Registered number
04118300
SmartColour Limited
Filleted Accounts
31 January 2024
SmartColour Limited
Registered number: 04118300
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,675 22,233
Current assets
Debtors 4 49,708 47,360
Cash at bank and in hand 61,700 87,046
111,408 134,406
Creditors: amounts falling due within one year 5 (80,187) (81,211)
Net current assets 31,221 53,195
Total assets less current liabilities 47,896 75,428
Creditors: amounts falling due after more than one year 6 (14,306) (23,694)
Net assets 33,590 51,734
Capital and reserves
Called up share capital 2 2
Profit and loss account 33,588 51,732
Shareholders' funds 33,590 51,734
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D King
Director
Approved by the board on 10 October 2024
SmartColour Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on a reducing balance
Fixtures, fittings, tools and equipment 25% on a reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 83,759
At 31 January 2024 83,759
Depreciation
At 1 February 2023 61,526
Charge for the year 5,558
At 31 January 2024 67,084
Net book value
At 31 January 2024 16,675
At 31 January 2023 22,233
4 Debtors 2024 2023
£ £
Trade debtors 41,614 39,090
Other debtors 8,094 8,270
49,708 47,360
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,594 9,594
Obligations under finance lease and hire purchase contracts 4,476 4,476
Trade creditors 46,831 37,744
Taxation and social security costs 6,838 16,962
Other creditors 12,448 12,435
80,187 81,211
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,208 19,596
Obligations under finance lease and hire purchase contracts 4,098 4,098
14,306 23,694
7 Controlling party
The company is controlled by Mr Darren King and Mrs Elaine King on the basis that they together hold 100% of the issued share capital.
8 Other information
SmartColour Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pennyweights
Kenley
CR8 5HB
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