REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
For The Period 1 January 2023 to 31 March 2024 |
for |
Colors & Effects UK Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
For The Period 1 January 2023 to 31 March 2024 |
for |
Colors & Effects UK Ltd |
Colors & Effects UK Ltd (Registered number: 11082095) |
Contents of the Financial Statements |
For The Period 1 January 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Statement of Cash Flows | 10 |
Notes to the Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 |
Colors & Effects UK Ltd |
Company Information |
For The Period 1 January 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Registered Auditor |
10-12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
Colors & Effects UK Ltd (Registered number: 11082095) |
Strategic Report |
For The Period 1 January 2023 to 31 March 2024 |
The directors present their strategic report for the period 1 January 2023 to 31 March 2024. |
Principal activity |
The principal activity of the company is the sale of pigments. |
Colors & Effects UK Ltd operates within the pigments division of the DIC Group serving the UK market. |
The trade and employees were transferred to another group entity on 1st January 2023. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties of the company are integrated with those of the DIC Group and are not managed separately. |
ON BEHALF OF THE BOARD: |
Colors & Effects UK Ltd (Registered number: 11082095) |
Report of the Directors |
For The Period 1 January 2023 to 31 March 2024 |
The directors present their report with the financial statements of the company for the period 1 January 2023 to 31 March 2024. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the period ended 31 March 2024 will be £ |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Giess Wallis Crisp LLP, will be not be proposed for re-appointment given there are no further audited period's expected. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Colors & Effects UK Ltd |
Opinion |
We have audited the financial statements of Colors & Effects UK Ltd (the 'company') for the period ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 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 March 2024 and of its profit for the period 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Report of the Independent Auditors to the Members of |
Colors & Effects UK Ltd |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the the company and the industry in which they operate, we identified the significant laws and regulations in relation to this company as being: financial reporting legislation (including Companies Act 2006) and taxation legislation (including corporation tax act 2010), and we considered the extent to which non-compliance might have a material effect on the financial statements. These laws and regulations could have a direct impact on the financial statements. As part of the planning process we evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements and concluded that the principal risk is related to the possible override of controls by management. The results of the above assessment were communicated to the engagement team during the engagement team briefing prior to the commencement of the audit field work. |
Audit procedures performed in response to the potential risks relating to irregularities, fraud and non-compliance with laws and regulations comprised of: |
- Enquiries of management and those charged with governance. |
- Testing the appropriateness of entries in the nominal ledger, including journal entries. |
- Review and testing of transactions either side of the end of the reporting period. |
- Analytical review of the financial statements at both planning and completion stage to identify any anomalies or unexpected movements in account balances which may be indicative of fraud. |
- Inspection and examination of legal invoices and correspondence. |
The results of the above audit procedures were that no instances of non-compliance with laws and regulations were identified and no instances of material fraud were identified. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISA's (UK). |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Colors & Effects UK Ltd |
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 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 a Report of the Auditors 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. |
for and on behalf of |
Registered Auditor |
10-12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
Colors & Effects UK Ltd (Registered number: 11082095) |
Statement of Comprehensive Income |
For The Period 1 January 2023 to 31 March 2024 |
Period | Year Ended |
1/1/23 to 31/3/24 | 31/12/22 |
Notes | £'000 | £'000 | £'000 | £'000 |
TURNOVER | 4 |
Cost of sales | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) |
Administrative expenses |
(64 | ) | 541 |
65 | 335 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
191 | 354 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME |
Capital distribution | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Colors & Effects UK Ltd (Registered number: 11082095) |
Statement of Financial Position |
31 March 2024 |
2024 | 2022 |
Notes | £'000 | £'000 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Colors & Effects UK Ltd (Registered number: 11082095) |
Statement of Changes in Equity |
For The Period 1 January 2023 to 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2024 |
Colors & Effects UK Ltd (Registered number: 11082095) |
Statement of Cash Flows |
For The Period 1 January 2023 to 31 March 2024 |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Equity dividends paid | ( |
) |
Capital distribution | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
(22 |
) |
708 |
Cash and cash equivalents at end of period |
2 |
- |
( |
) |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Statement of Cash Flows |
For The Period 1 January 2023 to 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Profit before taxation |
Finance costs | 41 | - |
Finance income | (118 | ) | (9 | ) |
73 | 345 |
Decrease in stocks |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 March 2024 |
31/3/24 | 1/1/23 |
£'000 | £'000 |
Cash and cash equivalents | - | 60 |
Bank overdrafts | ( |
) |
- | (22 | ) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£'000 | £'000 |
Cash and cash equivalents | 60 | 708 |
Bank overdrafts | ( |
) |
(22 | ) | 708 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/3/24 |
£'000 | £'000 | £'000 |
Net cash |
Cash at bank | 60 | (60 | ) | - |
Bank overdrafts | (82 | ) | 82 | - |
(22 | ) | - |
Total | (22 | ) | 22 | - |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements |
