Colorscan Imaging Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01538923 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Colorscan Imaging Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K R Forster

Mrs C E Forster

SECRETARY:

Mrs C E Forster

REGISTERED OFFICE:

Reformation House

2nd Avenue

Centrum 100

Burton-on-Trent

Staffordshire

DE14 2WF

REGISTERED NUMBER:

01538923 (England and Wales)

ACCOUNTANTS:

The Chartwell Practice Ltd

Chartwell House

4 St. Paul's Square

Burton-on-Trent

Staffordshire

DE14 2EF

FIXED ASSETS

Tangible assets

4

900,268

666,133

CURRENT ASSETS

Stocks

54,414

298,058

Debtors

5

347,120

298,804

Cash at bank

1,096,957

606,702

1,498,491

1,203,564

CREDITORS

Amounts falling due within one year

6

242,961

379,118

NET CURRENT ASSETS

1,255,530

824,446

TOTAL ASSETS LESS CURRENT LIABILITIES

2,155,798

1,490,579

CREDITORS

Amounts falling due after more than one year

7

(240,000

)

-

PROVISIONS FOR LIABILITIES

(126,378

)

(63,980

)

NET ASSETS

1,789,420

1,426,599

CAPITAL AND RESERVES

Called up share capital

10

4,000

4,000

Retained earnings

1,785,420

1,422,599

SHAREHOLDERS' FUNDS

1,789,420

1,426,599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 2 August 2019 and were signed on its behalf by:

K R Forster - Director

1.	STATUTORY INFORMATION

Colorscan Imaging Products Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Manufacturing and printing equipment

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 10 years and Straight line over 5 years

Motor vehicles

-

Straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

The company operates a defined benefit pension scheme. The regular pension cost is charged to the profit and

loss account and is based on the expected pension costs over the service life of the employees. The current

pension deficit is spread in the profit and loss account over the remaining service lives of current employees,

currently estimated at six years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2018 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Manufacturing

and

Fixtures

printing

and

Motor

equipment

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

2,155,555

89,836

20,450

2,265,841

Additions

354,991

52,590

6,500

414,081

Disposals

(1,050,011

)

(55,471

)

(4,500

)

(1,109,982

)

At 31 March 2019

1,460,535

86,955

22,450

1,569,940

DEPRECIATION

At 1 April 2018

1,522,147

61,430

16,131

1,599,708

Charge for year

160,617

14,604

4,725

179,946

Eliminated on disposal

(1,050,011

)

(55,471

)

(4,500

)

(1,109,982

)

At 31 March 2019

632,753

20,563

16,356

669,672

NET BOOK VALUE

At 31 March 2019

827,782

66,392

6,094

900,268

At 31 March 2018

633,408

28,406

4,319

666,133

Fixed assets, included in the above, which are held under finance leases are as follows:

Manufacturing

and

printing

equipment

£

COST

At 1 April 2018

507,897

Transfer to ownership

(507,897

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

351,404

Transfer to ownership

(351,404

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

156,493

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

343,821

297,835

Prepayments

3,299

969

347,120

298,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other loans (see note 8)

60,000

12,090

Finance leases

-

60,365

Trade creditors

52,770

76,209

Tax

50,733

61,768

Social security and other taxes

39,587

57,219

Other creditors

8,444

-

Directors' current accounts

27,590

107,778

Accrued expenses

3,837

3,689

242,961

379,118

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other loans (see note 8)

240,000

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

Other loans

60,000

12,090

Amounts falling due between one and two years:

Other loans - 1-2 years

60,000

-

Amounts falling due between two and five years:

Other loans - 2-5 years

180,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Finance leases

-

60,365

The finance leases are secured on the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

4,000

Ordinary

£1

4,000

4,000