ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

EUROPEAN COLOUR LIMITED - Company Information

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Registered number: 00065706

European Colour Limited

Unaudited

Financial statements

For the Year Ended 31 March 2018

European Colour Limited

Registered number: 00065706

Balance sheet

As at 31 March 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year		2,343		3,504
Cash at bank and in hand		-		6,601
		2,343		10,105
Creditors: amounts falling due within one year	5	(2,554)		(2,554)
Total assets less current liabilities			(211)		7,551

Net (liabilities)/assets			(211)		7,551

Capital and reserves
Called up share capital		2,848,400	2,848,400
Share premium account	7	6,548,600	6,548,600
Other reserves	7	550,000	550,000
Profit and loss account	7	(9,947,211)	(9,939,449)
		(211)	7,551

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 December 2018.

S. R. Smith

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

European Colour Limited

Notes to the financial statements

For the Year Ended 31 March 2018

1.	General information

European Colour Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 24 Chiswell Street, London, EC1Y 4YX. The company's principal activity during the year was that of a Speciality Chemical manufacturing company and holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The accounts have been prepared on a going concern basis despite the company reporting a loss of £7,762 (2017: £7,599) for the year ended 31 March 2018 and net liabilities of £211 (2017: net assets of £7,551) at that date. The company is reliant upon the continued financial support of its directors.

2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.7

Creditors

Short term creditors are measured at the transaction price.

Page 2

European Colour Limited

Notes to the financial statements

For the Year Ended 31 March 2018

2.Accounting policies (continued)

2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Debtors

					2018	2017
					£	£


Amounts owed by related undertakings	2,024	3,504
Other debtors	319	-
	2,343	3,504

5.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Other creditors	954	954
Accruals and deferred income	1,600	1,600
	2,554	2,554

Page 3

European Colour Limited

Notes to the financial statements

For the Year Ended 31 March 2018

Allotted, called up and fully paid

19,672 Ordinary shares of £50 each	983,600	983,600
46,620,000 Deferred shares of £0.04 each	1,864,800	1,864,800

	2,848,400	2,848,400

Reserves

Profit & loss account

This reserve comprise all current and prior period retained profits and losses after deducting any distributions.
Share capital
This represents the nominal value of shares that have been issued by the company.
Share premium
This represents the premium that was paid on the shares that have been issued by the company.
Other reserves
This represents a capital redemption reserve.

Related party transactions

At the balance sheet date, the company owed S. R. Smith £954 (2017: 954), which is included in 'Other creditors' in note 6 to these accounts.
During the year, P. Moreno de Smith, a director, paid expenses on behalf of the company totalling £573 (2017: £2,392). The company repaid P. Moreno de Smith £573 (2017: £2,392). At the balance sheet date, the company owed £Nil (2017: £Nil) to P. Moreno de Smith.

9.	Controlling party

Pochteca (TCI) Limited and Pochteca Corp, both wholly owned by S.R. Smith, a director of the company, hold 89.5% of the group's issued share capital, making S.R. Smith the ultimate owner of the company.

Page 4