IRIS Accounts Production v25.1.4.42 10366229 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. supply of dyestuffs, pigments and performance products to paper industries worldwide true true true false true true false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103662292023-12-31103662292024-12-31103662292024-01-012024-12-31103662292022-12-31103662292023-01-012023-12-31103662292023-12-3110366229ns15:EnglandWales2024-01-012024-12-3110366229ns14:PoundSterling2024-01-012024-12-3110366229ns10:Director12024-01-012024-12-3110366229ns10:Consolidated2024-12-3110366229ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3110366229ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3110366229ns10:Consolidatedns10:MediumEntities2024-01-012024-12-3110366229ns10:Consolidatedns10:Audited2024-01-012024-12-3110366229ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3110366229ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3110366229ns10:Consolidated2024-01-012024-12-3110366229ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3110366229ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3110366229ns10:FullAccounts2024-01-012024-12-3110366229ns5:Subsidiary12024-01-012024-12-3110366229ns5:Subsidiary22024-01-012024-12-311036622912024-01-012024-12-3110366229ns10:OrdinaryShareClass12024-01-012024-12-3110366229ns10:Director22024-01-012024-12-3110366229ns10:Director32024-01-012024-12-3110366229ns10:Director42024-01-012024-12-3110366229ns10:RegisteredOffice2024-01-012024-12-3110366229ns10:Consolidated2023-01-012023-12-3110366229ns5:CurrentFinancialInstruments2024-12-3110366229ns5:CurrentFinancialInstruments2023-12-3110366229ns5:ShareCapital2024-12-3110366229ns5:ShareCapital2023-12-3110366229ns5:RetainedEarningsAccumulatedLosses2024-12-3110366229ns5:RetainedEarningsAccumulatedLosses2023-12-3110366229ns5:ShareCapital2022-12-3110366229ns5:RetainedEarningsAccumulatedLosses2022-12-3110366229ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110366229ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-311036622912024-01-012024-12-3110366229ns5:NetGoodwill2024-01-012024-12-3110366229ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3110366229ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3110366229ns5:ComputerSoftware2024-01-012024-12-3110366229ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3110366229ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-012024-12-3110366229ns5:PlantMachinery2024-01-012024-12-3110366229ns5:FurnitureFittings2024-01-012024-12-3110366229ns5:ComputerEquipment2024-01-012024-12-3110366229ns5:NetGoodwill2023-12-3110366229ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3110366229ns5:ComputerSoftware2023-12-3110366229ns5:NetGoodwill2024-12-3110366229ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3110366229ns5:ComputerSoftware2024-12-3110366229ns5:NetGoodwill2023-12-3110366229ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3110366229ns5:ComputerSoftware2023-12-3110366229ns5:LandBuildings2023-12-3110366229ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3110366229ns5:PlantMachinery2023-12-3110366229ns5:LandBuildings2024-01-012024-12-3110366229ns5:LandBuildings2024-12-3110366229ns5:LongLeaseholdAssetsns5:LandBuildings2024-12-3110366229ns5:PlantMachinery2024-12-3110366229ns5:LandBuildings2023-12-3110366229ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3110366229ns5:PlantMachinery2023-12-3110366229ns5:FurnitureFittings2023-12-3110366229ns5:ComputerEquipment2023-12-3110366229ns5:FurnitureFittings2024-12-3110366229ns5:ComputerEquipment2024-12-3110366229ns5:FurnitureFittings2023-12-3110366229ns5:ComputerEquipment2023-12-3110366229ns5:CostValuation2023-12-31103662291ns5:Subsidiary12024-01-012024-12-3110366229ns5:Subsidiary12024-12-3110366229ns5:Subsidiary12023-12-3110366229ns5:Subsidiary232024-01-012024-12-3110366229ns5:Subsidiary22024-12-3110366229ns5:Subsidiary22023-12-3110366229ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3110366229ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3110366229ns5:WithinOneYear2024-12-3110366229ns5:WithinOneYear2023-12-3110366229ns5:BetweenOneFiveYears2024-12-3110366229ns5:BetweenOneFiveYears2023-12-3110366229ns5:AllPeriods2024-12-3110366229ns5:AllPeriods2023-12-3110366229ns5:DeferredTaxation2023-12-3110366229ns5:DeferredTaxation2024-01-012024-12-3110366229ns5:DeferredTaxation2024-12-3110366229ns10:OrdinaryShareClass12024-12-3110366229ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 10366229 (England and Wales)
















