0 false false false false false false false false false false true false false false false true false No description of principal activity 2023-11-01 Sage Accounts Production Advanced 2024 - FRS102_2024 111,656 25,300 86,356 86,356 111,656 xbrli:pure xbrli:shares iso4217:GBP NI070913 2023-11-01 2024-10-31 NI070913 2024-10-31 NI070913 2023-10-31 NI070913 2022-11-01 2023-10-31 NI070913 2023-10-31 NI070913 2022-10-31 NI070913 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 NI070913 bus:Director1 2023-11-01 2024-10-31 NI070913 core:WithinOneYear 2024-10-31 NI070913 core:WithinOneYear 2023-10-31 NI070913 core:ShareCapital 2024-10-31 NI070913 core:ShareCapital 2023-10-31 NI070913 core:RetainedEarningsAccumulatedLosses 2024-10-31 NI070913 core:RetainedEarningsAccumulatedLosses 2023-10-31 NI070913 core:CostValuation core:Non-currentFinancialInstruments 2023-10-31 NI070913 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-10-31 NI070913 core:CostValuation core:Non-currentFinancialInstruments 2024-10-31 NI070913 core:Non-currentFinancialInstruments 2024-10-31 NI070913 core:Non-currentFinancialInstruments 2023-10-31 NI070913 core:AcceleratedTaxDepreciationDeferredTax 2024-10-31 NI070913 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI070913 bus:SmallEntities 2023-11-01 2024-10-31 NI070913 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 NI070913 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 NI070913 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 NI070913 bus:FullAccounts 2023-11-01 2024-10-31 NI070913 bus:OrdinaryShareClass1 2024-10-31 NI070913 bus:OrdinaryShareClass1 2023-10-31
COMPANY REGISTRATION NUMBER: NI070913
COLOUR VENTURES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
COLOUR VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
3
92
504
Investments
4
86,356
111,656
--------
---------
86,448
112,160
Current assets
Debtors
5
502,971
379,840
Cash at bank and in hand
33,130
30,682
---------
---------
536,101
410,522
Creditors: amounts falling due within one year
6
52,202
11,287
---------
---------
Net current assets
483,899
399,235
---------
---------
Total assets less current liabilities
570,347
511,395
Provisions
Taxation including deferred tax
8,163
8,163
---------
---------
Net assets
562,184
503,232
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
562,182
503,230
---------
---------
Shareholders funds
562,184
503,232
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COLOUR VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr J M Quail
Director
Company registration number: NI070913
COLOUR VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.
2. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
3. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2023 and 31 October 2024
2,965
2,965
-------
-------
Depreciation
At 1 November 2023
2,461
2,461
Charge for the year
412
412
-------
-------
At 31 October 2024
2,873
2,873
-------
-------
Carrying amount
At 31 October 2024
92
92
-------
-------
At 31 October 2023
504
504
-------
-------
4. Investments
Other investments other than loans
£
Cost
At 1 November 2023
111,656
Disposals
( 25,300)
---------
At 31 October 2024
86,356
---------
Impairment
At 1 November 2023 and 31 October 2024
---------
Carrying amount
At 31 October 2024
86,356
---------
At 31 October 2023
111,656
---------
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings
500,696
378,947
Other debtors
2,275
893
---------
---------
502,971
379,840
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
93
128
Corporation tax
41,251
1,218
Social security and other taxes
7,858
5,607
Other creditors
3,000
4,334
--------
--------
52,202
11,287
--------
--------
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
8,163
8,163
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
8,163
8,163
-------
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Director's advances, credits and guarantees
During the year, the company advanced net loans of £NIL. At the balance sheet date £NIL remained owing to Mr J Quail (2023: £NIL).
10. Related party transactions
The company was under the control of Mr John Quail throughout the current year. Mr Quail is the managing director and sole shareholder. Mr Quail is the sole director of Colour Investments Limited (Formerly Oceanic Investments Limited). The company advanced net loans of £184,942. At the balance sheet date, £326,254 (2023: £141,312) was due to the company. Mr Quail is the sole director of Claims.co.uk Limited. During the year, Claims.co.uk received net loans of £140,315 to the company. At the balance sheet date, £174,442 was due to the company (2023: £314,757). Mr Quail is the sole director of Colour Money Limited. During the year, the company repaid net loans of £77,122. At the balance sheet date, £NIL was due from the company (2023: £77,122).