1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06760889 2023-04-01 2024-03-31 06760889 2024-03-31 06760889 2023-03-31 06760889 2022-04-01 2023-03-31 06760889 2023-03-31 06760889 2022-03-31 06760889 core:FurnitureFittings 2023-04-01 2024-03-31 06760889 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06760889 bus:Director3 2023-04-01 2024-03-31 06760889 core:FurnitureFittings 2023-03-31 06760889 core:FurnitureFittings 2024-03-31 06760889 core:WithinOneYear 2024-03-31 06760889 core:WithinOneYear 2023-03-31 06760889 core:AfterOneYear 2024-03-31 06760889 core:AfterOneYear 2023-03-31 06760889 core:ShareCapital 2024-03-31 06760889 core:ShareCapital 2023-03-31 06760889 core:CapitalRedemptionReserve 2024-03-31 06760889 core:CapitalRedemptionReserve 2023-03-31 06760889 core:RetainedEarningsAccumulatedLosses 2024-03-31 06760889 core:RetainedEarningsAccumulatedLosses 2023-03-31 06760889 core:FurnitureFittings 2023-03-31 06760889 bus:SmallEntities 2023-04-01 2024-03-31 06760889 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06760889 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06760889 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06760889 bus:FullAccounts 2023-04-01 2024-03-31 06760889 bus:OrdinaryShareClass1 2024-03-31 06760889 bus:OrdinaryShareClass1 2023-03-31 06760889 core:ComputerEquipment 2023-04-01 2024-03-31 06760889 core:ComputerEquipment 2024-03-31 06760889 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 06760889
CREATIVE COLOURS INTERNATIONAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
CREATIVE COLOURS INTERNATIONAL LTD
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,200
6,391
Current assets
Stocks
133,537
109,838
Debtors
6
78,344
91,272
Cash at bank and in hand
208,784
262,988
--------
--------
420,665
464,098
Creditors: amounts falling due within one year
7
( 314,855)
( 306,432)
--------
--------
Net current assets
105,810
157,666
--------
--------
Total assets less current liabilities
110,010
164,057
Creditors: amounts falling due after more than one year
8
( 49,816)
( 109,806)
--------
--------
Net assets
60,194
54,251
--------
--------
Capital and reserves
Called up share capital
9
667
667
Capital redemption reserve
333
333
Profit and loss account
59,194
53,251
-------
-------
Shareholders funds
60,194
54,251
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
S Tarling
Director
Company registration number: 06760889
CREATIVE COLOURS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wessex House, Upper Market Street, Eastleigh, Hampshire, SO50 9FD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
The turnover shown in the profit and loss account represents amounts for goods sold during the year, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial assets, which include trade receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables including bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
10,500
1,315
11,815
-------
------
-------
Depreciation
At 1 April 2023
4,200
1,224
5,424
Charge for the year
2,100
91
2,191
-------
------
-------
At 31 March 2024
6,300
1,315
7,615
-------
------
-------
Carrying amount
At 31 March 2024
4,200
4,200
-------
------
-------
At 31 March 2023
6,300
91
6,391
-------
------
-------
6. Debtors
2024
2023
£
£
Trade debtors
40,896
36,718
Other debtors
37,448
54,554
-------
-------
78,344
91,272
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
59,667
55,977
Trade creditors
14,619
8,766
Corporation tax
22,256
25,985
Social security and other taxes
11,045
15,657
Other creditors
207,268
200,047
--------
--------
314,855
306,432
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
49,816
109,806
-------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
667
667
667
667
----
----
----
----