Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity2023-01-01falsefalse1313truefalse 06974735 2023-01-01 2023-12-31 06974735 2022-01-01 2022-12-31 06974735 2023-12-31 06974735 2022-12-31 06974735 c:Director1 2023-01-01 2023-12-31 06974735 d:MotorVehicles 2023-01-01 2023-12-31 06974735 d:FurnitureFittings 2023-01-01 2023-12-31 06974735 d:OfficeEquipment 2023-01-01 2023-12-31 06974735 d:CurrentFinancialInstruments 2023-12-31 06974735 d:CurrentFinancialInstruments 2022-12-31 06974735 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06974735 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06974735 d:ShareCapital 2023-12-31 06974735 d:ShareCapital 2022-12-31 06974735 d:RetainedEarningsAccumulatedLosses 2023-12-31 06974735 d:RetainedEarningsAccumulatedLosses 2022-12-31 06974735 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06974735 c:OrdinaryShareClass1 2023-12-31 06974735 c:OrdinaryShareClass1 2022-12-31 06974735 c:FRS102 2023-01-01 2023-12-31 06974735 c:Audited 2023-01-01 2023-12-31 06974735 c:FullAccounts 2023-01-01 2023-12-31 06974735 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06974735 d:WithinOneYear 2023-12-31 06974735 d:WithinOneYear 2022-12-31 06974735 d:BetweenOneFiveYears 2023-12-31 06974735 d:BetweenOneFiveYears 2022-12-31 06974735 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06974735 2 2023-01-01 2023-12-31 06974735 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06974735









GMG COLOR LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GMG COLOR LIMITED
REGISTERED NUMBER: 06974735

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
128,981
96,450

  
128,981
96,450

Current assets
  

Stocks
 6 
346,717
332,847

Debtors: amounts falling due within one year
 7 
1,078,366
928,355

Cash at bank and in hand
  
1,229,471
1,298,597

  
2,654,554
2,559,799

Creditors: amounts falling due within one year
 8 
(1,200,608)
(1,275,953)

Net current assets
  
 
 
1,453,946
 
 
1,283,846

Total assets less current liabilities
  
1,582,927
1,380,296

Provisions for liabilities
  

Deferred tax
 9 
(10,875)
-

  
 
 
(10,875)
 
 
-

Net assets
  
1,572,052
1,380,296


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,571,952
1,380,196

  
1,572,052
1,380,296


Page 1

 
GMG COLOR LIMITED
REGISTERED NUMBER: 06974735

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Weihing
Director

Date: 19 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GMG Color Limited is a private company, limited by shares, domiciled in England and Wales, registration number 06974735. The registered office is Anglia House, 6 Central Avenue, St Andrew's Business park, Thorpe St Andrew, Norwich, NR7 0HR.
The principal activity of the company in the year under review was that of providing software, equipment and consumables to the print industry.
The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied in the preparation of these financial statements. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The director is continually assessing the impact of the current economic climate. They have not encountered any major adverse impacts and are continuing to trade in line with expectations. 
Current management information shows that the company still has significant cash and reserves and this together with ongoing support from the parent undertaking has enabled the director to confirm the going concern basis of accounting remains appropriate. 

Page 3

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The above conditions in regards to sale of goods are satisfied upon delivery of the goods. 
In respect of income from sale of software licenses and upgrades, provided the contract is non-cancellable and non-refundable this income is recognised at the point the purchase order is confirmed.
The above conditions in regards to rendering of services are satisfied when the service has been carried out.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Page 7

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements the director has had to make the following judgements:
Impairment of receivables
Management reviews its loans and receivables for objective evidence of impairment at least quarterly. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy, and default or significant delay in payments are considered objective evidence that a receivable is impaired. In determining this, management makes judgement as to whether there is observable data indicating that there has been a significant change in the payment ability of the debtor, or whether there have been significant changes with adverse effect in the technological, market, economic or legal environment in which the debtor operates in. Where there is objective evidence of impairment, management makes judgements as to whether an impairment loss should be recorded as an expense. In determining this, management uses estimates based on historical loss experience for assets with similar credit risk characteristics. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between the estimated loss and actual loss experience.
Impairment of stock
Provision is made for slow moving or obselete stock that is written down to its original cost without absorbed overheads.
Credit note provision
Provision is made for sales credits provided after the year end that relate to sales in the financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 13).

Page 8

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
81,667
2,377
46,648
130,692


Additions
39,995
16,026
19,836
75,857


Disposals
-
-
(2,688)
(2,688)



At 31 December 2023

121,662
18,403
63,796
203,861



Depreciation


At 1 January 2023
7,860
1,967
24,415
34,242


Charge for the year on owned assets
25,416
4,340
13,547
43,303


Disposals
-
-
(2,665)
(2,665)



At 31 December 2023

33,276
6,307
35,297
74,880



Net book value



At 31 December 2023
88,386
12,096
28,499
128,981



At 31 December 2022
73,807
410
22,233
96,450


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
346,717
332,847



7.


Debtors

2023
2022
£
£


Trade debtors
1,023,568
859,076

Other debtors
6,375
-

Prepayments and accrued income
48,423
69,279

1,078,366
928,355


Page 9

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
336,373
390,052

Amounts owed to group undertakings
446,247
439,029

Corporation tax
42,005
-

Other taxation and social security
178,249
161,860

Other creditors
197,734
285,012

1,200,608
1,275,953



9.


Deferred taxation




2023


£






Charged to profit or loss
10,875



At end of year
10,875

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,875
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £20,253 (2022 - £16,344). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
GMG COLOR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
32,012
41,127

Later than 1 year and not later than 5 years
34,935
10,523

66,947
51,650


13.


Controlling party

The parent company and controlling party is GMG Weihing GmbH, registered office Moempelgrader Weg 10, 72072 Tuebingen, Germany.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by John Atkins ACA FCCA (Senior Statutory Auditor) on behalf of Larking Gowen LLP.


Page 11