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Registered number: 07199913










COLORMINIUM (LONDON) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COLORMINIUM (LONDON) LIMITED
 
 
COMPANY INFORMATION


Directors
R L Price 
K R Mallinson 
R D Price 
S Byne 




Registered number
07199913



Registered office
23 Springfield Lyons Approach

Springfield

Chelmsford

CM2 5LB




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
COLORMINIUM (LONDON) LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 28


 
COLORMINIUM (LONDON) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors introduce the strategic report for the year ended 31 December 2023.

Business review
 
Background
Colorminium is a leading specialist facade company within the UK, delivering a turn-key design & construct solution to our clients. 
With over 40 years of experience, we recognise that understanding the core values and aspirations of our clients is key to successfully delivering projects, along with being committed to the fundamentals of safety and sustainability.
Financial results
In 2023 Colorminium delivered projects with overall revenue of £44m. Our strong momentum builds on 2022 revenue of £35m. Our 2023 performance showed continued growth in operating profit of £5.68m, up from £4.58m in the previous year.
There has been a 1% increase in net assets in the period and our liquidity remains strong with net cash at the year end of £9.06m.
Future Prospects
Colorminium has a strong reputation, healthy order book and robust pipeline of work for 2024-2025 and is continuing to look ahead and remain agile to respond to our customers' requirements.
The group completed an internal reorganisation in the year to provide further strategic and operational clarity. Envoy brand projects are now carried out by sister company Envoy Projects Limited, set up in 2021 to focus on cladding remediation projects, whilst Colorminium (London) Limited will continue to focus on our existing customer base.

Page 1

 
COLORMINIUM (LONDON) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Some of the principal risks and uncertainties facing the business are listed below.
The Directors continuously monitor the principal risks and manage the business with flexibility in response to market conditions and opportunities as they arise.
Liquidity risk
The company continually forecasts working capital requirements and actively manages its working capital where necessary to ensure it is able to meet all short-term liabilities. The company is not reliant on any one customer such that a change in their liquidity position would have a severely detrimental impact to the liquidity of the company. The company also maintains significant cash reserves to ensure that unforeseen circumstances are extremely unlikely to prevent a severe liquidity risk to the company.
Credit/Insolvency risk
The company is exposed to credit risk on amounts recoverable on long-term contracts.  This is managed through robust assessment of the creditworthiness of each customer, utilising credit insurance where appropriate, and ensuring that the payment terms on contracts keep the overall credit exposure per contract and per customer to an acceptable level.  We also maintain a cautious stance to ensure our supply chain remains financially robust.
Foreign exchange rate risk
The company conducts the majority of its business in Pounds Sterling but it does have exposure to foreign currencies. Where this is the case on a project, the company mitigates the risk through the use of hedging instruments to lock in rates on a contract by contract basis.
Changes in the market
Sharp increases in interest rates, Government EPC targets, changing use of office space and other market forces may have a significant impact on customer investment decisions for projects in our pipeline.  We address this risk principally by not becoming over-dependent on any one customer, and we develop a broad portfolio of new business opportunities across several sectors.
Regulatory risk
Whilst progress has been made on clarifying the regulatory situation exposed by the Grenfell tragedy, uncertainty remains. The directors actively monitor developments to ensure they keep abreast of the relevant changes and appraise our customers where it may affect their projects.
Other external risk, conflicts, commodity shortages and other disruptions in world trade
The company focuses on understanding and monitoring the current risks in each area of the supply chain, particularly in relation to transportation disruption, material shortages and price fluctuations, not least with regards to the ongoing conflicts in Eastern Europe and the Middle East.

Page 2

 
COLORMINIUM (LONDON) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The business tracks critical KPIs at least monthly in its management reporting.  The main categories are QHSE, programme, stakeholder satisfaction, and financial measures, which relate to turnover, operating profit, net current assets and cash.  An analysis of the company's performance and position with reference to these financial key performance indicators is provided in the Business Review.
Against all of these KPIs the Directors are pleased with the performance of the Company in the financial year and routinely review the procedures and policies in place to ensure continued improvement.


