Year Ended
Registration number:
Colour Distribution Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Colour Distribution Limited
Balance Sheet
30 April 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 1 |
Colour Distribution Limited
Balance Sheet
30 April 2019
For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 08399968
Page 2 |
Colour Distribution Limited
Notes to the Financial Statements
Year Ended 30 April 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
Colour Distribution Limited
Notes to the Financial Statements
Year Ended 30 April 2019
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
20% straight line |
Land and buildings |
Land is not depreciated, buildings are depreciated at 2% straight line |
Furniture, fittings and equipment |
20% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 4 |
Colour Distribution Limited
Notes to the Financial Statements
Year Ended 30 April 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2018 |
|
|
|
|
Additions |
|
|
- |
|
At 30 April 2019 |
|
|
|
|
Depreciation |
||||
At 1 May 2018 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 April 2019 |
|
|
|
|
Carrying amount |
||||
At 30 April 2019 |
|
|
|
|
At 30 April 2018 |
|
|
|
|
Included within the net book value of land and buildings above is £272,073 (2018 - £153,072) in respect of freehold land and buildings.
Page 5 |
Colour Distribution Limited
Notes to the Financial Statements
Year Ended 30 April 2019
Investments |
2019 |
2018 |
|
Investments in associates |
|
|
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
2019 |
2018 |
|
Due within one year |
||
Loans and borrowings |
|
|
Trade creditors |
|
|
Social security and other taxes |
- |
|
Other creditors |
|
|
Accrued expenses |
|
|
Corporation tax |
31,996 |
41,354 |
|
|
|
Due after one year |
||
Loans and borrowings |
|
|
Page 6 |
Colour Distribution Limited
Notes to the Financial Statements
Year Ended 30 April 2019
Loans and borrowings |
2019 |
2018 |
|
Loans and borrowings due after one year |
||
Finance lease liabilities |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
The above finance lease liabilities are secured against the assets to which they relate.
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
0.98 |
|
0.98 |
|
|
0.02 |
|
0.02 |
|
|
|
|
Related party transactions |
|
2019 |
At 1 May 2018 |
Advances to director |
Repayments by director |
At 30 April 2019 |
Mr J M Taylor |
||||
Directors Loan account |
6,003 |
|
( |
- |
2018 |
At 1 May 2017 |
Advances to director |
Repayments by director |
At 30 April 2018 |
Mr J M Taylor |
||||
Directors Loan account |
924 |
|
( |
|
Page 7 |