Iris Colour Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI036944

Iris Colour Limited

Filleted Unaudited Financial Statements

30 March 2025

Iris Colour Limited

Statement of Financial Position

30 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	30,000	60,000
Tangible assets	6	12,080	8,351
		--------	--------
		42,080	68,351

Current assets

Stocks		2,059	3,213
Debtors	7	63,377	88,732
Cash at bank and in hand		21,813	28,541
		--------	---------
		87,249	120,486

Creditors: amounts falling due within one year	8	105,072		125,034
		---------		---------
Net current liabilities			17,823	4,548
			--------	--------
Total assets less current liabilities			24,257	63,803

Creditors: amounts falling due after more than one year	9	24,095	63,250
		--------	--------
Net assets		162	553
		--------	--------

Iris Colour Limited

Statement of Financial Position (continued)

30 March 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	10	1	1
Profit and loss account		161	552
		----	----
Shareholders funds		162	553
		----	----

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 30 March 2025 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 18 December 2025 , and are signed on behalf of the board by:

Brian Knott	Eleanor McCann
Director	Director

Company registration number: NI036944

Iris Colour Limited

Notes to the Financial Statements

Year ended 30 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 105-109 Limestone Road, Belfast, BT15 3AB.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Plant & Machinery	-	20% 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.

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 (2024: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 31 March 2024 and 30 March 2025	600,000
	---------
Amortisation
At 31 March 2024	540,000
Charge for the year	30,000
	---------
At 30 March 2025	570,000
	---------
Carrying amount
At 30 March 2025	30,000
	---------
At 30 March 2024	60,000
	---------

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 31 March 2024	43,272	43,272
Additions	6,516	6,516
	--------	--------
At 30 March 2025	49,788	49,788
	--------	--------
Depreciation
At 31 March 2024	34,921	34,921
Charge for the year	2,787	2,787
	--------	--------
At 30 March 2025	37,708	37,708
	--------	--------
Carrying amount
At 30 March 2025	12,080	12,080
	--------	--------
At 30 March 2024	8,351	8,351
	--------	--------

7. Debtors

	2025	2024
	£	£
Trade debtors	58,375	65,073
Other debtors	5,002	23,659
	--------	--------
	63,377	88,732
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	41,446	41,446
Trade creditors	46,572	35,673
Corporation tax	8,888	14,722
Social security and other taxes	3,136	1,575
Other creditors	5,030	31,618
	---------	---------
	105,072	125,034
	---------	---------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	24,095	63,250
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 0.10 each	10	1	10	1
	----	----	----	----

11. Directors' advances, credits and guarantees

During the year, the company repaid net loans of £31,860 (2024: £22,760) to the directors. At the balance sheet date the directors owed the company £3,722 (2024: £28,138 was owed by the company to the directors.

12. Related party transactions

The company was under the joint control of Eleanor McCann & Brian Knott throughout the current period and previous year.