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



................................................
S Byne
Director

Date: 22 March 2024

Page 3

 
COLORMINIUM (LONDON) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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 judgements 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 profit for the year, after taxation, amounted to £4,364,456 (2022 - £3,744,152).

Dividends of £4,320,144 (2022: £2,717,377) were declared in the year. No further dividend is to be declared on the results of these financial statements.

Directors

The directors who served during the year were:

R L Price 
K R Mallinson 
R D Price 
S Byne 

Future developments

Refer to strategic report for details of future developments.

Research and development activities

The Company is actively engaged in research and development activities through continuous new product development.

Page 4

 
COLORMINIUM (LONDON) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
S Byne
Director

Date: 22 March 2024

Page 5

 
COLORMINIUM (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORMINIUM (LONDON) LIMITED
 

Opinion


We have audited the financial statements of Colorminium (London) Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2023 and of its profit 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
COLORMINIUM (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORMINIUM (LONDON) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are 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. 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.


Opinion 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 the 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.


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.


Page 7

 
COLORMINIUM (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORMINIUM (LONDON) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 these financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 8

 
COLORMINIUM (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORMINIUM (LONDON) LIMITED (CONTINUED)


Use of our 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 2006Our 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 Auditors' 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

25 March 2024
Page 9

 
COLORMINIUM (LONDON) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
43,748,908
35,025,233

Cost of sales
  
(32,599,128)
(26,279,307)

Gross profit
  
11,149,780
8,745,926

Administrative expenses
  
(5,466,143)
(4,169,067)

Operating profit
 5 
5,683,637
4,576,859

Interest receivable and similar income
 8 
154,837
2,064

Interest payable and similar expenses
 9 
-
(3,888)

Profit before tax
  
5,838,474
4,575,035

Tax on profit
 10 
(1,474,018)
(830,883)

Profit for the financial year
  
4,364,456
3,744,152

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

All activities are in connection with continuing operations.

Page 10

 
COLORMINIUM (LONDON) LIMITED
REGISTERED NUMBER: 07199913

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
180,161
93,538

Investments
 13 
-
500,000

  
180,161
593,538

Current assets
  

Stocks
 14 
64,593
834,982

Debtors: amounts falling due within one year
 15 
7,987,451
7,037,512

Cash at bank and in hand
 16 
9,058,435
8,134,839

  
17,110,479
16,007,333

Creditors: amounts falling due within one year
 17 
(12,325,312)
(12,223,091)

Net current assets
  
 
 
4,785,167
 
 
3,784,242

Total assets less current liabilities
  
4,965,328
4,377,780

Provisions for liabilities
  

Other provisions
 18 
(408,707)
(375,636)

  
 
 
(408,707)
 
 
(375,636)

Net assets
  
4,556,621
4,002,144

Page 11

 
COLORMINIUM (LONDON) LIMITED
REGISTERED NUMBER: 07199913
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,604,027
1,603,977

Share premium account
 20 
510,115
-

Capital redemption reserve
 20 
39,360
39,360

Profit and loss account
 20 
2,403,119
2,358,807

  
4,556,621
4,002,144


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Byne
Director

Date: 22 March 2024

The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
COLORMINIUM (LONDON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022 (as restated)
1,603,977
-
39,360
1,332,032
2,975,369


Comprehensive income for the year

Profit for the year
-
-
-
3,744,152
3,744,152
Total comprehensive income for the year
-
-
-
3,744,152
3,744,152


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(2,717,377)
(2,717,377)


Total transactions with owners
-
-
-
(2,717,377)
(2,717,377)