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WATERSIDE COLOURS LIMITED

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


WATERSIDE COLOURS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S Singhania
V Singhania
S A Banks-Cooper
W J Cortazzi





REGISTERED OFFICE: 21 Marina Court
Castle Street
Hull
HU1 1TJ





REGISTERED NUMBER: 10366229 (England and Wales)





AUDITORS: Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the Company and the Group for the year ended 31 December 2024.

Waterside Colours is a supplier of dyestuffs, pigments and performance products to the paper industries worldwide.

REVIEW OF BUSINESS
These are the Group's first consolidated financial statement and include the commencement of activities in the USA
through Waterside Colours Inc.

In this year of trading, the Group has seen a small reduction in revenue but an increase in net assets.

The Group results as reported in the financial statements are summarised as:
31.12.24 31.12.23 + / -
£ £ £
Turnover 20,401,997 21,279,775 (877,778 )
Operating profit 784,402 572,578 211,824
Net assets 4,396,246 3,900,038 496,208

The Group has continued to develop new markets at a time when traditional markets continue to experience reduced volumes, leading to competition pushing for market share and resulting in turnover decreasing marginally by £877,778 (-4%). The Group is confident that it is maintaining market share within its traditional markets despite market conditions hardening. There has been an increase in operating profit compared to the previous year's results of £211,824 (+37%) due to improved gross margin and the reduction of factory closure costs. Net assets increased by £496,208 from £3,900,038 to £4,396,246.

Waterside Colours Inc continues to pursue growth by sales expansion into the US.

During the previous year the Group decided to close its UK Manufacturing operation, which has now been completed.

Going concern and future developments
The Directors intend to continue to build on the Group's progress and to further develop the business, particularly in markets outside the United Kingdom, and the US.

In this Strategic Report, the Directors are required to consider and comment on going concern issues relevant to the Group's financial position.This includes an assessment of the Group's trading prospects and cash flows over a period of at least one year from the date of approval of these financial statements.

The inflationary pressures on costs, particularly staff, transportation and raw materials, that have impacted on operating profit, whilst mitigated to some extent through increased pricing, are expected to continue for some time. The general malaise and uncertainty in the sector, and other economic uncertainties outside of the Group's control, are expected to strongly influence the level of demand for product and therefore growth from existing markets in the near future. Development of new markets and an increased customer base will provide some offset as well as, in the medium term, provide a firm foundation for when the global levels of demand return.

The Board remain confident in their expectations of the Group's overall performance.Whilst the current economic climate, creates both cashflow and profitability risks for businesses generally, the Directors consider that on balance the Group has sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information available to them as at the date of approval. Accordingly, these financial statements have been prepared on the going concern basis


WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
In common with other sales orientated businesses the principal risks to the business are
- changes in the Group's markets;
- competitive pressures;
- materials pricing and availability;
- regulatory changes.

Whilst certain aspects of raw material availability and pricing are ultimately outside of the Group's control, well established relationships with suppliers exist.

The Group operates in multiple currencies with consequent foreign exchange exposure. A significant amount of natural hedging against exchange risk is achieved through purchasing and financing polices, and the position is regularly monitored by the Board.

ON BEHALF OF THE BOARD:





S A Banks-Cooper - Director


8 July 2025

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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

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

RESEARCH AND DEVELOPMENT
The Group conducts research and development in respect of new and existing products and their manufacture.

