limited accounts are included as part of the Holland Colours NV group company financial statements and therefore this company has taken advantage of the exemptions conferred by section 33.1(a) of FRS 102 from the requirement to make disclosures concerning transactions with fellow group undertakings.
10
Parent company
The parent company is Holland Colours NV, a company incorporated in the Netherlands.
The ultimate parent company is Holland Pigments BV, a company incorporated in the Netherlands.