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Leach Colour Limited

Registered number: 03729135
Annual report and
 financial statements
For the year ended 31 December 2022

 
LEACH COLOUR LIMITED
 
 
COMPANY INFORMATION


Directors
D C De Canecaude (appointed 15 February 2023)
R L Wilson (appointed 15 February 2023)




Registered number
03729135



Registered office
Bradley Business Park
Dyson Wood Way

Bradley

Huddersfield

West Yorkshire

HD2 1GN




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE




Bankers
Lloyds Bank plc
Commercial Street

Halifax

West Yorkshire

HX1 1BB





 
LEACH COLOUR LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 31


 
LEACH COLOUR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2022.

Business review
 
The Company has financial losses of £510,845 (2021: loss £1,219,722) for the year. An increase in business turnover from the previous financial year and decrease in losses was achieved, which puts the Company in an encouraging position to the health of the business and the markets served. Significant business infrastructure changes have ensured the year ended is in the healthiest position for many years. 
The Company continued to focus on the production of display graphics along with associated installation services, the design and manufacture of graphic display structures along with the design and manufacture of lightboxes.  
The strategic development of the Company’s offering towards an increased range of integrated products and services in graphic-rich environments is planned to continue. The Company also continues to broaden its geographic spread, working increasingly in export markets, primarily Europe and the Middle East, opening up further opportunities for growth. Confidence in the UK retail sector remains strong and a continued positive trajectory from the previous year is very encouraging for the future. Other sectors such as temporary exhibitions are buoyant and confidence is gaining momentum - while this is not a substantial part of the portfolio it remains positive for the overall industry. General market conditions remain positive with encouraging security and direction. 
Business restructure and resourcing requirements have all been aligned to the strategic position of the business. Diverting and adding resource to key growth areas has been executed as needed. Large capital investments are not right for the business in the current climate as alternative ways of satisfying customers' needs are available. Customer satisfaction and high levels of quality remain to be at the core of what Leach delivers; this has retained a loyal customer base and helps to easily bring new customers into the business.

- 1 -

 
LEACH COLOUR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Principal risks and uncertainties
 
The principal risks and risk mitigation strategies are as follows:

Major customer loss 
The potential impact of this is a concern to the business but is a far reduced risk from the past. The executive team maintain a close relationship with the Company’s major customers. The sales team are tasked with constantly seeking out new customers in order to widen its customer base. The Company employs stringent monitoring of production quality, maintenance of customer delivery requirements and customer relationship issues to identify potential customer concerns at an early stage. 
Financial risk 
The potential impact of this is bad debts. Bad debts are mitigated by stringent management of customer credit limits which are also insured. The strict administration of the Company’s debtor ledger is a key factor in the order administration system. The Company is no longer subject to banking covenants. 
Contractual risk 
The potential impact is in respect of large contracts for overseas clients or those which run for many months. Contracts are assessed for their risk factors prior to acceptance. For higher risk contracts, the Company will require a substantial activation payment and staged payments against monthly valuations for the duration of the contract.
Reputational risk 
The potential impact is that as the Company operates in relatively small markets, in particular the museum market, any damage to, or loss of reputation could be a major concern. Rigorous management attention and quality control procedures are in place to maximise right first time and on time delivery. Taking responsibility for, and ensuring swift remedial action on, any snags or complaints. 
Operational risk 
The potential impact is cost over-runs and loss of operational control. Solid reporting systems and accurate and timely management information, which is reviewed by the senior team monthly. 

Financial key performance indicators
 
The main KPIs in the company’s financial budget are turnover, net profit, added value percentage, cash position and debtor days. The Company also measures non-financial KPIs. These are principally on time delivery percentage, rework percentage, customer complaints and staff turnover. A focused cost reduction exercise was started and completed in the year. This was a focused adjustment in both direct and indirect labour to ensure that financial KPI's were broadly achieved - in relation to COVID adjustment plans. This has ensured the year was as financially strong as possible but also balancing a solid workforce to react to positive market corrections. 
 
- 2 -

 
LEACH COLOUR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Research and Development
The Company invests heavily in research and development to strengthen its market leading position in the Large Format print and Lightbox sectors. Our approach involves deep consultation with our clients so to provide focus for our development idea. This keeps our solutions highly relevant to our clients needs and helps to the innovation process efficiency.


This report was approved by the board on 10 April 2024 and signed on its behalf.



R L Wilson
Director

- 3 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £510,845 (2021 - loss £1,219,722).