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

S Singhania
V Singhania
S A Banks-Cooper
W J Cortazzi

FINANCIAL INSTRUMENTS
The Group has a normal business level of exposure to price, credit, liquidity and cash flow risks arising from trading activities.

The Group trades in a number of different currencies, predominantly the pound sterling and the euro.
The foreign exchange risk is mitigated through euro-denominated materials purchases and bank borrowings.

DISCLOSURE IN THE STRATEGIC REPORT
The Group has chosen in accordance with s414C (11) to the Companies Act 2006 to set out the Strategic Report Information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained within the Directors Report. It has done so in respect of research and development and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the Group and of the profit or loss of the Group 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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 Group'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 Group's auditors are aware of that information.

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Azets Audit Services Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006..

ON BEHALF OF THE BOARD:





S A Banks-Cooper - Director


8 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WATERSIDE COLOURS LIMITED


Opinion
We have audited the financial statements of Waterside Colours Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 Group's and of the Parent Company affairs as at 31 December 2024 and of the Group's 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 Group 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 group's and the parent 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 Group 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 Group 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 Group 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
WATERSIDE COLOURS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WATERSIDE COLOURS LIMITED


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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias; and
- Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
WATERSIDE 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.




Jessica Lawrence (Senior Statutory Auditor)
for and on behalf of Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL

8 July 2025

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   

TURNOVER 3 20,401,997 21,279,775

Cost of sales 15,185,516 16,379,290
GROSS PROFIT 5,216,481 4,900,485

Distribution costs 927,280 898,319
Administrative expenses 3,504,799 3,429,588
4,432,079 4,327,907
OPERATING PROFIT 5 784,402 572,578

Interest receivable and similar income 4,044 1,810
788,446 574,388

Interest payable and similar expenses 6 119,177 156,198
PROFIT BEFORE TAXATION 669,269 418,190

Tax on profit 7 173,061 107,225
PROFIT FOR THE FINANCIAL YEAR 496,208 310,965
Profit attributable to:
Owners of the parent 496,208 310,965

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 496,208 310,965


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 496,208 310,965

Total comprehensive income attributable to:
Owners of the parent 496,208 310,965

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 331,924 453,875
Tangible assets 10 348,430 447,985
Investments 11 - -
680,354 901,860

CURRENT ASSETS
Stocks 12 4,929,094 4,677,938
Debtors 13 4,273,124 3,939,907
Cash at bank and in hand 1,004,696 1,650,946
10,206,914 10,268,791
CREDITORS
Amounts falling due within one year 14 6,461,586 7,213,283
NET CURRENT ASSETS 3,745,328 3,055,508
TOTAL ASSETS LESS CURRENT LIABILITIES 4,425,682 3,957,368

PROVISIONS FOR LIABILITIES 18 29,436 57,330
NET ASSETS 4,396,246 3,900,038

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 4,386,246 3,890,038
SHAREHOLDERS' FUNDS 4,396,246 3,900,038

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2025 and were signed on its behalf by:





S A Banks-Cooper - Director


WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

COMPANY BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 331,924 453,875
Tangible assets 10 348,430 447,985
Investments 11 39,274 39,274
719,628 941,134

CURRENT ASSETS
Stocks 12 4,732,079 4,677,938
Debtors 13 4,310,399 3,943,353
Cash at bank and in hand 930,031 1,611,653
9,972,509 10,232,944
CREDITORS
Amounts falling due within one year 14 6,252,124 7,213,283
NET CURRENT ASSETS 3,720,385 3,019,661
TOTAL ASSETS LESS CURRENT LIABILITIES 4,440,013 3,960,795

PROVISIONS FOR LIABILITIES 18 29,436 57,330
NET ASSETS 4,410,577 3,903,465

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 4,400,577 3,893,465
SHAREHOLDERS' FUNDS 4,410,577 3,903,465

