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A Shares 1.00000 B Shares 1.00000 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REGISTERED NUMBER: 03782325 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Perfect Colours Limited

Perfect Colours Limited (Registered number: 03782325)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Perfect Colours Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Burroughs
M Voysey





SECRETARY: M Voysey





REGISTERED OFFICE: 12 Salisbury Road
Bromley
Kent
BR2 9PU





REGISTERED NUMBER: 03782325 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

Perfect Colours Limited (Registered number: 03782325)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The turnover for the financial period ended 31st December 2024 shows an increase of 3.33% over the previous year, the increase is in line with our expectations.

Our operating strategy involves concentrating our trading on profitable product lines and discontinue those producing low margin which will result in similar or lower turnover levels but generating profit growth. This effectively leads to restructuring by reducing staff costs which also will contribute to future growth in profits.

Much effort was expended over the year FY2024 to make sure that overheads was aligned with overall gross profit, but in a way that would not adversely affect the turnover and profit of the business. A restructuring in Feb 2024 seemed to achieve the right balance, which is shown in the numbers from April 2024 onwards.

Gross profit increased by 2.09% compared to previous year, during the year we achieved increase in turnover and invested in systems which is part of our long term business plan.

The next financial year will bring increase sales revenue and increase the profitability of the business whilst continuing to invest in systems.

We have a business plan that shows an appetite for growth over the next few years. Our core activity remains our top priority whilst looking for other avenues to increase the overall business.

Market and strategic position

The company is a broad line large format reseller but is gradually repositioning over the next three years from the mass market as large format is concerned to be more specialised and focused on niche ( more profitable) products and services. The broad base of less specialised products and services will continue to be sold but utilizing a less specialist and therefore lower costs workers, thus reducing the cost of sale in the line with market conditions for those offerings.

Strategically the company is aiming to promote its value-added proposition adding value and services to products and has done extensive marketing to reflect this. The demands of customers now are much more around having bundled services; products and fixed costs and Perfect Colours is adapting to accommodate this.

Operational Review

The company was awarded No.1 Epson Europe Pro Signage partner SC-V7000 printer sales in FY2024. And also, a received an award from HP for Partner Performance.


Perfect Colours Limited (Registered number: 03782325)

Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's activities expose it to a number of financial risks including credit risk and liquidity risk.

Credit Risk

The company's principal financial assets are bank balances and trade debtors.

The company's credit risk is primarily attributable to its trade debtors, however its exposure is spread over a number of key customers.

Liquidity Risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments the company has access to short term and long term debt finance.

Cost of living

Perfect Colours Limited is committed to its employee's welfare and well-being. With the cost of living threatening to become a national crisis, the Company continues to keep a close eye on this and its effects on the market and on its employees.

In order to mitigate future financial risk, the Board continues to strictly manage its cost base and capital expenditure. No dividends will be paid during the financial year ending December 2024.

Customer Concentration Risk

Perfect Colours Limited is actively broadening the customer base to reduce reliance on a few key clients.

Supply Chain Risk

Perfect Colours Limited maintains a strong relationship with multiple suppliers and negotiates long-term agreements to ensure continuity.

HEALTH & SAFETY

Health and Safety is the single most important aspect of our business. The health, safety, and well-being of our staff, and those of our supply chain, remains our number one priority. During the year we have focussed heavily on ensuring that our working practices and procedures are not only safe and compliant, but that they also consider and cater for the mental health of our employees and workforce. In 2024, the company enhanced its health and safety protocols, with a particular focus on mental health support for employees. Comprehensive training programs were conducted, and new safety measures were implemented across all sites to ensure compliance with the latest regulations.
Perfect Colours Limited plans for FY2025 to continue to maintain their ISO 9001 and 14001 accreditations and will be applying to achieve ISO 45001 accreditation.


Perfect Colours Limited (Registered number: 03782325)

Strategic Report
for the Year Ended 31 December 2024

KEY PERFORMANCE INDICATORS
The principal KPIs used by the director to assess the performance and position of the business of the company are as follows:

Turnover
The directors monitor the development of the business by assessing the growth in turnover, relating it to project performance. The company's sales increased by £520,762, 3.33%, up from the previous year (2023: 1.56% decrease).

Operating profit
Operating profit and profit before tax are key measures of the company's performance. The company earned an operating profit for the period of £1,263, compared with an operating loss of £386,880 in 2023.

Net assets
The directors also monitor the position of net assets within the company. The company's net assets increased by £1,263 (2023: decreased by £263,524).

