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Registration number: 07146107

Colourbanners.Co.Uk Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Colourbanners.Co.Uk Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Colourbanners.Co.Uk Limited

Company Information

Director

Mrs CR Feeley

Registered office

C/o Colour Banners
Dock Street
Fleetwood
Lancashire
FY7 6NU

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Colourbanners.Co.Uk Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colourbanners.Co.Uk Limited for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Colourbanners.Co.Uk Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Colourbanners.Co.Uk Limited and state those matters that we have agreed to state to the Board of Directors of Colourbanners.Co.Uk Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colourbanners.Co.Uk Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colourbanners.Co.Uk Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Colourbanners.Co.Uk Limited. You consider that Colourbanners.Co.Uk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Colourbanners.Co.Uk Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

28 November 2024

 

Colourbanners.Co.Uk Limited

(Registration number: 07146107)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

42,000

63,000

Tangible assets

5

177,635

77,765

 

219,635

140,765

Current assets

 

Debtors

6

1,187,218

1,117,565

Cash at bank and in hand

 

22,082

20,424

 

1,209,300

1,137,989

Creditors: Amounts falling due within one year

7

(1,348,784)

(1,375,648)

Net current liabilities

 

(139,484)

(237,659)

Total assets less current liabilities

 

80,151

(96,894)

Creditors: Amounts falling due after more than one year

7

(26,667)

(26,667)

Provisions for liabilities

(37,359)

(15,747)

Net assets/(liabilities)

 

16,125

(139,308)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

16,025

(139,408)

Shareholders' funds/(deficit)

 

16,125

(139,308)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Colourbanners.Co.Uk Limited

(Registration number: 07146107)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 28 November 2024
 

.........................................
Mrs CR Feeley
Director

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
C/o Colour Banners
Dock Street
Fleetwood
Lancashire
FY7 6NU

These financial statements were authorised for issue by the director on 28 November 2024.

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.

Going concern

The balance sheet shows net liabilities of £139,308, however Mrs Feeley is confident of the support of the other creditors. Therefore on this basis the financial statements should be drawn up on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 10 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.

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

300,000

300,000

At 29 February 2024

300,000

300,000

Amortisation

At 1 March 2023

237,000

237,000

Amortisation charge

21,000

21,000

At 29 February 2024

258,000

258,000

Carrying amount

At 29 February 2024

42,000

42,000

At 28 February 2023

63,000

63,000

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

22,378

253,657

28,526

304,561

Additions

18,567

114,107

-

132,674

At 29 February 2024

40,945

367,764

28,526

437,235

Depreciation

At 1 March 2023

13,428

197,550

15,818

226,796

Charge for the year

4,095

25,532

3,177

32,804

At 29 February 2024

17,523

223,082

18,995

259,600

Carrying amount

At 29 February 2024

23,422

144,682

9,531

177,635

At 28 February 2023

8,950

56,107

12,708

77,765

Included within the net book value of land and buildings above is £23,422 (2023 - £8,950) in respect of short leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

179,651

134,724

Prepayments

13,558

2,080

Other debtors

994,009

980,761

 

1,187,218

1,117,565

 

Colourbanners.Co.Uk Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,000

14,000

Trade creditors

 

73,866

45,734

Taxation and social security

 

118,330

124,739

Accruals and deferred income

 

23,859

20,688

Other creditors

 

1,118,729

1,170,487

 

1,348,784

1,375,648

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

26,667

26,667

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,667

26,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,000

14,000