Company's profit for the financial year 507,112 311,739

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2025 and were signed on its behalf by:





S A Banks-Cooper - Director


WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONSOLIDATED 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 10,000 3,579,073 3,589,073

Changes in equity
Total comprehensive income - 310,965 310,965
Balance at 31 December 2023 10,000 3,890,038 3,900,038

Changes in equity
Total comprehensive income - 496,208 496,208
Balance at 31 December 2024 10,000 4,386,246 4,396,246

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

COMPANY 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 10,000 3,581,726 3,591,726

Changes in equity
Total comprehensive income - 311,739 311,739
Balance at 31 December 2023 10,000 3,893,465 3,903,465

Changes in equity
Total comprehensive income - 507,112 507,112
Balance at 31 December 2024 10,000 4,400,577 4,410,577

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

CONSOLIDATED 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 (44,116 ) 1,961,149
Interest paid (119,177 ) (156,198 )
Tax paid (73,671 ) (187,839 )
Net cash from operating activities (236,964 ) 1,617,112

Cash flows from investing activities
Purchase of intangible fixed assets (20,438 ) (333,203 )
Purchase of tangible fixed assets (37,050 ) -
Interest received 4,044 1,810
Net cash from investing activities (53,444 ) (331,393 )

Cash flows from financing activities
Loan repayments in year (355,842 ) (624,459 )
Net cash from financing activities (355,842 ) (624,459 )

(Decrease)/increase in cash and cash equivalents (646,250 ) 661,260
Cash and cash equivalents at beginning of year 2 1,650,946 989,686

Cash and cash equivalents at end of year 2 1,004,696 1,650,946

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 669,269 418,190
Depreciation charges 278,995 278,306
Finance costs 119,177 156,198
Finance income (4,044 ) (1,810 )
1,063,397 850,884
(Increase)/decrease in stocks (251,156 ) 1,043,583
Increase in trade and other debtors (333,218 ) (165,468 )
(Decrease)/increase in trade and other creditors (523,139 ) 232,150
Cash generated from operations (44,116 ) 1,961,149

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 1,004,696 1,650,946
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,650,946 989,686


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,650,946 (646,250 ) 1,004,696
1,650,946 (646,250 ) 1,004,696
Debt
Debts falling due within 1 year (2,427,992 ) 355,842 (2,072,150 )
(2,427,992 ) 355,842 (2,072,150 )
Total (777,046 ) (290,408 ) (1,067,454 )

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Waterside 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 General Information page.

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


Monetary assets in these financial statements are rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going concern
These accounts have been prepared under the going concern principle. At the time of approving the financial statements, the directors believe that the group have adequate resources to continue in operational existence for a period of at least one year from the date of approval. In making their assessment of going concern, the directors have also considered forecasts for the group and economic factors generally. Accordingly, these financial statements have been prepared on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Basis of consolidation
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The Group uses the purchase method of accounting to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of the minority interest. The excess of the cost of acquisition over the fair value of the Group's share of identifiable assets is recorded as goodwill.

Transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed (where necessary) to ensure consistency with the policies adopted by the Group.

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The following estimates have the most significant effect on amounts recognised in the financial statements.

Depreciation and amortisation
The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year in respect of tangible fixed assets was £136,605 (2023 - £134,127) and the amortisation of intangible fixed assets charged in the year was £142,390 (2023 - £144,180). The Directors consider this is a fair reflection of the benefits derived from the consumption of the assets during the year.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of four years.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 10 years
Long leasehold - Over the term of the lease
Plant and machinery - 10% - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

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

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.

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

Financial liabilities are offset, with 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 includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.


WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three month, and bank overdrafts.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Group.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 3,234,436 3,534,179
Europe 15,864,024 16,188,288
North America 198,276 886,398
Rest of the world 1,105,261 670,910
20,401,997 21,279,775

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,585,558 1,756,322
Social security costs 139,645 180,405
Other pension costs 88,189 102,969
1,813,392 2,039,696

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

Administration & management 14 14
Production & distribution 9 18
Sales & marketing 5 4
28 36

31.12.24 31.12.23
£    £   
Directors' remuneration 50,160 50,160

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Hire of plant and machinery 25,639 55,529
Other operating leases 110,353 99,882
Depreciation - owned assets 136,605 134,127
Patents and licences amortisation 93,767 99,610
Computer software amortisation 48,622 44,570
Foreign exchange differences (2,948 ) 24,876
Auditors remuneration 24,300 19,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest 112,854 141,888
Factoring interest 6,323 14,310
119,177 156,198

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 200,809 73,788
Adjustments in respect of prior periods 146 -
Total current tax 200,955 73,788

Deferred tax (27,894 ) 33,437
Tax on profit 173,061 107,225

UK corporation tax has been charged at 25 % (2023 - 25 %).

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. TAXATION - continued

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

31.12.24 31.12.23
£    £   
Profit before tax 669,269 418,190
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

167,317

104,548

Effects of:
Expenses not deductible for tax purposes 15,821 16,081
Capital allowances in excess of depreciation - (41,099 )
Depreciation in excess of capital allowances 14,945 -
Adjustments to tax charge in respect of previous periods 146 262
Deferred tax - timing differences (27,894 ) 33,437
Effect of CT rate change 1 April - (6,197 )
Losses in overseas subsidiaries added back 2,726 193
Total tax charge 173,061 107,225

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1 January 2024 23,870 667,135 243,108 934,113
Additions - 20,438 - 20,438
At 31 December 2024 23,870 687,573 243,108 954,551
AMORTISATION
At 1 January 2024 23,870 411,798 44,570 480,238
Amortisation for year - 93,767 48,622 142,389
At 31 December 2024 23,870 505,565 93,192 622,627
NET BOOK VALUE
At 31 December 2024 - 182,008 149,916 331,924
At 31 December 2023 - 255,337 198,538 453,875

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. INTANGIBLE FIXED ASSETS - continued

Company
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1 January 2024 23,870 667,135 243,108 934,113
Additions - 20,438 - 20,438
At 31 December 2024 23,870 687,573 243,108 954,551
AMORTISATION
At 1 January 2024 23,870 411,798 44,570 480,238
Amortisation for year - 93,767 48,622 142,389
At 31 December 2024 23,870 505,565 93,192 622,627
NET BOOK VALUE
At 31 December 2024 - 182,008 149,916 331,924
At 31 December 2023 - 255,337 198,538 453,875

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 150,535 258,997 553,007
Additions - - 31,019
At 31 December 2024 150,535 258,997 584,026
DEPRECIATION
At 1 January 2024 77,922 95,501 389,926
Charge for year 10,874 51,800 58,008
At 31 December 2024 88,796 147,301 447,934
NET BOOK VALUE
At 31 December 2024 61,739 111,696 136,092
At 31 December 2023 72,613 163,496 163,081

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024 75,353 80,630 1,118,522
Additions - 6,031 37,050
At 31 December 2024 75,353 86,661 1,155,572
DEPRECIATION
At 1 January 2024 45,545 61,643 670,537
Charge for year 7,693 8,230 136,605
At 31 December 2024 53,238 69,873 807,142
NET BOOK VALUE
At 31 December 2024 22,115 16,788 348,430
At 31 December 2023 29,808 18,987 447,985

Company
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 150,535 258,997 553,007
Additions - - 31,019
At 31 December 2024 150,535 258,997 584,026
DEPRECIATION
At 1 January 2024 77,922 95,501 389,926
Charge for year 10,874 51,800 58,008
At 31 December 2024 88,796 147,301 447,934
NET BOOK VALUE
At 31 December 2024 61,739 111,696 136,092
At 31 December 2023 72,613 163,496 163,081

