COLOUR WAYS GLASGOW CIC

Company limited by guarantee

Company Registration Number:
SC661026 (Scotland)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

COLOUR WAYS GLASGOW CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

COLOUR WAYS GLASGOW CIC

Profit And Loss Account

for the Period Ended 31 August 2024

2024 2023


£

£
Turnover: 29,094 22,012
Cost of sales: ( 12,293 ) ( 4,976 )
Gross profit(or loss): 16,801 17,036
Distribution costs: 0 0
Administrative expenses: ( 18,150 ) ( 22,389 )
Other operating income: 1,020 1,500
Operating profit(or loss): (329) (3,853)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (329) (3,853)
Tax: 0 0
Profit(or loss) for the financial year: (329) (3,853)

COLOUR WAYS GLASGOW CIC

Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 37 437
Investments:   0 0
Total fixed assets: 37 437
Current assets
Stocks:   0 0
Debtors: 4 0 426
Cash at bank and in hand: 2,838 2,362
Investments:   0 0
Total current assets: 2,838 2,788
Prepayments and accrued income: 508 404
Creditors: amounts falling due within one year: 5 ( 81 ) 0
Net current assets (liabilities): 3,265 3,192
Total assets less current liabilities: 3,302 3,629
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 3,302 3,629
Members' funds
Profit and loss account: 3,302 3,629
Total members' funds: 3,302 3,629

The notes form part of these financial statements

COLOUR WAYS GLASGOW CIC

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 6 May 2025
and signed on behalf of the board by:

Name: Andrew William McGlone
Status: Director

The notes form part of these financial statements

COLOUR WAYS GLASGOW CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. Turnover from the rendering of services I recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets on a straight line basis as follows: Plant and Machinery: 3 years, Office Equipment: 3 years.

COLOUR WAYS GLASGOW CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

COLOUR WAYS GLASGOW CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 2,109 2,109
Additions
Disposals
Revaluations
Transfers
At 31 August 2024 2,109 2,109
Depreciation
At 1 September 2023 1,672 1,672
Charge for year 400 400
On disposals
Other adjustments
At 31 August 2024 2,072 2,072
Net book value
At 31 August 2024 37 37
At 31 August 2023 437 437

COLOUR WAYS GLASGOW CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Debtors

2024 2023
£ £
Trade debtors 0 426
Prepayments and accrued income 0 0
Other debtors 0 0
Total 0 426
Debtors due after more than one year: 0 0

COLOUR WAYS GLASGOW CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 81 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 0 0
Total 81 0

COMMUNITY INTEREST ANNUAL REPORT

COLOUR WAYS GLASGOW CIC

Company Number: SC661026 (Scotland)

Year Ending: 31 August 2024

Company activities and impact

Following the motion brought to Glasgow City Council by Councillor Lana Reid McConnell, a stakeholder group was set up in February 2024 to discuss legal street art and graffiti walls within Glasgow. It has been great to be part of this stakeholder group, and in July 2024, we hosted the first-ever Custom House Legal Wall Jam. This was a graffiti and street art jam with over 40 artists painting over one weekend to mark the opening of Glasgow’s first official public legal wall. The weekend was a huge success, and the response from the local street art community was great. There has long been a demand for a public space where people can paint, and it has been great to see so much work being created on the wall since it opened. We have continued to showcase local artists at our stall at the Barras Market. We are open every Saturday and Sunday and sell a variety of prints and t-shirts for artists within the street art and graffiti community. It has been great to see the response to the artist's work from the general public. Through building relationships with locals around the market, we were able to secure another wall for artists to paint. We invited 6 artists over the course of 6 months to paint the side walls of the Square Yard, which sits beside the Barras Market. Again, the response from the artists and locals has been overwhelmingly positive.

Consultation with stakeholders

As time has passed, we have invited more street artists to join the studio building we are based in, which has helped foster a stronger sense of community and provided direct access to artists to hear their wants and needs. Hosting the Custom House Legal Wall Jam was also an opportunity to garner insights directly from a wide variety of artists. Social media continues to be a great way to gather information about the response to the work we are doing. A local vlogger covered the new legal wall in a video, which received 46 thousand views on Instagram, with the comments being again overwhelmingly in support of the legal wall. We continue to receive enquiries about workshops for young people and adults, but we are still at capacity with what we are capable of taking on with our current structure. This again is something we are endeavouring to change going forward, as this would allow us to make even more social impact and help to shape a future generation of artists, which aligns with our mission statement.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
6 May 2025

And signed on behalf of the board by:
Name: Andrew William McGlone
Status: Director