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Leach Colour Limited

Registered number: 03729135
Annual report and
 financial statements
For the year ended 31 December 2024

 
LEACH COLOUR LIMITED
 
 
COMPANY INFORMATION


Directors
D C De Canecaude 
R L Wilson 




Registered number
03729135



Registered office
Bradley Business Park
Dyson Wood Way

Bradley

Huddersfield

West Yorkshire

HD2 1GN




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE




Bankers
Lloyds Bank plc
Commercial Street

Halifax

West Yorkshire

HX1 1BB





 
LEACH COLOUR LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 30


 
LEACH COLOUR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2024.

Business review
 
The Company has a financial loss of £212,879 (2023: £1,031,498) for the year. Business turnover has significantly increased due to strong domestic performance along with focused sales in the USA. Although the domestic markets remain unpredictable, the client base serviced remains strong with controlled growth.
The Company continued to focus on the production of display graphics along with associated installation services, the design and manufacture of graphic display structures along with the design and manufacture of lightboxes. 
The core business remains in the following sectors and locations: retail, museum and exhibition environments in the UK with focused geographical growth in the USA. The business is able to bring great value, creative solutions, excellent quality and great customer service to new customers in this territory. This strategy has paid dividends through the year and gives a strong base for future growth in this territory.
The overall business momentum for the future is the high tech graphic niche along with the manufacture of bespoke lightboxes. This ensures that UK and global products and projects can bring better value than our competitors. The USA remains an excellent growth option for Leach with a reduced risk level when compared to other territories outside the UK.
Leach has a strong and dynamic team which are able to morph and re-shape to enable us to service the peak and trough’s in the market(s). This business’ wide flexible team can also give focus on markets and projects as challenges arise. All these aspects are a strategic focus to deliver better  quality, value and customer service than the competition. An exemplary health and safety record continues to make the business a secure and safe place for all the team. 

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

Major customer loss 
The executive team maintain a close relationship with the Company’s major customers. The account management team ensure that customer needs are catered for and relationships remain bullet proof. The sales team work with our established customers to offer new products and expand these relationships, but equally remain active in seeking new customers.
Financial risk 
The largest financial risk is bad debts. Bad debts are mitigated by stringent management of customer credit limits which are also insured. The strict administration of the Company’s debtor ledger is a key factor in the order administration system. The Company is no longer subject to banking covenants. 
Contractual risk 
The potential impact is in respect of large contracts for overseas clients or those which run for many months. Contracts are assessed for their risk factors prior to acceptance. For higher risk contracts, the company will require a substantial activation payment and staged payments against monthly valuations for the duration of the contract. 
 
- 1 -

 
LEACH COLOUR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Reputational risk
The potential impact is that as the Company operates in relatively small markets, in particular the museum market, any damage to, or loss of reputation could be a major concern. Rigorous management attention and quality control procedures are in place to maximise right first time and on time delivery. Taking responsibility for, and ensuring swift remedial action on, any snags or complaints. 
Operational risk
The potential impact is cost over-runs and loss of operational control. Solid reporting systems and accurate and timely management information, which is reviewed by the senior team monthly. 

Financial key performance indicators
 
The main KPIs in the company’s financial budget are turnover, net profit, added value percentage, cash position and debtor days. The Company recorded a good year-end cash position. The company also measures non-financial KPIs. These are principally on time delivery percentage, rework percentage, customer complaints and staff turnover. A strong budgeting process continues to ensure that the financial KPI’s are focused and achievable. These are reviewed in detail each month by all the senior members in the business.   
Research and Development
Our experienced approach to creative problem solving is one of our main competitive advantages. True research and development help keep the creative options fresh while successful project ensure that our proven solutions become very low risk. This catalogue of low risk solutions which bring great value expand over time – which is why a strategic focus on this area of cliental ensure that the business is strong. 


This report was approved by the board on 16 April 2025 and signed on its behalf.



R L Wilson
Director

- 2 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent; and

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

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

Results and dividends

The loss for the year, after taxation, amounted to £212,879 (2023 - £1,031,498).

