Company Registration No. 13157169 (England and Wales)
Colourfast Properties Limited
Unaudited accounts
for the year ended 31 January 2024
Colourfast Properties Limited
Unaudited accounts
Contents
Colourfast Properties Limited
Company Information
for the year ended 31 January 2024
Director
James Matthew Curson
Company Number
13157169 (England and Wales)
Registered Office
Unit 19a Alston Road
Hellesdon Park
Norwich
NR6 5DS
Accountants
Accountancy Plus & Payroll People Ltd
9 Langley Street
Langley
Norwich
Norfolk
NR14 6DE
Colourfast Properties Limited
Statement of financial position
as at 31 January 2024
Tangible assets
217,856
222,491
Cash at bank and in hand
94,789
63,939
Creditors: amounts falling due within one year
(12,281)
(14,410)
Net current assets
93,958
69,855
Total assets less current liabilities
311,815
292,347
Creditors: amounts falling due after more than one year
(135,375)
(141,277)
Net assets
176,440
151,070
Called up share capital
1
1
Profit and loss account
176,439
151,069
Shareholders' funds
176,440
151,070
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2024 and were signed on its behalf by
James Matthew Curson
Director
Company Registration No. 13157169
Colourfast Properties Limited
Notes to the Accounts
for the year ended 31 January 2024
Colourfast Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 13157169. The registered office is Unit 19a Alston Road, Hellesdon Park, Norwich, NR6 5DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The Directors have considered the Company's position at the time of signing of the financial statements, and based on this, the Directors have concluded that they have a reasonable expectation the Company will have adequate resources to continue in operation existence for the foreseeable future and there therefore continue to adopt the going concern basis of the accounting in preparing thee financial statements.
The company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Directors have considered the Company's position at the time of signing of the financial statements, and based on this, the Directors have concluded that they have a reasonable expectation the Company will have adequate resources to continue in operation existence for the foreseeable future and there therefore continue to adopt the going concern basis of the accounting in preparing thee financial statements.
Colourfast Properties Limited
Notes to the Accounts
for the year ended 31 January 2024
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transactions costs, and are measure subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
4
Tangible fixed assets
Land & buildings
At 1 February 2023
231,761
At 31 January 2024
231,761
At 31 January 2024
217,856
At 31 January 2023
222,491
5
Investments
Subsidiary undertakings
Valuation at 1 February 2023
1
Valuation at 31 January 2024
1
The investments represents subsidiary companies, as such they are shown at cost:
Colourfast Renders Ltd - £1
Amounts falling due within one year
Amounts due from group undertakings etc.
10,350
20,326
Colourfast Properties Limited
Notes to the Accounts
for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
5,582
5,582
Taxes and social security
4,693
4,303
Loans from directors
210
2,686
The lender has security against the loans by virtue of the property in which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
135,375
141,277
Aggregate of amounts that fall due for payment after five years
113,046
118,948
The lender has security against the loans by virtue of the property in which they relate.
9
Transactions with related parties
The company has taken advantage of the exemption in Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned companies within the group.
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).