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024 75,353 80,630 1,118,522
Additions - 6,031 37,050
At 31 December 2024 75,353 86,661 1,155,572
DEPRECIATION
At 1 January 2024 45,545 61,643 670,537
Charge for year 7,693 8,230 136,605
At 31 December 2024 53,238 69,873 807,142
NET BOOK VALUE
At 31 December 2024 22,115 16,788 348,430
At 31 December 2023 29,808 18,987 447,985

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 39,274
NET BOOK VALUE
At 31 December 2024 39,274
At 31 December 2023 39,274

The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Waterside Colours BV
Registered office: Netherlands
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 1 1

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. FIXED ASSET INVESTMENTS - continued

Waterside Colours Inc.
Registered office: Delaware , U.S.A.
Nature of business: Resale of colour dyes
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 39,273 39,273


12. STOCKS

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Raw materials 4,659 118,725 4,659 118,725
Finished goods 4,924,435 4,559,213 4,727,420 4,559,213
4,929,094 4,677,938 4,732,079 4,677,938

The amount of stock recognised as an expense in cost of sales during the period is £14,940,664 (2023 £16,040,854).

There are no write downs or reversals of write downs of inventories in the period or previous period.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 3,937,573 3,584,133 3,893,928 3,584,133
Other debtors 78,340 79,131 78,340 79,131
Owed by related undertakings 59,678 36,609 151,749 40,055
Prepayments and accrued income 197,533 240,034 186,382 240,034
4,273,124 3,939,907 4,310,399 3,943,353

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 15) 2,072,150 2,427,992 2,072,150 2,427,992
Trade creditors 380,049 431,473 370,748 431,473
Amounts owed to group undertakings 2,762,784 3,322,176 2,562,623 3,322,176
Social security and other taxes 333,429 219,281 333,429 219,281
Other creditors 256,464 364,715 256,464 364,715
Accruals and deferred income 656,710 447,646 656,710 447,646
6,461,586 7,213,283 6,252,124 7,213,283

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 2,072,150 2,427,992 2,072,150 2,427,992

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 101,270 121,460
Between one and five years 83,858 201,489
185,128 322,949

Operating lease payments represent rentals payable by the company for certain of its properties and assets.

17. SECURED DEBTS

Included in trade creditors is a balance of £28,498 (2023 £1,315) owing to HMRC in respect of VAT and Duty Deferment. This is secured by way of a bank guarantee.

18. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 29,436 57,330 29,436 57,330

Group
Deferred
tax
£   
Balance at 1 January 2024 57,330
Credit to Income Statement during year (27,894 )
Balance at 31 December 2024 29,436

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 January 2024 57,330
Credit to Statement of Comprehensive Income during year (27,894 )
Balance at 31 December 2024 29,436

The deferred tax provision is in respect of timing differences between depreciation and capital allowances for tax purposes.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

20. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 3,890,038
Profit for the year 496,208
At 31 December 2024 4,386,246

Company
Retained
earnings
£   

At 1 January 2024 3,893,465
Profit for the year 507,112
At 31 December 2024 4,400,577


21. PENSION COMMITMENTS

The Group operates defined contribution pension schemes for all qualifying employees.The assets of the scheme are held separately from those of the Group companies in independently administered funds.



31.12.24 31.12.23
£ £
Charge to profit or loss in respect of defined contributions 88,189 102,969

WATERSIDE COLOURS LIMITED (REGISTERED NUMBER: 10366229)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


22. ULTIMATE PARENT COMPANY

Siddharth Colorchem (PVT) Ltd is regarded by the directors as being the Group's ultimate parent company.

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.12.24 31.12.23
£    £   
Sales 368,756 40,167
Purchases 3,656,783 3,391,420
Amount due from related party 59,678 36,609
Amount due to related party 857,478 1,023,698

24. ULTIMATE CONTROLLING PARTY

The Group has no ultimate controlling party.