Directors

The directors who served during the year were:

D C De Canecaude 
R L Wilson 

- 3 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The financial statements have been prepared on a going concern basis. 
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. 
The directors continual reviews have ensured that the strategy has been delivered through the year. This has turned the business into a strong, stable and profitable entity in its own right, while also being a strong element of a corporate entity. The confidence in the strong team and global diversification means that the business can continue to follow the strategy and move forward with reduced risk even though the markets it serves are perceived as “at risk”. Customer service and quality of products continue to ensure that the business remains strong while competitors over commit and under deliver, then fall by the way side. A loyal well served customer base in the domestic market brings low risk. Expanding strategically and steadily in alternative markets abroad brings good rewards with minimal risk. The ability to bring creative solutions at great value ensures that the business expands into fringe markets with very little risk. The combination of these factors continues to make the business stronger every day.
While the business is primarily a product led business, it is fair to acknowledge the increasing operational costs. These costs are within the budget, projects are also within the budget which counteract these costs. The cost reduction projects are focused on efficiencies rather than reduction in resources. The business remains focused on bringing better value – in all areas – before looking to reduce resources. The business also provides services which are not exposed to some of the operational impacts, these services continue to make the business a single point of order for projects which reduces the friction for customers.  
While focusing on performance and financial success as an individual entity, the Company is owned by Chargeurs SA which operates in multiple countries Worldwide, based in France. Chargeurs SA is committed to support the Company through adverse conditions – and as such gives confidence for the Company to continue to build and focus the business on its core products, while planning for the future. 

Future developments

It is a clear focus to provide customers with solutions which have been developed and proven over time. The main focus on the future strategy is to continue to develop current products along with new products to ensure we are always at the front of the development wave in the relevant industries. The business continues to integrate graphics and lightboxes together but also expand wider “solutions” for customers. The business will also continue to expand the services it brings and the partners it works with – to ensure that customers can be fully serviced by a single point of order. 
The above shows a mature strategy of product growth along with services growth to bring better order value to the business along with a smoother experience for the customer.

Disclosure of information to auditor

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

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

- 4 -

 
LEACH COLOUR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

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

This report was approved by the board on 16 April 2025 and signed on its behalf.
 





R L Wilson
Director

- 5 -

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

Opinion

We have audited the financial statements of Leach Colour Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The 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.
- 6 -

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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

- 7 -

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

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that  non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 Inquiring of management and, where appropriate, those charged with governance, as to whether the                    company is in compliance with laws and regulations, and discussing their policies and procedures                           regarding compliance with laws and regulations;
 Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
 Communicating identified laws and regulations to the engagement team and remaining alert to any                    indications of non-compliance throughout our audit; and
 Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. 
 
In addition, we evaluated the directors and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. 
- 8 -

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

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

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

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

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

Use of the audit report

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




John Daly (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

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

16 April 2025
- 9 -

 
LEACH COLOUR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,709,539
9,814,294

Cost of sales
  
(7,422,606)
(7,325,116)

Gross profit
  
3,286,933
2,489,178

Distribution costs
  
(1,038,232)
(1,029,906)

Administrative expenses
  
(2,262,474)
(2,352,121)

Operating loss
 5 
(13,773)
(892,849)

Interest payable and similar expenses
 9 
(216,360)
(170,589)

Loss before tax
  
(230,133)
(1,063,438)

Tax on loss
 10 
17,254
31,940

Loss for the financial year
  
(212,879)
(1,031,498)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 30 form part of these financial statements.