At 1 January 2023
1,603,977
-
39,360
2,358,807
4,002,144


Comprehensive income for the year

Profit for the year
-
-
-
4,364,456
4,364,456
Total comprehensive income for the year
-
-
-
4,364,456
4,364,456


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(4,320,144)
(4,320,144)

Shares issued during the year
50
510,115
-
-
510,165


Total transactions with owners
50
510,115
-
(4,320,144)
(3,809,979)


At 31 December 2023
1,604,027
510,115
39,360
2,403,119
4,556,621


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Colorminium (London) Limited is a private company, limited by shares, and incorporated in England. The principal activity of the Company is the engineering of facades and full project management service. The address of the registered office is 23 Springfield Lyons Approach, Springfield, Chelmsford, CM2 5LB.

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 judgement 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).

This information is included in the consolidated financial statements of CLL Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House or the parent company's registered office which is located at 23 Springfield Lyons Approach, Springfield, Chelmsford, England, CM2 5LB.

 
2.3

Going concern

After making appropriate enquiries, including the review of cashflow forecasts under various scenarios, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The Group is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements

 
2.4

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

Page 14

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

Page 15

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Office equipment
-
20%
straight line
Computer equipment
-
33%
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.

 
2.7

Valuation of investments

Investments in joint ventures are measured at cost less accumulated impairment.

 
2.8

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 balance sheet 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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

Page 16

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

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.

Page 17

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Finance costs

Finance costs are charged to profit or loss 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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

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 balance sheet 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 Balance sheet.

Page 18

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Taxation

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 balance sheet date in the countries where the company operates and generates income.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Long term contracts
Judgement is particularly applied in estimating the completion stage and expected outcome of long term contracts.
Warranty provision
The Company provides a provision on estimated warranty costs, with the average warranty lasting a duration of 12 years. The Company has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty on these sales. The provision is based on a percentage of annual turnover. The total provision at balance sheet date is disclosed in note 20 of these accounts.


4.


Turnover

All turnover arose within the United Kingdom.

All turnover relates to the principal activity of the Company.

Page 19

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fees payable to the Company's auditors and its associates for the audit of
the annual financial statements
16,950
11,950

Exchange differences
16,940
(30,875)

Other operating lease rentals
2,525
154,716

Loss on disposal of investments in subsidiaries
500,001
-


6.


Employees

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


2023
2022
£
£

Wages and salaries
3,957,945
3,083,593

Social security costs
406,048
377,046

Cost of defined contribution scheme
66,346
35,407

4,430,339
3,496,046


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


        2023
        2022
            No.
            No.







52
46

Key management personnel (including directors) received remuneration of £84,436 (2022: £94,109).

Page 20

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
60,655
70,226

60,655
70,226



8.


Interest receivable

2023
2022
£
£


Other interest receivable
154,837
2,064

154,837
2,064


9.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
-
3,888

-
3,888


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,474,018
712,963

Adjustments in respect of previous periods
-
117,920


1,474,018
830,883


Total current tax
1,474,018
830,883
Page 21

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,838,474
4,575,035


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,372,041
869,257

Effects of:


Expenses not deductible for tax purposes
248
531

Capital allowances for year in excess of depreciation
(22,333)
(1,825)

Adjustments to the prior year tax charge
-
117,920

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(155,000)

Changes in provisions leading to an increase (decrease) in the tax charge
5,274
-

Other differences leading to an increase (decrease) in the tax charge
118,788
-

Total tax charge for the year
1,474,018
830,883


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends paid on ordinary shares
4,320,144
2,717,377

4,320,144
2,717,377

Page 22

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
99,751
222,456
86,843
409,050


Additions
63,367
33,287
46,302
142,956



At 31 December 2023

163,118
255,743
133,145
552,006



Depreciation


At 1 January 2023
51,863
221,459
42,190
315,512


Charge for the year on owned assets
16,082
5,758
34,493
56,333



At 31 December 2023

67,945
227,217
76,683
371,845



Net book value



At 31 December 2023
95,173
28,526
56,462
180,161



At 31 December 2022
47,888
997
44,653
93,538

Page 23

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
500,000


Disposals
(500,000)



At 31 December 2023
-




On 30 March 2023 the Company's interest in its subsidiary undertaking, Envoy Projects Limited, was transferred to the Company's parent company, CLL Group Holdings Limited for £nil consideration.