FUTURE DEVELOPMENTS
Following the economic disruptions caused from COVID-19 pandemic, the company lost some major customers whilst the Russian way against Ukraine resulted in inflation causing a slowdown in generating turnover but further similar losses are not anticipated. The company's future plan is concentrated mainly on discontinuance of hardware stocks, loss making and marginal profit stock lines and focus its attention and resources mainly on profitable consumables stock lines. The effects of these changes will see a reduction in turnover and an improved gross profit margin and net profit.
Over the next few years the company's intention is to maintain current business levels as there is no expectation of major growth until 2026 when the economy is expected to start recovering from the effects of COVID-19 followed by the Russian war against Ukraine disruptions.

For FY 2025 the company is directly focused not only on the more profitable products but to maintain and grow and add value to the most profitable clients, whilst spending less time or dispensing with clients who return little gross margin, pay slowly and have high service demands, which are incompatible with the profit generated.
Furthermore the company aims to sell more products as a service leading to more predictable and higher margins and revenue. The company is also heavily involved in equipment rentals, and this will continue and where possible be expanded for the reason stated above. The business overall is aiming to expands services overall that can be sold as a subscription and the general strategy to move from transnational to a subscription-based model.
To ensure that prices keep pace with inflation the business will implement at least two main prices rises per year, one in January and one in June. More localised and random increases from suppliers will be passed onto customers also. The directors of the business have invested a lot of time and effort in robust systems to ensure gross margin is maintained and where possible increased regardless of supplier price increases.

The company will seek to work with similar businesses in the industry and look to set up some collaborations/ associations to strengthen its product portfolio.
It is not anticipated that any further major developments will be considered for a period of some 5 years, apart from improving liquidity and allowing the company's finances to stabilise.

BY ORDER OF THE BOARD:





J Burroughs - Director


2 June 2025

Perfect Colours Limited (Registered number: 03782325)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of office supplies, rental and maintenance of office equipment on operating lease agreements.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Burroughs
M Voysey

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, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:





J Burroughs - Director


2 June 2025

Report of the Independent Auditors to the Members of
Perfect Colours Limited

Opinion
We have audited the financial statements of Perfect Colours Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 2024 and of its profit 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 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.

Report of the Independent Auditors to the Members of
Perfect Colours Limited


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Health & Safety regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and discussing with management on any known or suspected instances of fraud or non-compliance with laws and regulations.

In evaluating the risk of management override of internal controls, we tested journals entries and evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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
Perfect Colours Limited


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.




Garth Myers (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

2 June 2025

Perfect Colours Limited (Registered number: 03782325)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 16,137,250 15,616,488

Cost of sales (12,731,051 ) (12,279,891 )
GROSS PROFIT 3,406,199 3,336,597

Administrative expenses (3,834,713 ) (4,208,585 )
(428,514 ) (871,988 )

Other operating income 506,829 522,167
OPERATING PROFIT/(LOSS) 5 78,315 (349,821 )


Interest payable and similar expenses 6 (77,052 ) (37,059 )
PROFIT/(LOSS) BEFORE TAXATION 1,263 (386,880 )

Tax on profit/(loss) 7 - 123,380
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,263

(263,500

)

Perfect Colours Limited (Registered number: 03782325)

Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,263 (263,500 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,263

(263,500

)

Perfect Colours Limited (Registered number: 03782325)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 8 147,720 180,546
Tangible assets 9 1,007,890 1,163,619
1,155,610 1,344,165

CURRENT ASSETS
Stocks 10 1,123,149 1,156,245
Debtors 11 4,422,349 4,411,004
Cash at bank 47,367 22,210
5,592,865 5,589,459
CREDITORS
Amounts falling due within one year 12 (5,063,563 ) (5,727,496 )
NET CURRENT ASSETS/(LIABILITIES) 529,302 (138,037 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,684,912

1,206,128

CREDITORS
Amounts falling due after more than one
year

13

(808,055

)

(330,534

)
NET ASSETS 876,857 875,594

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 876,757 875,494
SHAREHOLDERS' FUNDS 876,857 875,594

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





J Burroughs - Director


Perfect Colours Limited (Registered number: 03782325)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 1,138,994 1,139,094

Changes in equity
Total comprehensive income - (263,500 ) (263,500 )
Balance at 31 December 2023 100 875,494 875,594

Changes in equity
Total comprehensive income - 1,263 1,263
Balance at 31 December 2024 100 876,757 876,857

Perfect Colours Limited (Registered number: 03782325)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (432,628 ) 429,347
Interest paid (10,813 ) (13,829 )
Interest element of hire purchase payments
paid

(66,239

)

(23,230

)
Tax paid - 123,380
Net cash from operating activities (509,680 ) 515,668

Cash flows from investing activities
Purchase of tangible fixed assets (248,070 ) (711,339 )
Sale of tangible fixed assets 87,945 4,686
Net cash from investing activities (160,125 ) (706,653 )