- 10 -

 
LEACH COLOUR LIMITED
REGISTERED NUMBER: 03729135

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 11 
8,059
36,789

Tangible fixed assets
 12 
364,388
482,597

  
372,447
519,386

Current assets
  

Stocks
 13 
418,246
487,819

Debtors: amounts falling due within one year
 14 
3,343,882
3,845,496

Cash at bank and in hand
 15 
1,165,564
411,603

  
4,927,692
4,744,918

Creditors: amounts falling due within one year
 16 
(5,601,808)
(5,334,981)

Net current liabilities
  
 
 
(674,116)
 
 
(590,063)

Total assets less current liabilities
  
(301,669)
(70,677)

Provisions for liabilities
  

Deferred tax
 17 
(47,220)
(65,333)

Net liabilities
  
(348,889)
(136,010)


Capital and reserves
  

Called up share capital 
 18 
268,000
268,000

Profit and loss account
 19 
(616,889)
(404,010)

  
(348,889)
(136,010)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2025.




R L Wilson
Director

The notes on pages 13 to 30 form part of these financial statements.

- 11 -

 
LEACH COLOUR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
268,000
627,488
895,488


Comprehensive loss for the year

Loss for the year
-
(1,031,498)
(1,031,498)
Total comprehensive loss for the year
-
(1,031,498)
(1,031,498)



At 1 January 2024
268,000
(404,010)
(136,010)


Comprehensive loss for the year

Loss for the year
-
(212,879)
(212,879)
Total comprehensive loss for the year
-
(212,879)
(212,879)


At 31 December 2024
268,000
(616,889)
(348,889)


The notes on pages 13 to 30 form part of these financial statements.

- 12 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

This information is included in the consolidated financial statements of Chargeurs SA as at 31 December 2024 and these financial statements may be obtained from 112, AV Kléber, 75116 Paris, France.

- 13 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. 
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. 
The directors continual reviews have ensured that the strategy has been delivered through the year. This has turned the business into a strong, stable and profitable entity in its own right, while also being a strong element of a corporate entity. The confidence in the strong team and global diversification means that the business can continue to follow the strategy and move forward with reduced risk even though the markets it serves are perceived as “at risk”. Customer service and quality of products continue to ensure that the business remains strong while competitors over commit and under deliver, then fall by the way side. A loyal well served customer base in the domestic market brings low risk. Expanding strategically and steadily in alternative markets abroad brings good rewards with minimal risk. The ability to bring creative solutions at great value ensures that the business expands into fringe markets with very little risk. The combination of these factors continues to make the business stronger every day.
While the business is primarily a product led business, it is fair to acknowledge the increasing operational costs. These costs are within the budget, projects are also within the budget which counteract these costs. The cost reduction projects are focused on efficiencies rather than reduction in resources. The business remains focused on bringing better value – in all areas – before looking to reduce resources. The business also provides services which are not exposed to some of the operational impacts, these services continue to make the business a single point of order for projects which reduces the friction for customers.  
While focusing on performance and financial success as an individual entity, the Company is owned by Chargeurs SA which operates in multiple countries Worldwide, based in France. Chargeurs SA is committed to support the Company through adverse conditions – and as such gives confidence for the Company to continue to build and focus the business on its core products, while planning for the future. 

- 14 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

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

Rendering of services

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

 
2.5

Finance costs

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

- 15 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

Intangible assets

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

- 16 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

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

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

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

Depreciation is provided on the following bases:

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

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

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

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

 
2.10

Stocks

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

 
2.11

Debtors

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

 
2.12

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.

- 17 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Creditors

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

 
2.14

Holiday pay accrual

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

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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

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

- 18 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.17
Research and development

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

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 19 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 20 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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

- 21 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,670,687
9,241,572

Rest of Europe
269,752
227,322

Rest of the world
769,100
345,400

10,709,539
9,814,294



5.


Operating loss

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

2024
2023
£
£

Operating lease rentals
217,155
248,640

Depreciation of tangible fixed assets
150,857
175,081

Amortisation of intangible assets
28,730
38,257

Exchange differences
(57,794)
5,553

Defined contribution pension cost
288,012
269,748

Research and development
-
112,812

Loss/(profit) on disposal of tangible fixed assets
(23,329)
(17,114)


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
44,000
33,000

- 22 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
3,333,120
3,182,491

Social security costs
327,030
323,516

Cost of defined contribution scheme
282,012
269,748

3,942,162
3,775,755


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


        2024
        2023
            No.
            No.







