2023-03-012024-02-292024-02-29false13202206ONLY COLOURS 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ONLY COLOURS LTD

Registered Number
13202206
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

ONLY COLOURS LTD
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

RADU, Sorin Marian, Mr.

Company Secretary

RADU, Sorin Marian, Mr.

Registered Address

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Registered Number

13202206 (England and Wales)
ONLY COLOURS LTD
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks32,7962,067
Debtors183289
Cash at bank and on hand257136
3,2362,492
Creditors amounts falling due within one year4(11,321)(6,367)
Net current assets (liabilities)(8,085)(3,875)
Total assets less current liabilities(8,085)(3,875)
Creditors amounts falling due after one year5-(916)
Net assets(8,085)(4,791)
Capital and reserves
Called up share capital11
Profit and loss account(8,086)(4,792)
Shareholders' funds(8,085)(4,791)
The financial statements were approved and authorised for issue by the Director on 19 November 2024, and are signed on its behalf by:
RADU, Sorin Marian, Mr.
Director
Registered Company No. 13202206
ONLY COLOURS LTD
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Stocks

2024

2023

££
Finished goods2,7962,067
Total2,7962,067
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables255132
Taxation and social security153-
Other creditors10,2126,235
Accrued liabilities and deferred income701-
Total11,3216,367
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-916
Total-916