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REGISTERED NUMBER: 01446179 (England and Wales)






The Colours Group Limited

Financial Statements

for the Year Ended 31 December 2023






The Colours Group Limited (Registered number: 01446179)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Colours Group Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr A C Southcott
Mrs L G Waddom-Brown
Mr M R Southcott



SECRETARY: Mrs S E N Southcott



REGISTERED OFFICE: 5 Monkswell Park
Manse Lane
Knaresborough
North Yorkshire
HG5 8NQ



REGISTERED NUMBER: 01446179 (England and Wales)



ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX



BANKERS: Lloyds TSB Bank plc
8 - 11 Cambridge Crescent
Harrogate
HG1 1PQ

The Colours Group Limited (Registered number: 01446179)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,507 6,683
Investments 6 6 6
4,513 6,689

CURRENT ASSETS
Stocks 1,132,803 771,440
Debtors 7 120,327 117,698
Cash at bank 1 311,482
1,253,131 1,200,620
CREDITORS
Amounts falling due within one year 8 321,178 271,182
NET CURRENT ASSETS 931,953 929,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

936,466

936,127

CREDITORS
Amounts falling due after more than one year 9 9,259 31,481
NET ASSETS 927,207 904,646

The Colours Group Limited (Registered number: 01446179)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 12 20,000 20,000
Retained earnings 907,207 884,646
SHAREHOLDERS' FUNDS 927,207 904,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:




Mr A C Southcott - Director



Mr M R Southcott - Director


The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

The Colours Group Limited 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 company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about The Colours Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs have been amortised over their useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor Vehicles - 20% on cost
Patterns - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Operating lease commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 January 2023
and 31 December 2023 29,680
AMORTISATION
At 1 January 2023
and 31 December 2023 29,680
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Motor and Computer
Vehicles Patterns fittings equipment Totals
£ £ £ £ £
COST
At 1 January 2023 17,640 9,758 64,875 77,729 170,002
Additions - - - 1,340 1,340
Disposals (17,640 ) - - - (17,640 )
At 31 December 2023 - 9,758 64,875 79,069 153,702
DEPRECIATION
At 1 January 2023 16,538 8,549 61,840 76,392 163,319
Charge for year - 187 1,048 1,179 2,414
Eliminated on disposal (16,538 ) - - - (16,538 )
At 31 December 2023 - 8,736 62,888 77,571 149,195
NET BOOK VALUE
At 31 December 2023 - 1,022 1,987 1,498 4,507
At 31 December 2022 1,102 1,209 3,035 1,337 6,683

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 6
NET BOOK VALUE
At 31 December 2023 6
At 31 December 2022 6

The company's shares in group undertakings at the balance sheet date include the following:



Class of shares

Holding
Nature of
business

Corporate Colours Limited Ordinary 100% Dormant
Sporting Colours Limited Ordinary 100% Dormant
School Colours Limited Ordinary 100% Dormant
School Colours Direct Limited Ordinary 100% Dormant
Company Colours Limited Ordinary 100% Dormant
Local Schoolwear Centre Limited Ordinary 100% Dormant

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 62,469 44,929
Amounts owed by group undertakings 89 89
Other debtors 3,804 -
VAT 16,110 37,314
Prepayments and accrued income 37,855 35,366
120,327 117,698

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 10) 56,707 22,222
Trade creditors 131,953 123,931
Corporation Tax 30,969 34,482
PAYE and NIC 4,415 6,115
Other creditors 44,851 20,394
Directors' current accounts 640 -
Accruals and deferred income 51,643 64,038
321,178 271,182

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans (see note 10) 9,259 31,481

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 34,485 -
Bank loans 22,222 22,222
56,707 22,222

Amounts falling due between one and two years:
Bank loans - 1-2 years 9,259 22,222

Amounts falling due between two and five years:
Bank loans - 2-5 years - 9,259

The company's bank loan is facilitated through the Coronavirus Business Interruption Loan Scheme. The loan facility term is 60 months (repayable April 2025), with interest payable at Base Rate plus 2.9% per annum.

The loan was repaid in full on 19 August 2024.

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 6,559 25,524
Between one and five years - 5,048
6,559 30,572

12. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
20,000 Ordinary £1 20,000 20,000

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £68,200 (2022 - £83,894) were paid to the directors .