Company registration number 04094598 (England and Wales)
First Colour Limited
Financial Statements
For the year ended
31 August 2024
Pages for filing with registrar
First Colour Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
First Colour Limited
Statement Of Financial Position
As at 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,823
11,198
Tangible assets
5
507,869
600,602
513,692
611,800
Current assets
Stocks
28,500
25,000
Debtors
6
170,412
113,749
Cash at bank and in hand
586,929
640,141
785,841
778,890
Creditors: amounts falling due within one year
7
(634,029)
(618,016)
Net current assets
151,812
160,874
Total assets less current liabilities
665,504
772,674
Creditors: amounts falling due after more than one year
8
(80,120)
(135,096)
Provisions for liabilities
(126,752)
(148,239)
Net assets
458,632
489,339
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss reserves
208,632
239,339
Total equity
458,632
489,339
The notes on pages 3 to 7 form part of these financial statements.
First Colour Limited
Statement Of Financial Position (Continued)
As at 31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
C.G. Finn
Director
Company registration number 04094598 (England and Wales)
First Colour Limited
Notes To The Financial Statements
For the year ended 31 August 2024
- 3 -
1
General information
First Colour Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
2
Accounting policies
2.1
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 years.
2.4
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:
Land and buildings
10% straight line
Fixtures and fittings
15% reducing balance
Equipment
25% reducing balance
Motor vehicles
25% 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.
2.5
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.
First Colour Limited
Notes To The Financial Statements (Continued)
For the year ended 31 August 2024
2
Accounting policies
(Continued)
- 4 -
2.6
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.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and bank overdrafts are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
First Colour Limited
Notes To The Financial Statements (Continued)
For the year ended 31 August 2024
2
Accounting policies
(Continued)
- 5 -
2.10
Retirement benefits
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.
2.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
26,875
Amortisation and impairment
At 1 September 2023
15,677
Amortisation charged for the year
5,375
At 31 August 2024
21,052
Carrying amount
At 31 August 2024
5,823
At 31 August 2023
11,198
First Colour Limited
Notes To The Financial Statements (Continued)
For the year ended 31 August 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
72,327
655,885
46,620
106,417
881,249
Additions
25,012
8,656
33,668
Disposals
(79,327)
(5,260)
(84,587)
At 31 August 2024
72,327
601,570
50,016
106,417
830,330
Depreciation and impairment
At 1 September 2023
63,813
167,588
24,373
24,873
280,647
Depreciation charged in the year
3,837
71,674
6,915
20,385
102,811
Eliminated in respect of disposals
(56,528)
(4,469)
(60,997)
At 31 August 2024
67,650
182,734
26,819
45,258
322,461
Carrying amount
At 31 August 2024
4,677
418,836
23,197
61,159
507,869
At 31 August 2023
8,514
488,297
22,247
81,544
600,602
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
120,060
99,621
Other debtors
50,352
14,128
170,412
113,749
Included within other debtors is a loan to the director of £31,051 (2023 - £nil). This loan is interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
134,901
342,531
Taxation and social security
200,356
183,572
Other creditors
298,772
91,913
634,029
618,016
First Colour Limited
Notes To The Financial Statements (Continued)
For the year ended 31 August 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
80,120
135,096
9
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
233,333
333,333