Cash flows from financing activities
New loans in year 652,156 -
Loan repayments in year - (9,891 )
Capital repayments in year (7,586 ) 191,453
Amount introduced by directors 50,392 -
Net cash from financing activities 694,962 181,562

Increase/(decrease) in cash and cash equivalents 25,157 (9,423 )
Cash and cash equivalents at beginning of
year

2

22,210

31,633

Cash and cash equivalents at end of year 2 47,367 22,210

Perfect Colours Limited (Registered number: 03782325)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit/(loss) before taxation 1,263 (386,880 )
Depreciation charges 348,679 569,335
Profit on disposal of fixed assets - (3,000 )
Finance costs 77,052 37,059
426,994 216,514
Decrease/(increase) in stocks 33,096 (132,666 )
Increase in trade and other debtors (11,345 ) (701,217 )
(Decrease)/increase in trade and other creditors (881,373 ) 1,046,716
Cash generated from operations (432,628 ) 429,347

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 47,367 22,210
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 22,210 31,633


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 22,210 25,157 47,367
22,210 25,157 47,367
Debt
Finance leases (448,045 ) 7,586 (440,459 )
Debts falling due within 1 year (10,110 ) (150,174 ) (160,284 )
Debts falling due after 1 year (14,840 ) (501,981 ) (516,821 )
(472,995 ) (644,569 ) (1,117,564 )
Total (450,785 ) (619,412 ) (1,070,197 )

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Perfect Colours 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £1.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Depreciation of tangible fixed assets:

Depreciation is provided in order to write down the assets to their residual values over their estimated useful lives. The selection of estimated useful lives and residual values requires the exercise of management judgement.

Provison for doubtful debts:

Provision for doubtful debts are made so as to disclose trade debtors and other debtors as amounts recoverable. The selection of debts that are potentially irrecoverable for specific provision and/ or a general provision requires the exercise of management judgement.

Changes in depreciation method and the financial effect of the change
The board of directors carried out extensive reviews of depreciation estimate and resolve that the depreciation methods in place for plant and machinery must be changed to truly reflect the nature and use of this class of fixed asset. A change to a 20% reducing balance method for the year ended 31 December 2024 was agreed and the financial effect of the change in method on the financial statements shows a more realistic fixed assets position and improvement in reserves of £210,900

Turnover
Turnover represents net invoiced sales of goods, suppliers rebates income and income from office equipment rentals and maintenance, excluding value added tax. Income is recognised when the contractual title to the goods passes to the customer.

Goodwill
Goodwill being the amount paid in connection with the acquisition of Cadpaper UK Limited is fully amortised over a period of three years.

Goodwill being the amount paid in connection with the acquisition of Hobs Consumables is being amortised over a period of ten years.

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the period of the lease
Improvements to property - over the period of the lease
Plant and machinery - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less selling costs. Costs include purchase costs and all other costs incurred in bring stock to its present location and condition, including any import costs, duties and carriages.

Hire purchase and leasing 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.

Financial instruments
The company chose to adopt section 11 and 12 of Financial Reporting Standard 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances are initially recognised at transaction price, 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 and accounted through the income statement.

Financing transaction assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities include all trade and other creditors, bank overdrafts, intra-group balances and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at market rate of interest.

Financing transaction debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,835,143 2,375,031
Social security costs 197,956 34,541
Other pension costs 126,094 129,072
2,159,193 2,538,644

The average number of employees during the year was as follows:
31.12.24 31.12.23

Sales 17 20
Administration 8 10
Warehouse & Engineering 12 19
37 49

31.12.24 31.12.23
£    £   
Directors' remuneration 252,973 268,289
Directors' pension contributions to money purchase schemes 100,000 95,000

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 130,183 143,314
Pension contributions to money purchase schemes 60,000 55,000

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Hire of plant and machinery 5,610 5,067
Depreciation - owned assets 250,060 436,187
Depreciation - assets on hire purchase contracts 65,794 100,319
Profit on disposal of fixed assets - (3,000 )
Goodwill amortisation 32,826 32,827
Auditors' remuneration 22,578 22,430
Foreign exchange differences 41 9

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 510 759
Loan 10,303 13,070
Hire purchase 66,239 23,230
77,052 37,059

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
Adjustment re earlier year - (123,380 )
Tax on profit/(loss) - (123,380 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit/(loss) before tax 1,263 (386,880 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

316

(96,720

)

Effects of:
Expenses not deductible for tax purposes 3,805 4,184
Income not taxable for tax purposes - (750 )
Capital allowances in excess of depreciation - (38,447 )
Depreciation in excess of capital allowances 23,147 -
Utilisation of tax losses (27,418 ) -
Unutilised tax losses 150 131,733
contract
Adjustment to earlier years - (123,380 )
Total tax credit - (123,380 )