Page 24

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Stocks

2023
2022
£
£

Long-term contract balances
64,593
834,982

64,593
834,982


Long-term contract balances consist of:

2023
2022
£
£


Costs to date less provision for losses
64,593
834,982

64,593
834,982





15.


Debtors

2023
2022
£
£


Trade debtors
2,053,664
1,888,757

Other debtors
2,836,325
2,353,794

Called up share capital not paid
510,122
-

Prepayments and accrued income
600,639
529,134

Amounts recoverable on long-term contracts
1,986,701
2,265,827

7,987,451
7,037,512



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,058,435
8,134,839

9,058,435
8,134,839


Page 25

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
363,946
352,555

Trade creditors
1,487,689
1,880,433

Amounts owed to group undertakings
3,671,332
1,241,164

Corporation tax
1,027,898
871,442

Other taxation and social security
643,916
158,384

Other creditors
66,944
1,643,781

Accruals and deferred income
5,063,587
6,075,332

12,325,312
12,223,091



18.


Provisions


Warranty provision

£





At 1 January 2023
375,636


Charged to profit or loss
33,071



At 31 December 2023
408,707


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



nil (2022 - 150) Ordinary A-O shares of £1.00 each
-
150
19,300 (2022 - ) Ordinary A shares of £0.01 each
193
-
700 (2022 - ) Ordinary T shares of £0.01 each
7
-
67 (2022 - 67) Ordinary Z shares of £1.00 each
67
67
40,117 (2022 - 40,117) Deferred A shares of £1.00 each
40,117
40,117
363,643 (2022 - 363,643) Deferred B shares of £1.00 each
363,643
363,643
1,200,000 (2022 - 1,200,000) Deferred C shares of £1.00 each
1,200,000
1,200,000

1,604,027

1,603,977


The Deferred A-C shares, Ordinary T shares and Ordinary Z shares are redeemable at any time at the the request of the Company. The holders have a right to request a redemption but the Company has an unconditional right to reject any such request if it sees fit.

Page 26

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Reserves

Share premium account

The share premium account represents the amount by which shares have been issued in excess of their nominal value.

Capital redemption reserve

The capital redemption reserve represents the amounts transferred following the redemption of the Company's own shares.

Profit and loss account

The profit and loss account reserve represents the cumulative retained profits generated by the Company since incorporation, less distributions.


21.


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,346 (2022: £35,407). Contributions totalling £29,620 (2022: £7,718) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
343,485
295,844

Later than 1 year and not later than 5 years
327,381
766,540

670,866
1,062,384


23.


Related party transactions

Other debtors includes a short term loan of £nil (2022: £126,537) relating to RLP Investments Limited, a company that the director R L Price is a sole director and shareholder of. The loan is repayable on demand.
During the year the Company made sales to a fellow group company of £2,744,835 and purchases from a fellow group company of £1,318,051 (2022: £853,164). Amounts owed to group companies at 31 December 2023 were £3,671,332 (2022: £1,241,164).
Included in other creditors are balances due to directors of £nil (2022: £1,325,788). No interest is charged on balances held with directors, with all balances being repayable on demand.

Page 27

 
COLORMINIUM (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Controlling party

CLL Group Holdings Limited, a company registered and incorporated in the United Kingdom, was the immediate and ultimate parent undertaking during the period. This is the parent of the smallest and largest group to draw up consolidated accounts which include this entity. The registered office of this company is 23 Springfield Lyons Approach, Springfield, Chelmsford, England, CM2 5LB.

 
Page 28