Directors

The directors who served during the year were:

J Fabre-Hoffmeister (resigned 15 February 2023)

R.L Wilson and C. D De Canecaude were appointed as directors on 15 February 2023.

- 4 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Going concern

The financial statements have been prepared on a going concern basis. 
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. 
As part of their assessment of going concern the directors have created a sensitised budget for a period of more than twelve months from the date of signing the financial statements in addition to their original budget. The sensitised budget takes the market sectors, products, technical aspects and trends into consideration. These variables, some key assumptions and a strong exit to 2022 provide a strong confidence for the coming future order book into 2024 at the date of signing the financial statements.
The sensitised budget details that the Company has adequate financial resources and as a consequence, the directors believe that the Company is well placed to manage its business risk successfully.
The directors have reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 
While focusing on performance and financial success as an individual entity, the Company is owned by Chargeurs SA which operates in multiple countries Worldwide, based in France. Chargeurs SA is committed to support the Company through adverse conditions – and as such gives confidence for the Company to continue to build and focus the business on its core products, while planning for the future.

Future developments

The strategic development of the Company’s offering towards an increased range of integrated products and services in graphic-rich environments is planned to continue. Exploring wider markets which push beyond graphics and graphic production ensure that diversification into emerging markets is key when considering research and development. The Company also continues to broaden its geographic spread, working increasingly in export markets, primarily Europe and the Middle East, opening up further opportunities for growth.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
Leach Colour Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

- 5 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 April 2024 and signed on its behalf.
 





R L Wilson
Director

- 6 -

 
LEACH COLOUR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEACH COLOUR LIMITED
 

Opinion

We have audited the financial statements of Leach Colour Limited (the ‘Company’) for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 7 -

 
LEACH COLOUR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEACH COLOUR LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

- 8 -

 
LEACH COLOUR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEACH COLOUR LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that  non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 Inquiring of management and, where appropriate, those charged with governance, as to whether the                        company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
 Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
 Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
 Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. 
 
In addition, we evaluated the directors and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. 
- 9 -

 
LEACH COLOUR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEACH COLOUR LIMITED
 

Our audit procedures in relation to fraud included but were not limited to:

making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
gaining an understanding of the internal controls established to mitigate risks related to fraud;
discussing amongst the engagement team the risks of fraud; and
addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Christopher Martin (Senior Statutory Auditor)

  
for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

10 April 2024
- 10 -

 
LEACH COLOUR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
10,631,753
7,078,392

Cost of sales
  
(8,293,697)
(5,945,411)

Gross profit
  
2,338,056
1,132,981

Distribution costs
  
(1,185,276)
(938,964)

Administrative expenses
  
(1,642,909)
(1,487,348)

Other operating income
 5 
-
158,042

Operating loss
 6 
(490,129)
(1,135,289)

Interest receivable and similar income
 10 
31,701
-

Interest payable and similar expenses
 11 
(89,506)
(20,643)

Loss before tax
  
(547,934)
(1,155,932)

Tax on loss
 12 
37,089
(63,790)

Loss for the financial year
  
(510,845)
(1,219,722)

There are no items of other comprehensive income for 2022 or 2021 other than the loss for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 14 to 31 form part of these financial statements.

- 11 -

 
LEACH COLOUR LIMITED
REGISTERED NUMBER: 03729135

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible fixed assets
 13 
75,046
90,760

Tangible fixed assets
 14 
624,877
791,734

  
699,923
882,494

Current assets
  

Stocks
 15 
447,750
1,161,149

Debtors: amounts falling due within one year
 16 
4,545,364
3,152,026

Cash at bank and in hand
 17 
565,868
1,639,310

  
5,558,982
5,952,485

Creditors: amounts falling due within one year
 18 
(5,265,939)
(5,294,079)

Net current assets
  
 
 
293,043
 
 
658,406

Total assets less current liabilities
  
992,966
1,540,900

Provisions for liabilities
  

Deferred tax
 19 
(97,478)
(134,567)

Net assets
  
895,488
1,406,333


Capital and reserves
  

Called up share capital 
 20 
268,000
268,000

Profit and loss account
 21 
627,488
1,138,333

  
895,488
1,406,333


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 April 2024.




R L Wilson
Director

The notes on pages 14 to 31 form part of these financial statements.

