IRIS Accounts Production v24.2.0.383 11082095 Board of Directors 1.1.23 31.3.24 31.3.24 wholesale of inks. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110820952022-12-31110820952024-03-31110820952023-01-012024-03-31110820952021-12-31110820952022-01-012022-12-31110820952022-12-3111082095ns15:EnglandWales2023-01-012024-03-3111082095ns14:PoundSterling2023-01-012024-03-3111082095ns10:Director12023-01-012024-03-3111082095ns10:PrivateLimitedCompanyLtd2023-01-012024-03-3111082095ns10:FRS1022023-01-012024-03-3111082095ns10:Audited2023-01-012024-03-3111082095ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012024-03-3111082095ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012024-03-3111082095ns10:FullAccounts2023-01-012024-03-3111082095ns10:OrdinaryShareClass12023-01-012024-03-3111082095ns10:Director22023-01-012024-03-3111082095ns10:RegisteredOffice2023-01-012024-03-3111082095ns10:Director32023-01-012024-03-311108209512023-01-012024-03-311108209512022-01-012022-12-3111082095ns5:CurrentFinancialInstruments2024-03-3111082095ns5:CurrentFinancialInstruments2022-12-3111082095ns5:ShareCapital2024-03-3111082095ns5:ShareCapital2022-12-3111082095ns5:RetainedEarningsAccumulatedLosses2024-03-3111082095ns5:RetainedEarningsAccumulatedLosses2022-12-3111082095ns5:ShareCapital2021-12-3111082095ns5:RetainedEarningsAccumulatedLosses2021-12-3111082095ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3111082095ns5:RetainedEarningsAccumulatedLosses2023-01-012024-03-311108209562023-01-012024-03-311108209562022-01-012022-12-3111082095ns5:ReportableOperatingSegment12023-01-012024-03-3111082095ns5:ReportableOperatingSegment12022-01-012022-12-3111082095ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3111082095112023-01-012024-03-3111082095112022-01-012022-12-3111082095122023-01-012024-03-3111082095122022-01-012022-12-311108209522023-01-012024-03-311108209522022-01-012022-12-3111082095ns10:OrdinaryShareClass12022-01-012022-12-3111082095ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3111082095ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111082095ns5:WithinOneYear2024-03-3111082095ns5:WithinOneYear2022-12-3111082095ns10:OrdinaryShareClass12024-03-311108209512023-01-012024-03-31
REGISTERED NUMBER: 11082095 (England and Wales)

















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: M Breitenfelder
P M Saunders





REGISTERED OFFICE: 3 High View Road
South Normanton
Derbyshire
DE55 2DT





REGISTERED NUMBER: 11082095 (England and Wales)





AUDITORS: Giess Wallis Crisp LLP
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:





P M Saunders - Director


30 August 2024

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 £1.27 per share was paid on 28 February 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 March 2024 will be £ 636,782 .

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.

M Breitenfelder
P M Saunders

Other changes in directors holding office are as follows:

J Mulholland - resigned 31 July 2023

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:





P M Saunders - Director


30 August 2024

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.




Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

30 August 2024

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 - 17,702

Cost of sales (1 ) 16,826
GROSS PROFIT 1 876

Distribution costs (64 ) 446
Administrative expenses - 95
(64 ) 541
65 335

Other operating income 8 10
OPERATING PROFIT 6 73 345

Interest receivable and similar income 118 9
191 354

Interest payable and similar expenses 8 41 -
PROFIT BEFORE TAXATION 150 354

Tax on profit 9 35 67
PROFIT FOR THE FINANCIAL PERIOD 115 287

OTHER COMPREHENSIVE INCOME
Capital distribution (1,442 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

(1,442

)

-
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(1,327

)

287

Colors & Effects UK Ltd (Registered number: 11082095)

Statement of Financial Position
31 March 2024

2024 2022
Notes £'000 £'000
CURRENT ASSETS
Debtors 11 587 4,054
Cash at bank - 60
587 4,114
CREDITORS
Amounts falling due within one year 12 87 1,650
NET CURRENT ASSETS 500 2,464
TOTAL ASSETS LESS CURRENT
LIABILITIES

500

2,464

CAPITAL AND RESERVES
Called up share capital 15 500 500
Retained earnings - 1,964
SHAREHOLDERS' FUNDS 500 2,464

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





P M Saunders - Director


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 500 1,677 2,177

Changes in equity
Total comprehensive income - 287 287
Balance at 31 December 2022 500 1,964 2,464

Changes in equity
Dividends - (637 ) (637 )
Total comprehensive income - (1,327 ) (1,327 )
Balance at 31 March 2024 500 - 500

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 2,053 (672 )
Interest paid (41 ) -
Tax paid (29 ) (67 )
Net cash from operating activities 1,983 (739 )

Cash flows from investing activities
Interest received 118 9
Net cash from investing activities 118 9

Cash flows from financing activities
Equity dividends paid (637 ) -
Capital distribution (1,442 ) -
Net cash from financing activities (2,079 ) -

Increase/(decrease) in cash and cash equivalents 22 (730 )
Cash and cash equivalents at beginning
of period

2

(22

)

708

Cash and cash equivalents at end of
period

2

-

(22

)

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 150 354
Finance costs 41 -
Finance income (118 ) (9 )
73 345
Decrease in stocks - 109
Decrease in trade and other debtors 3,461 491
Decrease in trade and other creditors (1,481 ) (1,617 )
Cash generated from operations 2,053 (672 )

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 - (82 )
- (22 )
Year ended 31 December 2022
31/12/22 1/1/22
£'000 £'000
Cash and cash equivalents 60 708
Bank overdrafts (82 ) -
(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 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Sale of goods 17,702
17,702

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 - 216
Social security costs - 38
Other pension costs - 85
- 339

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 - 4

Period
1/1/23
to Year Ended
31/3/24 31/12/22
£    £   
Directors' remuneration - 77,736
Directors' pension contributions to money purchase schemes - 22,414

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

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 - 28
Foreign exchange differences (8 ) (10 )
Auditors remuneration - 26
Interest receivable from group (118 ) (8 )

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 41 -
41 -

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 35 67
Tax on profit 35 67

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 ) - (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 637 -

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£'000 £'000
Trade debtors - 1,754
Other debtors 500 -
Amounts due from group company 87 2,291
Corporation tax recoverable - 6
Prepayments - 3
587 4,054

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£'000 £'000
Bank loans and overdrafts (see note 13) - 82
Trade creditors - 1
Social security and other taxes - 8
VAT - 159
Amounts due to group companys 87 1,344
Accrued expenses - 56
87 1,650

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 - 82

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2022
£'000 £'000
Within one year - 5

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
500,000 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.