Administration
27
30



Sales and distribution
7
4



Production
55
55

89
89


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
124,998
144,138

Company contributions to defined contribution pension schemes
20,617
12,609

145,615
156,747


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
216,360
170,589

- 23 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
859
205

Total current tax
859
205

Deferred tax


Origination and reversal of timing differences
(18,863)
(31,593)

Adjustment in respect to previous periods
750
(552)

Total deferred tax
(18,113)
(32,145)


Taxation on loss on ordinary activities
(17,254)
(31,940)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(230,133)
(1,063,438)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
(57,533)
(250,126)

Effects of:


Fixed asset differences
-
802

Expenses not deductible for tax purposes
-
1,327

Adjustments to tax charge in respect of prior periods
859
205

Adjustments to tax charge in respect of prior periods - deferred tax
750
(552)

Remeasurement of deferred tax for changes in tax rates
-
(13,421)

Other differences leading to an increase (decrease) in the tax charge
-
121

Group relief
37,460
34,515

Movement in deferred tax not recognised
1,210
195,189

Total tax charge for the year
(17,254)
(31,940)

- 24 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Software development

£



Cost


At 1 January 2024
125,715



At 31 December 2024

125,715



Amortisation


At 1 January 2024
88,926


Charge for the year
28,730



At 31 December 2024

117,656



Net book value



At 31 December 2024
8,059



At 31 December 2023
36,789



- 25 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost 


At 1 January 2024
2,663,619
206,847
909,605
3,780,071


Additions
8,500
25,850
4,469
38,819


Disposals
(14,976)
(44,995)
(505)
(60,476)



At 31 December 2024

2,657,143
187,702
913,569
3,758,414



Depreciation


At 1 January 2024
2,333,114
172,251
792,109
3,297,474


Charge for the year
99,036
22,043
29,778
150,857


Disposals
(10,575)
(43,225)
(505)
(54,305)



At 31 December 2024

2,421,575
151,069
821,382
3,394,026



Net book value



At 31 December 2024
235,568
36,633
92,187
364,388



At 31 December 2023
330,505
34,596
117,496
482,597

- 26 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
418,246
487,819



14.


Debtors

2024
2023
£
£


Trade debtors
2,237,496
2,324,618

Amounts owed by parent undertaking
575,867
932,585

Other debtors
11,373
13,575

Prepayments and accrued income
519,146
574,718

3,343,882
3,845,496


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


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,165,564
411,603


- 27 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
555,765
672,657

Amounts owed to group undertakings
4,437,780
4,289,493

Other taxation and social security
343,191
173,863

Other creditors
354
614

Accruals and deferred income
264,718
198,354

5,601,808
5,334,981


A debenture dated 30 March 1999 is secured on all cash and cash equivalents and all actual and contingent liabilities.
Included within amounts owed to group undertakings is £3,927,000 (2023: £2,980,000) payable to Chargeurs SA, which incurs interest at an average rate of 5.52%. The remaining amounts are interest free and repayable on demand.


17.


Deferred taxation




2024
2023


£

£






At beginning of year
(65,333)
(97,478)


Charged to the profit or loss
18,113
32,145



At end of year
(47,220)
(65,333)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(47,220)
(65,333)


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

- 28 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



268,000 (2023 - 268,000) Ordinary shares of £1.00 each
268,000
268,000


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


19.


Reserves

Profit & loss account

This reserve represents cumulative profits and losses less dividends paid.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Employer pension contributions during the year totalled £282,012 (2023: £269,748). Contributions totalling £21,064 (2023: £22,649) were payable to the fund at the balance sheet date.


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
178,747
206,802

Later than 1 year and not later than 5 years
235,046
413,792

413,793
620,594

Operating lease rentals during the year of £217,155 (2023 - £248,640) were charged through the Statement of Comprehensive Income. 


22.


Related party transactions

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

- 29 -

 
LEACH COLOUR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Ultimate parent undertaking and controlling party

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

 
- 30 -