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 359,767
AMORTISATION
At 1 January 2024 179,221
Amortisation for year 32,826
At 31 December 2024 212,047
NET BOOK VALUE
At 31 December 2024 147,720
At 31 December 2023 180,546

9. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and Motor
leasehold property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 14,198 180,967 2,248,282 131,578 2,575,025
Additions - - 221,673 26,397 248,070
Disposals (8,027 ) - (566,920 ) (52,244 ) (627,191 )
At 31 December 2024 6,171 180,967 1,903,035 105,731 2,195,904
DEPRECIATION
At 1 January 2024 10,084 42,252 1,285,133 73,937 1,411,406
Charge for year 1,234 36,222 258,584 19,814 315,854
Eliminated on disposal (8,027 ) - (478,974 ) (52,245 ) (539,246 )
At 31 December 2024 3,291 78,474 1,064,743 41,506 1,188,014
NET BOOK VALUE
At 31 December 2024 2,880 102,493 838,292 64,225 1,007,890
At 31 December 2023 4,114 138,715 963,149 57,641 1,163,619

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 439,528 62,284 501,812
Additions 106,765 26,397 133,162
At 31 December 2024 546,293 88,681 634,974
DEPRECIATION
At 1 January 2024 202,808 8,833 211,641
Charge for year 49,123 16,671 65,794
At 31 December 2024 251,931 25,504 277,435
NET BOOK VALUE
At 31 December 2024 294,362 63,177 357,539
At 31 December 2023 236,720 53,451 290,171

10. STOCKS
31.12.24 31.12.23
£    £   
Stocks 1,123,149 1,156,245

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 2,665,499 2,352,333
Other debtors 1,446,773 1,580,221
Prepayments and accrued income 310,077 478,450
4,422,349 4,411,004

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 14) 10,284 10,110
Other loans (see note 14) 150,000 -
Hire purchase contracts (see note 15) 149,225 132,351
Trade creditors 2,988,099 3,691,748
Social security and other taxes 61,225 76,620
VAT 392,834 262,859
Bank invoice finance 1,223,535 1,489,098
Directors' current accounts 50,392 -
Accruals and deferred income 37,969 64,710
5,063,563 5,727,496

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 14) 4,528 14,840
Other loans (see note 14) 512,293 -
Hire purchase contracts (see note 15) 291,234 315,694
808,055 330,534

14. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,284 10,110
Other loans 150,000 -
160,284 10,110

Amounts falling due between one and two years:
Bank loans - 1-2 years 4,528 10,397
Other loans - 1-2 years 150,000 -
154,528 10,397

Amounts falling due between two and five years:
Bank loans - 2-5 years - 4,443
Other loans - 2-5 years 362,293 -
362,293 4,443

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year 178,733 155,269
Between one and five years 348,131 369,122
526,864 524,391

Finance charges repayable:
Within one year 29,508 22,918
Between one and five years 56,897 53,428
86,405 76,346

Net obligations repayable:
Within one year 149,225 132,351
Between one and five years 291,234 315,694
440,459 448,045

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 109,310 52,000
Between one and five years 546,550 260,000
In more than five years 218,620 156,000
874,480 468,000

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
HSBC Invoice Finance 1,223,535 1,489,098

The HSBC invoice finance is secured by a fixed and floating charge over the company's assets.

Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
50 A Shares £1 50 50
50 B Shares £1 50 50
100 100

18. RESERVES
Retained
earnings
£   

At 1 January 2024 875,494
Profit for the year 1,263
At 31 December 2024 876,757

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
J Burroughs
Balance outstanding at start of year - -
Amounts advanced 50,392 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,392 -

20. RELATED PARTY DISCLOSURES

The company is owed £500,000 as at 31 December 2024 from JJB (S.E) Investments Limited, a 50% shareholder wholly owned by the director, Jason Burroughs.

The company is owed £190,430 as at 31 December 2024 from Townley Office Supplies Limited, a company wholly owned by JJB (S.E) Investments Limited which is wholly owned by Jason Burroughs.

The company is owned £361,752 from Creative Output Limited, a company wholly owned by the director, Mark Voysey. The directors believe that the full loan is uncollectible and therefore have provided £210,877 for doubtful debt.

The company is owed £86,254 from Merseyside Printing Company Limited, a company wholly owned by the director, Mary Voysey.

The company paid rents totalling £52,000 during the reporting period to JJB (S.E) Investments Limited, a 50% shareholder wholly owned by the director, Jason Burroughs.


Perfect Colours Limited (Registered number: 03782325)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Burroughs.