For The Period 1 January 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Colors & Effects UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
These financial statements have been prepared for a period of 15 months. The reason for the extension to the financial period is to align with the intended liquidation of the entity. |
All amounts presented within the Financial Statements have been rounded to the nearest £1,000. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Refer to "going concern" policy below for further detail regarding the basis of preparation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities |
Going concern |
The directors intend to liquidate the company completely following the final repayment of share capital to the parent entity. The trade has passed to another entity within the group and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. This includes: |
- Writing down assets to their recoverable amounts; |
- Recognising provisions for contractual commitments that have become onerous at the balance sheet date as a result of the entity no longer being a going concern; |
- Reclassifying creditors falling due after one year as creditors falling due within one year where the entity no longer has an unconditional right to defer settlement for at least twelve months after the period end. |
The application of a basis other than going concern has had no material impact on the presentation, valuation or classification of the figures represented in the Statement of Comprehensive Income or the Statement of Financial Position. |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements - continued |
For The Period 1 January 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company's activities. Turnover is shown net of sales/ value added tax, returns, rebates and discounts. |
The Company recognises turnover when: |
The amount can be reliably measured; |
It is probable that future economic benefits will flow to the entity; and |
Specific criteria have been met for each of the Companies activities. |
Financial instruments |
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors. |
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. |
Debtors |
Short terms debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by current accounts, 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. |
Creditors |
Short term creditors are measured at the transaction price. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements - continued |
For The Period 1 January 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business for the year ended 31 December 2022 is given below: |
£'000 |
This analysis is not considered to be applicable to the period ended 31 March 2024. |
An analysis of turnover and profits between geographical markets has not been given because, in the opinion of the directors, this disclosure would be seriously prejudicial to the company. |
5. | EMPLOYEES AND DIRECTORS |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
Sales |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements - continued |
For The Period 1 January 2023 to 31 March 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Other operating leases |
Foreign exchange differences | ( |
) | ( |
) |
Auditors remuneration |
Interest receivable from group | ( |
) | ( |
) |
Auditors remuneration will be borne by another group entity in the current period of £12,500. |
7. | EXCEPTIONAL ITEMS |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Cost of sales | 1 | - |
Distribution costs | 64 | - |
65 | - |
Cost of sales are negative due to the over accrual of costs during 2022, there are no other cost of sales. |
Distribution costs are negative due to the receipt of a credit note against costs incurred during 2022, there are no other distribution costs. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Interest payable to group |
undertakings |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 23.50% (2022 - 19%). |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements - continued |
For The Period 1 January 2023 to 31 March 2024 |
9. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
1/1/23 to 31/3/24 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Capital distribution | ( |
) | - | (1,442 | ) |
10. | DIVIDENDS |
Period |
1/1/23 |
to | Year Ended |
31/3/24 | 31/12/22 |
£'000 | £'000 |
Ordinary shares of £1 each |
Interim |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£'000 | £'000 |
Trade debtors |
Other debtors |
Amounts due from group company | 87 | 2,291 |
Corporation tax recoverable |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£'000 | £'000 |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Social security and other taxes |
VAT | - | 159 |
Amounts due to group companys | 87 | 1,344 |
Accrued expenses |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2022 |
£'000 | £'000 |
Amounts falling due within one year or on demand: |
Bank overdrafts |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2022 |
£'000 | £'000 |
Within one year |
Colors & Effects UK Ltd (Registered number: 11082095) |
Notes to the Financial Statements - continued |
For The Period 1 January 2023 to 31 March 2024 |
14. | LEASING AGREEMENTS - continued |
The current period expense is £nil (2022: £28,000) |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £'000 | £'000 |
Ordinary | £1 | 500 | 500 |
The full value of the share capital is to repaid to the parent entity after the year end in order to complete the liquidation of the entity. |
16. | POST BALANCE SHEET EVENTS |
The entity ceased to trade on 1st January 2023, upon which date the trade and assets were hived across to another subsidiary within the group. The share capital is to be repaid to the parent entity following the period end 31st March 2024. The effect of this on the financial statements is described further in the "going concern" accounting policy within note 3 to the financial statements. |
17. | PARENT AND ULTIMATE PARENT UNDERTAKING |
The ultimate parent undertaking and the controlling undertaking of the largest group for which group financial statements are drawn up is DIC Corporation, a Company incorporated in Japan. |
Colors & Effects UK Limited is a wholly owned subsidiary of Sun Chemical Group Cooperatif U.A., a Company registered in the Netherlands. Dainippon Ink and Chemicals Inc. heads the largest and smallest group in which Colors & Effects UK Limited is a member for which group financial statements are prepared. |
The consolidated financial statements of Dainippon Ink and Chemicals Inc. are available to the public and may be obtained from its registered office DIC (Japan) Inc., DIC Building, 7-20 Nihonbashi, 3-Chome, Chuo-Ku, Tokyo 103, Japan. |
The ultimate controlling party is DIC Corporation. |