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REGISTERED NUMBER: 01446179 (England and Wales)






The Colours Group Limited

Financial Statements

for the Year Ended 31 December 2024






The Colours Group Limited (Registered number: 01446179)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Colours Group Limited

Company Information
for the year ended 31 December 2024







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



SECRETARY: Mrs S E N Southcott



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



REGISTERED NUMBER: 01446179 (England and Wales)



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



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

The Colours Group Limited (Registered number: 01446179)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,797 4,507
Investments 6 6 6
3,803 4,513

CURRENT ASSETS
Stocks 970,838 1,132,803
Debtors 7 92,844 120,327
Cash at bank 141,822 1
1,205,504 1,253,131
CREDITORS
Amounts falling due within one year 8 212,845 321,178
NET CURRENT ASSETS 992,659 931,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

996,462

936,466

CREDITORS
Amounts falling due after more than one year 9 - 9,259
NET ASSETS 996,462 927,207

The Colours Group Limited (Registered number: 01446179)

Balance Sheet - continued
31 December 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 12 20,000 20,000
Retained earnings 976,462 907,207
SHAREHOLDERS' FUNDS 996,462 927,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:




Mr A C Southcott - Director



Mr M R Southcott - Director


The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements
for the year ended 31 December 2024


1. STATUTORY INFORMATION

The Colours Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. ACCOUNTING POLICIES

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

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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

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

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

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

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


The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 January 2024
and 31 December 2024 29,680
AMORTISATION
At 1 January 2024
and 31 December 2024 29,680
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
Patterns fittings equipment Totals
£ £ £ £
COST
At 1 January 2024 9,758 64,875 79,069 153,702
Additions - - 1,750 1,750
At 31 December 2024 9,758 64,875 80,819 155,452
DEPRECIATION
At 1 January 2024 8,736 62,888 77,571 149,195
Charge for year 146 934 1,380 2,460
At 31 December 2024 8,882 63,822 78,951 151,655
NET BOOK VALUE
At 31 December 2024 876 1,053 1,868 3,797
At 31 December 2023 1,022 1,987 1,498 4,507

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2024
and 31 December 2024 6
NET BOOK VALUE
At 31 December 2024 6
At 31 December 2023 6

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



Class of shares

Holding
Nature of
business

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

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 43,114 62,469
Amounts owed by group undertakings 89 89
Other debtors - 3,804
VAT 10,294 16,110
Prepayments and accrued income 39,347 37,855
92,844 120,327

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 10) - 56,707
Trade creditors 97,303 131,953
Corporation Tax 55,622 30,969
PAYE and NIC 5,133 4,415
Other creditors 19,584 44,851
Directors' current accounts 649 640
Accruals and deferred income 34,554 51,643
212,845 321,178

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 10) - 9,259

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 34,485
Bank loans - 22,222
- 56,707

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

The Colours Group Limited (Registered number: 01446179)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


10. LOANS - continued

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

The loan was repaid in full on 19 August 2024.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 33,750 6,559
Between one and five years 109,688 -
143,438 6,559

12. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
20,000 Ordinary £1 20,000 20,000

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £77,798 (2023 - £68,200) were paid to the directors .