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Registration number: 04122291

Sarum Colourview Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sarum Colourview Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 11

 

Sarum Colourview Limited

(Registration number: 04122291)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

83,305

141,185

Current assets

 

Stocks

7

13,500

9,500

Debtors

8

584,243

622,472

Cash at bank and in hand

 

10,453

10,106

 

608,196

642,078

Creditors: Amounts falling due within one year

9

(441,782)

(483,428)

Net current assets

 

166,414

158,650

Total assets less current liabilities

 

249,719

299,835

Creditors: Amounts falling due after more than one year

9

(175,393)

(231,170)

Provisions for liabilities

(15,828)

(26,825)

Net assets

 

58,498

41,840

Capital and reserves

 

Called up share capital

12,600

12,600

Retained earnings

45,898

29,240

Shareholders' funds

 

58,498

41,840

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sarum Colourview Limited

(Registration number: 04122291)
Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
C A Dew-Jones
Director

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 8
The Woodford Centre
Lysander Way
Salisbury
Wiltshire
SP4 6BU
England

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 represents amounts chargeable in respect of printing services to customers.

Government grants

Government grants shall be recognised in the profit and loss accounts so as to match them with the expenditure towards which they are intented to contribute. To the extent that the grant is made as a contribution towards the purchase prise of a fixed asset the grant is included within deferred income and released to the profit and loss accounts over the term the asset is being depreciated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:

Asset class

Depreciation method and rate

Plant and machinery

5-50% per annum of cost / over period of lease

Fixtures and fittings

20-50% per annum of cost

Office equipment

10-75% per annum of cost

Motor vehicles

10-33% per annum of cost

Freehold improvements

50% per annum of cost

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation has been computed to write off the cost of intangible fixed assets over their expected useful lives using the following rates:

Asset class

Amortisation method and rate

Goodwill

Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

3

Taxation

2024

2023

£

£

Corporation tax

2,286

-

Deferred tax

(10,997)

(76,981)

(8,711)

(76,981)

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 21).

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Amortisation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Carrying amount

At 31 May 2024

-

-

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

92,299

67,979

299,821

95,329

30,377

585,805

Additions

-

-

6,187

7,383

32,500

46,070

Disposals

-

-

(115,500)

-

(30,378)

(145,878)

At 31 May 2024

92,299

67,979

190,508

102,712

32,499

485,997

Depreciation

At 1 June 2023

92,299

50,360

180,077

91,507

30,377

444,620

Charge for the year

-

1,775

1,447

2,958

3,611

9,791

Eliminated on disposal

-

-

(21,341)

-

(30,378)

(51,719)

At 31 May 2024

92,299

52,135

160,183

94,465

3,610

402,692

Carrying amount

At 31 May 2024

-

15,844

30,325

8,247

28,889

83,305

At 31 May 2023

-

17,619

119,744

3,822

-

141,185

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

7

Stocks

2024
£

2023
£

Other inventories

13,500

9,500

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

201,558

255,521

Amounts owed by related parties

11

348,777

350,625

Prepayments

 

5,208

5,208

Other debtors

 

28,700

11,118

   

584,243

622,472

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

72,458

63,335

Trade creditors

 

234,410

263,235

Taxation and social security

 

36,976

13,598

Other creditors

 

97,938

143,260

 

441,782

483,428

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

175,393

231,170

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

65,066

63,335

Hire purchase contracts

7,392

-

72,458

63,335

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

155,063

231,170

Hire purchase contracts

20,330

-

175,393

231,170

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Summary of transactions with parent

Colourview Holdings Limited
 Payments of £13 (2023: £191,625) were made by Sarum Colourview Limited on behalf of the parent company and the parent had transactions of £10,000 (2023: £33,250) with Sarum Colourview Limited. At the balance sheet date the amount due from Colourview Holdings Limited was £406,323 (2023: £416,310).
 

Summary of transactions with other related parties

IBA Colourview Limited
 Payments of £15,232 (2023: £19,040) were made by Sarum Colourview Limited on behalf of IBA Colourview Limited. Sarum Colourveiw Limited received £7,093 in the year on behalf of IBA Colourview Limited. IBA Colourview Limited made sales of £76,457 (2023: £149,485), earned commission of £51,555(2023: £69,028) and incurred costs of £120,919 (2023: £195,928) which were recorded within Sarum Colourview Limited and have been transferred to IBA Colourview Limited via the inter-company account. At the balance sheet date the amount due to IBA Colourview Limited was £57,546 (2023: £65,685).
 

Loans to related parties

2024

Parent
£

Total
£

At start of period

416,310

416,310

Advanced

13

13

Repaid

(10,000)

(10,000)

At end of period

406,323

406,323

2023

Parent
£

Total
£

At start of period

257,935

257,935

Advanced

191,625

191,625

Repaid

(33,250)

(33,250)

At end of period

416,310

416,310

 

Sarum Colourview Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

65,685

65,685

Advanced

7,093

7,093

Repaid

(15,232)

(15,232)

At end of period

57,546

57,546

2023

Other related parties
£

Total
£

At start of period

62,140

62,140

Advanced

22,585

22,585

Repaid

(19,040)

(19,040)

At end of period

65,685

65,685

12

Parent and ultimate parent undertaking

The company's immediate parent is Colourview Holdings Limited, incorporated in England.