Company registration number 03205177 (England and Wales)
PRINCIPAL COLOUR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PRINCIPAL COLOUR LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRINCIPAL COLOUR LIMITED (REGISTERED NUMBER: 03205177)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
299,229
334,866
Current assets
Stocks
13,451
25,748
Debtors
5
529,002
541,679
Cash at bank and in hand
180,129
243,711
722,582
811,138
Creditors: amounts falling due within one year
6
(838,458)
(858,214)
Net current liabilities
(115,876)
(47,076)
Total assets less current liabilities
183,353
287,790
Creditors: amounts falling due after more than one year
7
(58,333)
(108,333)
Provisions for liabilities
(42,595)
(47,235)
Net assets
82,425
132,222
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
82,323
132,120
Total equity
82,425
132,222
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRINCIPAL COLOUR LIMITED (REGISTERED NUMBER: 03205177)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr A Flack
Director
PRINCIPAL COLOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Principal Colour Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover from printing services is recognised at point of sale.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PRINCIPAL COLOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
182,295
Amortisation and impairment
At 1 June 2023 and 31 May 2024
182,295
Carrying amount
At 31 May 2024
At 31 May 2023
PRINCIPAL COLOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
857,808
136,224
16,524
1,010,556
Disposals
(3,772)
(3,772)
At 31 May 2024
857,808
136,224
12,752
1,006,784
Depreciation and impairment
At 1 June 2023
536,378
124,222
15,090
675,690
Depreciation charged in the year
32,143
3,000
312
35,455
Eliminated in respect of disposals
(3,590)
(3,590)
At 31 May 2024
568,521
127,222
11,812
707,555
Carrying amount
At 31 May 2024
289,287
9,002
940
299,229
At 31 May 2023
321,430
12,002
1,434
334,866
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
529,002
541,679
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
288,099
326,800
Taxation and social security
51,751
56,507
Other creditors
448,608
424,907
838,458
858,214
PRINCIPAL COLOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
58,333
108,333
8
Financial commitments, guarantees and contingent liabilities
The company has an agreement with their invoice finance facility whereby debt is secured against the assets of the company.
As at the balance sheet date, the company owed £108,333 (2023: £158,333) to its bankers for a
Coronavirus Business Interruption Loan Scheme . As part of its loan scheme, the UK government has paid the interest and fees due for the first 12 months.