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COMPANY REGISTRATION NUMBER: NI058263
COLOUR INVESTMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
COLOUR INVESTMENTS LTD
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
246,830
157,229
Current assets
Stocks
89,601
Debtors
6
85,818
84,599
Cash at bank and in hand
710
5,770
--------
---------
86,528
179,970
Creditors: amounts falling due within one year
7
358,642
430,455
---------
---------
Net current liabilities
272,114
250,485
---------
---------
Total assets less current liabilities
( 25,284)
( 93,256)
--------
--------
Net liabilities
( 25,284)
( 93,256)
--------
--------
Capital and reserves
Called up share capital
6
6
Profit and loss account
( 25,290)
( 93,262)
--------
--------
Shareholders deficit
( 25,284)
( 93,256)
--------
--------
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 INVESTMENTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 7 January 2025 , and are signed on behalf of the board by:
Mr J M Quail
Director
Company registration number: NI058263
COLOUR INVESTMENTS LTD
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 Flannigan Edmonds Bannon, Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company.
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.
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.
Stocks
Stock of investment properties are valued at the lower of cost and net realisable value.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023
153,753
3,476
157,229
Additions
89,601
89,601
---------
-------
---------
At 31 October 2024
243,354
3,476
246,830
---------
-------
---------
Depreciation
At 1 November 2023 and 31 October 2024
---------
-------
---------
Carrying amount
At 31 October 2024
243,354
3,476
246,830
---------
-------
---------
At 31 October 2023
153,753
3,476
157,229
---------
-------
---------
Investment properties remain valued at their original cost since the director believes the fair value has not changed significantly since purchase.
6. Debtors
2024
2023
£
£
Other debtors
85,818
84,599
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
357,502
429,315
Other creditors
1,140
1,140
---------
---------
358,642
430,455
---------
---------
8. Related party transactions
The company control was under the control of Mr J M Quail , who is the managing director and sole shareholder. Mr J M Quail is the sole director and shareholder of Colour Ventures Limited. During the year, the company received net loans of £184,942 (2023: £14,500 repaid by the company). At the balance sheet date, £326,254 (2023: £141,312) remained outstanding to Colour Ventures Limited. Mr J M Quail is the sole director of Claims.co.uk Limited. During the year, the company repaid loans of £258,754 (2023: £65,000 received). At the balance sheet date, £NIL (2023: £258,754) remained outstanding to Claims.co.uk Limited. Mr J M Quail is the sole director of Colour Money Limited. During the year, the company advanced net loans of £2,000 (2023: £31,000). At the balance sheet date, £31,250 remained outstanding to Colour Money Limited (2023: £29,250 from Colour Money Limited).