Multicolour Limited 04220355 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is paint wholesalers Digita Accounts Production Advanced 6.30.9574.0 true 04220355 2023-01-01 2023-12-31 04220355 2023-12-31 04220355 bus:OrdinaryShareClass1 2023-12-31 04220355 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 04220355 core:CurrentFinancialInstruments 2023-12-31 04220355 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04220355 core:Non-currentFinancialInstruments 2023-12-31 04220355 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04220355 core:FurnitureFittingsToolsEquipment 2023-12-31 04220355 core:MotorVehicles 2023-12-31 04220355 bus:SmallEntities 2023-01-01 2023-12-31 04220355 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04220355 bus:FilletedAccounts 2023-01-01 2023-12-31 04220355 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04220355 bus:RegisteredOffice 2023-01-01 2023-12-31 04220355 bus:Director1 2023-01-01 2023-12-31 04220355 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04220355 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04220355 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04220355 core:MotorVehicles 2023-01-01 2023-12-31 04220355 core:PlantMachinery 2023-01-01 2023-12-31 04220355 countries:England 2023-01-01 2023-12-31 04220355 2022-12-31 04220355 core:FurnitureFittingsToolsEquipment 2022-12-31 04220355 core:MotorVehicles 2022-12-31 04220355 2022-01-01 2022-12-31 04220355 2022-12-31 04220355 bus:OrdinaryShareClass1 2022-12-31 04220355 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 04220355 core:CurrentFinancialInstruments 2022-12-31 04220355 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04220355 core:Non-currentFinancialInstruments 2022-12-31 04220355 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04220355 core:FurnitureFittingsToolsEquipment 2022-12-31 04220355 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04220355

Multicolour Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Multicolour Limited

(Registration number: 04220355)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

78,255

79,115

Current assets

 

Stocks

5

267,812

297,555

Debtors

6

146,638

273,709

Cash at bank and in hand

 

78,104

12,855

 

492,554

584,119

Creditors: Amounts falling due within one year

7

(222,568)

(342,188)

Net current assets

 

269,986

241,931

Total assets less current liabilities

 

348,241

321,046

Creditors: Amounts falling due after more than one year

7

(80,958)

(120,475)

Provisions for liabilities

(14,868)

(15,032)

Net assets

 

252,415

185,539

Capital and reserves

 

Called up share capital

9

99

99

Retained earnings

252,316

185,440

Shareholders' funds

 

252,415

185,539

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

.........................................
J Kirk
Director

 

Multicolour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
76 Birchwood Lane
South Normanton
Alfreton
Derbyshire
DE55 3DB

The principal place of business is:
Unit F1
Imex Enterprise Park
Wigwam Lane
Hucknall
Nottingham
NG15 7TA

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Multicolour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Plant and machinery

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Multicolour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 9).

 

Multicolour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

173,171

44,378

217,549

Additions

18,703

-

18,703

At 31 December 2023

191,874

44,378

236,252

Depreciation

At 1 January 2023

107,762

30,672

138,434

Charge for the year

16,822

2,741

19,563

At 31 December 2023

124,584

33,413

157,997

Carrying amount

At 31 December 2023

67,290

10,965

78,255

At 31 December 2022

65,409

13,706

79,115

5

Stocks

2023
£

2022
£

Other inventories

267,812

297,555

6

Debtors

Current

2023
£

2022
£

Trade debtors

145,382

271,793

Other debtors

1,256

1,916

 

146,638

273,709

7

Creditors

Creditors: amounts falling due within one year

 

Multicolour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

33,017

32,528

Trade creditors

 

92,185

199,164

Taxation and social security

 

37,238

30,366

Accruals and deferred income

 

853

839

Other creditors

 

59,275

79,291

 

222,568

342,188

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

80,958

120,475

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

80,958

120,475

Current loans and borrowings

2023
£

2022
£

Bank borrowings

33,017

30,517

Hire purchase contracts

-

2,011

33,017

32,528

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

99

99

99

99