- 12 -

 
LEACH COLOUR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
268,000
2,358,055
2,626,055


Comprehensive income for the year

Loss for the year
-
(1,219,722)
(1,219,722)
Total comprehensive loss for the year
-
(1,219,722)
(1,219,722)



At 1 January 2022
268,000
1,138,333
1,406,333


Comprehensive income for the year

Loss for the year
-
(510,845)
(510,845)
Total comprehensive loss for the year
-
(510,845)
(510,845)


At 31 December 2022
268,000
627,488
895,488


The notes on pages 14 to 31 form part of these financial statements.

- 13 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Leach Colour Limited is a private company, limited by shares, registered in England and Wales, registration number 03729135. The registered office and principal place of business is Bradley Business Park, Dyson Wood Way, Bradley, Huddersfield, West Yorkshire, HD2 1GN. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Chargeurs SA as at 31 December 2022 and these financial statements may be obtained from 112, AV Kléber, 75116 Paris, France.

- 14 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. 
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. 
As part of their assessment of going concern the directors have created a sensitised budget for a period of more than twelve months from the date of signing the financial statements in addition to their original budget. The sensitised budget takes the market sectors, products, technical aspects and trends into consideration. These variables, some key assumptions and a strong exit to 2022 provide a strong confidence for the coming future order book into 2024 at the date of signing the financial statements.
The sensitised budget details that the Company has adequate financial resources and as a consequence, the directors believe that the Company is well placed to manage its business risk successfully.
The directors have reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 
While focusing on performance and financial success as an individual entity, the Company is owned by Chargeurs SA which operates in multiple countries Worldwide, based in France. Chargeurs SA is committed to support the Company through adverse conditions – and as such gives confidence for the Company to continue to build and focus the business on its core products, while planning for the future.

- 15 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

  
2.6

Government Grants

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes, the company used the furlough scheme. The income from the furlough scheme has been recognised within 'Other operating income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.

- 16 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Software development is amortised on a straight line basis over eight years with amortisation being charged to administrative expenses in the Statement of Comprehensive Income. 
Capitalised costs in relation to projects which are not operational by the year end date are not amortised in the year. 

- 17 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant & machinery
-
12.5 - 50% straight line
Motor vehicles
-
25%           straight line
Fixtures & fittings
-
12.5 - 50% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is charged to administrative expenses in the Statement of Comprehensive Income. 

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. 

 
2.12

Debtors

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

 
2.13

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.

- 18 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 19 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.18
Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

- 20 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.20

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year. 
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(ii) Recoverability of trade and other receivables
The Company establishes a provision for trade and other receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the receivables, past experiences of recoverability, financial position of the other party and the credit profile of individual or groups of customers. 
 (iii) Determining the residual values and useful economic lives of tangible assets. 
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance and programmes.
Judgment is also applied when determining the residual values of fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life.  Where possible this is done with reference to external market prices. 

- 21 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company. 

Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
9,807,209
5,747,082

Rest of Europe
151,213
95,092

Rest of the world
673,331
1,236,218

10,631,753
7,078,392



5.


Other operating income

2022
2021
£
£

Government grants received
-
158,042



6.


Operating loss

The operating loss is stated after charging/(crediting):

2022
2021
£
£

Operating lease rentals
328,834
229,142

Depreciation of tangible fixed assets
252,283
287,922

Amortisation of intangible assets, including goodwill
15,714
15,714

Exchange differences
(25,328)
(17,524)

Defined contribution pension cost
272,716
146,538

Research and development
96,053
107,731

- 22 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2022
2021
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements

30,000
27,000

Fees payable to the Company's auditor in respect of:

Other services relating to taxation
6,600
3,350

All other services
6,395
4,550


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
3,114,683
2,878,264

Social security costs
319,559
284,094

Cost of defined contribution scheme
272,716
146,538

3,706,958
3,308,896


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Administration
28
31



Sales and distribution
6
7



Production
53
50

87
88

- 23 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
19,087
102,000

Company contributions to defined contribution pension schemes
3,634
21,858

22,721
123,858


During the year retirement benefits were accruing to 1 director (2021 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable and similar income

2022
2021
£
£


Interest receivable from group companies
31,701
-


11.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
89,506
20,643


12.


