Acorah Software Products - Accounts Production 15.0.400 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05908724 Mr Matthew Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05908724 2022-12-31 05908724 2023-12-31 05908724 2023-01-01 2023-12-31 05908724 frs-core:CurrentFinancialInstruments 2023-12-31 05908724 frs-core:Non-currentFinancialInstruments 2023-12-31 05908724 frs-core:ComputerEquipment 2023-12-31 05908724 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05908724 frs-core:ComputerEquipment 2022-12-31 05908724 frs-core:FurnitureFittings 2023-12-31 05908724 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05908724 frs-core:FurnitureFittings 2022-12-31 05908724 frs-core:NetGoodwill 2023-12-31 05908724 frs-core:NetGoodwill 2023-01-01 2023-12-31 05908724 frs-core:NetGoodwill 2022-12-31 05908724 frs-core:PlantMachinery 2023-12-31 05908724 frs-core:PlantMachinery 2023-01-01 2023-12-31 05908724 frs-core:PlantMachinery 2022-12-31 05908724 frs-core:ShareCapital 2023-12-31 05908724 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05908724 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05908724 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05908724 frs-bus:SmallEntities 2023-01-01 2023-12-31 05908724 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05908724 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05908724 frs-bus:Director1 2023-01-01 2023-12-31 05908724 frs-core:Non-currentFinancialInstruments 5 2023-12-31 05908724 frs-core:CurrentFinancialInstruments 7 2023-12-31 05908724 frs-core:Non-currentFinancialInstruments 8 2023-12-31 05908724 frs-countries:EnglandWales 2023-01-01 2023-12-31 05908724 2021-12-31 05908724 2022-12-31 05908724 2022-01-01 2022-12-31 05908724 frs-core:CurrentFinancialInstruments 2022-12-31 05908724 frs-core:Non-currentFinancialInstruments 2022-12-31 05908724 frs-core:ShareCapital 2022-12-31 05908724 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05908724 frs-core:Non-currentFinancialInstruments 5 2022-12-31 05908724 frs-core:CurrentFinancialInstruments 6 2022-12-31 05908724 frs-core:CurrentFinancialInstruments 7 2022-12-31 05908724 frs-core:Non-currentFinancialInstruments 8 2022-12-31
Registered number: 05908724
Colourfull Arts Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05908724
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 116,467 131,025
Tangible Assets 5 26,371 30,329
142,838 161,354
CURRENT ASSETS
Stocks 6 236,326 336,781
Debtors 7 64,189 124,349
Cash at bank and in hand 53,852 85,770
354,367 546,900
Creditors: Amounts Falling Due Within One Year 8 (550,824 ) (497,305 )
NET CURRENT ASSETS (LIABILITIES) (196,457 ) 49,595
TOTAL ASSETS LESS CURRENT LIABILITIES (53,619 ) 210,949
Creditors: Amounts Falling Due After More Than One Year 9 (88,528 ) (207,306 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,011 ) (5,763 )
NET LIABILITIES (147,158 ) (2,120 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (147,258 ) (2,220 )
SHAREHOLDERS' FUNDS (147,158) (2,120)
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Smith
Director
24/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Colourfull Arts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05908724 . The registered office is 33 KIVETON LANE, TODWICK, SHEFFIELD, S26 1HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements
2.3. 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 has 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 estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 12 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost and 15% on reducing balance
Fixtures & Fittings 33% on cost and 15% on reducing balance
Computer Equipment 33% on cost and 15% on reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 10)
6 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 830,204
As at 31 December 2023 830,204
Amortisation
As at 1 January 2023 699,179
Provided during the period 14,558
As at 31 December 2023 713,737
Net Book Value
As at 31 December 2023 116,467
As at 1 January 2023 131,025
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 38,738 89,179 27,620 155,537
Additions - - 1,784 1,784
As at 31 December 2023 38,738 89,179 29,404 157,321
...CONTINUED
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Depreciation
As at 1 January 2023 28,832 70,750 25,626 125,208
Provided during the period 1,485 3,252 1,005 5,742
As at 31 December 2023 30,317 74,002 26,631 130,950
Net Book Value
As at 31 December 2023 8,421 15,177 2,773 26,371
As at 1 January 2023 9,906 18,429 1,994 30,329
6. Stocks
2023 2022
£ £
Materials 236,326 336,781
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 51,506 81,119
Prepayments and accrued income 12,683 43,230
64,189 124,349
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 41,166 44,974
Bank loans and overdrafts 25,000 25,000
Corporation tax - 1,144
Other taxes and social security 2,370 1,378
VAT 2,857 12,595
Other creditors 26,438 1,822
Deposits Held - 10,122
Pension 196 101
Accruals and deferred income 2,846 2,249
Director's loan account 449,951 397,920
550,824 497,305
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank Loans 1-2 year 8,333 33,333
Other Loans 2-5 years 80,195 173,973
88,528 207,306
Contained within other loans is an amount of £80,195 (2022: £173,973) which is owed to individuals connected with the director.
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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