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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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31 December 2018 |
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for |
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Colour Ribbons Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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31 December 2018 |
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for |
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Colour Ribbons Limited |
Colour Ribbons Limited (Registered number: 01797348) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Colour Ribbons Limited (Registered number: 01797348) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Colour Ribbons Limited (Registered number: 01797348) |
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Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Colour Ribbons Limited (Registered number: 01797348) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Colour Ribbons Limited is a
company's registered number is 01797348 and the registered off ice address is Holmfield House, Holdsworth Road, Holmfield, Halifax, HX3 6SN. |
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2. | ACCOUNTING POLICIES |
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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 UK and Republic of Ireland" and 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. |
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The financial statements have been prepared under the historical cost convention. |
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The functional and presentational currency of the company is considered to be pounds sterling. |
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Turnover |
Turnover represents the value of goods invoiced and despatched to customers during the year, less |
returns, exclusive of value added tax. |
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Intangible assets |
Development and software expenditure is written off, except where the directors are satisfied as to the |
technical, commercial and financial viability of individual projects and assets. In such cases, the |
identifiable expenditure is capitalised as an intangible asset and amortised over the period during |
which the company is expected to benefit. The has been assessed as being three years. Provision is |
made for any impairment. |
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Tangible fixed assets |
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, |
net of depreciation and any provision for impairment. |
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Depreciation is provided on all tangible assets, at rates calculated to write off the cost less estimated |
residual value of each asset on a straight line basis over its expected useful life. |
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Plant and machinery | 2 - 3 years |
Motor vehicles | 3 - 4 years |
Computer equipment | 3 years |
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Residual value represents the estimated amount which would currently be obtained from disposal of an |
asset after deducting estimated costs of disposal, if the asset were already at an age and in the |
condition expected at the end of its estimated useful life. |
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The need for any fixed asset impairment write down is assessed by comparison of the carrying value |
of the assets against the higher of realisable value and value in use. |
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The gain or loss arising on the disposal of an asset is determined on the difference between the sale |
proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
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Investments in subsidiaries and associates |
Investments are stated at cost less provisions to reflect any permanent diminution in value. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent |
to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is |
made for obsolete, slow-moving or defective items where appropriate. |
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Colour Ribbons Limited (Registered number: 01797348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) |
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events that result in an obligation to pay more tax in the |
future or a right to pay less tax in the future have occurred at the balance sheet date. Timing |
differences are differences between the company's taxable profits and its results as stated in the |
financial statements that arise from the inclusion of gains and losses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis |
of all available evidence, it can be regarded as more likely than not that there will be suitable taxable |
profits from which the future reversal of the underlying timing differences can be deducted. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are recognised in the profit and loss |
account. |
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Pension costs |
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. |
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Employee benefits |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the |
contractual provisions of the instrument. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
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All financial assets and liabilities are initially measured at transaction price (including transaction |
costs), except for those financial assets classified as at fair value through profit and loss, which are |
initially measured at fair value (which is normally the transaction price excluding transaction costs), |
unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing |
transaction, the financial asset or financial liability is measured at the present value of the future |
payments discounted at a market rate of interest for a similar debt instrument. |
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The following assets and liabilities are classified as basic financial instruments - trade debtors, cash |
and bank balance, inter-company balances (being repayable on demand), accruals and trade |
creditors, and are measured at the amortised cost equivalent to the undiscounted amount of cash or |
other consideration expected to be paid or received. |
Colour Ribbons Limited (Registered number: 01797348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective |
evidence of impairment, an impairment loss is recognised in profit and loss as described below. |
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Non financial assets |
An asset is impaired when there is objective evidence that, as a result of one or more events that |
occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The |
recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
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Financial assets |
For financial assets carried at cost less impairment, the impairment loss is the difference between the |
asset's carrying amount and the best estimate of the amount that would be received for the asset if it |
were sold at the reporting date. |
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Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively |
to an event occurring after the impairment was recognised, the prior impairment loss is tested to |
determine reversal. An impairment loss is reversed on an individual impaired financial asset to the |
extent that the revised recoverable value does not lead to a revised carrying amount higher than the |
carrying value had the impairment loss not been recognised. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Computer |
Software |
£ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Amortisation for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Colour Ribbons Limited (Registered number: 01797348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
Shares in | subsidiary | Other |
associates | undertakings | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
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22,810 |
Additions |
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22,110 |
Transfer | ( |
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At 31 December 2018 |
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44,920 |
PROVISIONS |
At 1 January 2018 |
and 31 December 2018 | - | - |
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NET BOOK VALUE |
At 31 December 2018 |
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44,820 |
At 31 December 2017 |
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22,710 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group company |
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Amounts owed by associates |
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Prepayments and accrued income |
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Colour Ribbons Limited (Registered number: 01797348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Accruals and deferred income |
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The bank has provided a guarantee of £25,000 (2017 - £25,000) in favour of HM Revenue & Customs, |
secured by a debenture comprising a fixed and floating charge over the assets of the company. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 21,000 | 21,000 |
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10. | RELATED PARTY DISCLOSURES |
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Parent company |
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2018 | 2017 |
£ | £ |
Amounts due from related party at the balance sheet date |
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No interest has been charged on this balance. |
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11. | PARENT COMPANY |
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The parent company is
office of 13K Limited is Holly Ho use Follifoot Lane, Spofforth, Harrogate, North Yorkshire, HG3 1AY. |