Taxation


2022
2021
£
£

Corporation tax


Adjustments in respect of previous periods
-
5,730


Total current tax
-
5,730

Deferred tax


Origination and reversal of timing differences
(38,154)
45,144

Adjustment in respect to previous periods
1,065
(8,545)

Effect of tax rate change on opening balance
-
21,461

Total deferred tax
(37,089)
58,060


Taxation on (loss)/profit on ordinary activities
(37,089)
63,790
- 24 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Loss on ordinary activities before tax
(547,934)
(1,155,932)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(104,107)
(219,627)

Effects of:


Fixed asset differences
(6,932)
(5,698)

Expenses not deductible for tax purposes
570
-

Adjustments to tax charge in respect of prior periods
-
5,730

Adjustments to tax charge in respect of prior periods - deferred tax
1,065
(8,545)

Remeasurement of deferred tax for changes in tax rates
(25,877)
(111,541)

Other differences leading to an increase (decrease) in the tax charge
68
-

Group relief
28,460
28,468

Deferred tax not recognised
69,664
375,003

Total tax charge for the year
(37,089)
63,790


Factors that may affect future tax charges

The UK Government announced in the 2021 Budget that from 1 April 2023, the rate of corporation tax in the United Kingdom would increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19% which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

- 25 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Intangible assets




Software development

£



Cost


At 1 January 2022
125,715



At 31 December 2022

125,715



Amortisation


At 1 January 2022
34,955


Charge for the year on owned assets
15,714



At 31 December 2022

50,669



Net book value



At 31 December 2022
75,046



At 31 December 2021
90,760



- 26 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost 


At 1 January 2022
2,696,798
211,787
889,619
3,798,204


Additions
8,466
62,328
14,784
85,578


Disposals
(17,914)
(16,321)
(1,046)
(35,281)



At 31 December 2022

2,687,350
257,794
903,357
3,848,501



Depreciation


At 1 January 2022
2,102,849
177,201
726,420
3,006,470


Charge for the year
157,430
33,748
61,105
252,283


Disposals
(17,914)
(16,566)
(648)
(35,128)



At 31 December 2022

2,242,365
194,383
786,877
3,223,625



Net book value



At 31 December 2022
444,985
63,411
116,480
624,876



At 31 December 2021
593,949
34,586
163,199
791,734

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
-
341,443

Motor vehicles
-
19,878

-
361,321

- 27 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Stocks

2022
2021
£
£

Raw materials and consumables
447,750
507,417

Work in progress
-
653,732

447,750
1,161,149



16.


Debtors

2022
2021
£
£


Trade debtors
3,165,544
1,370,993

Amounts owed by parent undertakings
781,500
1,421,165

Other debtors
12,854
13,941

Prepayments and accrued income
585,466
345,927

4,545,364
3,152,026


The amount owed by the parent undertaking is interest free and repayable on demand.


17.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
565,868
1,639,310


- 28 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
822,052
808,355

Amounts owed to group undertakings
1,728,610
2,009,894

Other taxation and social security
2,241,438
1,935,487

Obligations under finance lease and hire purchase contracts
-
75,930

Other creditors
3,391
4,698

Accruals and deferred income
470,448
459,715

5,265,939
5,294,079


Hire purchase liabilities totalling £Nil (2021 - £75,930) are secured upon the asset to which the finance relates. 
A debenture dated 30 March 1999 is secured on all cash and cash equivalents and all actual and contingent liabilities.


19.


Deferred taxation




2022
2021


£

£






At beginning of year
(134,567)
(76,507)


Charged to the profit or loss
37,089
(58,060)



At end of year
(97,478)
(134,567)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Fixed asset timing differences
(97,478)
(134,567)

(97,478)
(134,567)


The accelerated capital allowances deferred tax liability is expected to reverse over the useful lives of the assets to which it relates. 

- 29 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



268,000 (2021 - 268,000) Ordinary shares of £1.00 each
268,000
268,000


The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption nor a right to a fixed income.


21.


Reserves

Profit & loss account

This reserve represents cumulative profits and losses less dividends paid.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Employer pension contributions during the year totalled £272,216 (2021: £146,538). Contributions totalling £25,242 (2021: £1,027) were payable to the fund at the balance sheet date.


23.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
288,261
233,265

Later than 1 year and not later than 5 years
528,073
702,353

816,334
935,618

Operating lease rentals during the year of £328,834 (2021 - £229,142) were charged through the Statement of Comprehensive Income. 

- 30 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

24.


Related party transactions

The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company. The consolidated financial statements of Chargeurs SA are available from 112, AV Kléber, 75116 Paris, France.


25.


Ultimate parent undertaking and controlling party

The immediate parent company is A H Leach & Company Limited. The ultimate parent company is Chargeurs SA, a company incorporated in France. 

- 31 -