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Company Registration Number SC286107























COLORADO GROUP LIMITED





FINANCIAL STATEMENTS





 30 NOVEMBER 2024


























 
COLORADO GROUP LIMITED
 

COMPANY INFORMATION


Directors
J P Bownes 
G W Gibson 
D Mcginigal 
R R Jordan (resigned 13 September 2024)
A Drain 




Company secretary
A Drain



Registered number
SC286107



Registered office
Colorado House 11 Caputhall Road
Deans Industrial Estate

Deans

Livingston

West Lothian

EH54 8AS




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants

1st Floor 24 Blythswood Square

Glasgow

G2 4BG




Solicitors
Holmes Mackillop
109 Douglas Street

Glasgow

G2 4HB





 
COLORADO GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 43


 
COLORADO GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The directors present their strategic report for Colorado Group Ltd for the year ended 30 November 2024.

Business review and principal activities
 
The Group continued its principal activities during the year which is that of construction, industrial engineering, and refurbishment project work, together with property development. 
The activity of Colorado Group Limited continues to be that of a holding company.
Colorado Group’s largest subsidiary, Colorado Construction and Engineering Ltd, has a strong current and future workload. The business has a consistently strong trading and cash position, secured through delivering an impressive portfolio of high-profile projects. Owned and operated by its directors, Colorado Construction benefits from the ‘hands-on’ leadership committed to delivering exceptional results. This commitment has led to long-standing relationships with core clients, some spanning over 18 years. Approximately 85% of the company’s annual workload is derived from repeat business, with the remainder secured through referrals and selective tendering
The expertise of Colorado Construction and Engineering Ltd sits within a diverse range of specific sectors. The business is centrally involved in the construction of distilleries, maturation warehouses, and other whisky production related projects. In addition to this, the business has extensive expertise and a track record in the construction of visitor centres, food and drinks production facilities, works to Listed Buildings together with the construction and refurbishment of individual ‘one-off’ high-value homes. The business also continues to develop its planned and reactive maintenance provision along with a growing special works capability, concentrating on smaller projects. 

Business ownership and client delivery focus
In the closing stages of Colorado’s financial year ending November 2024, the business used its reserves held in Colorado Construction and Engineering Ltd, along with part of the profits generated through to end of July 2024 to pay a dividend of £1.6m to Colorado Group Ltd.  The payment of this dividend allowed Colorado Group Ltd to buy back the majority shareholder’s entire equity and repay a substantial element of the investor’s lending to the group. Further to this, as of the date of this report, all lending is in line to be fully repaid prior to 30th November 2025.
Colorado Group Limited is now 100% owned by the operational directors who have the expertise and personal commitment in delivering projects to Colorado’s customers across Scotland. It will also remove all debt from the business during 2025.
The directors have taken the opportunity to reassess intercompany lending and lending to related parties.  Much of this lending between the parties has been settled or written off or written down.  This, along with the financial impact of completing the share buy-back and substantially settling the main investor’s loans, has resulted in an overall negative net asset value for the group at the end of November 2024.  
The directors are very confident of the status of the Group as a going concern and have forecast strong profits in Colorado Construction and Engineering Ltd for November 2025 and November 2026 yearends, both in line with 2024’s profitability.  With this, the directors fully expect to move swiftly back to a positive net asset position and look forward to its strong profitability and growth in this next phase of the business.
The Company continues to secure major projects in its areas of expertise including distilleries, maturation warehouses, and other drinks and food production facility construction projects. Given the recent trade deals with India, the world’s biggest market for whisky, the Directors see the whisky market continuing to be strong. Colorado Construction and Engineering continues to construct individual high-value homes, and future project opportunities in these fields continue in 2025 and beyond. Colorado Construction and Engineering Ltd has secured its reputation in the restoration and upgrade of listed buildings and continues to seek opportunities to develop further in this field. 

Page 1

 
COLORADO GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Key financial performance indicators
 
The key financial performance indicators monitored by the company are profit allied to turnover. Turnover in core business activities within the Group fell slightly to £21.7m from £22.0m in 2023. However, in 2024, the business is reporting a pre-tax operating profit of £781k after adjusting for exceptional expenditure of £2.4m, an improvement against the pre-tax operating profit of just over £500k in 2023. The strengthening of the adjusted net profit before tax has been driven by the continuing strong customer relationships and careful project selectivity.

Principal risks and uncertaintities
 
One of the principal challenges facing the company is supply chain delivery concerns and growing inflationary pressures necessitating continued regular assessments of workload, liquidity, and profitability. This has informed the directors’ view that the business remains resilient. The directors expect the business to remain strongly profitable throughout 2025 and beyond. Colorado Construction and Engineering remains focused on cost efficient and relevant delivery by ensuring a tight and efficient cost base. The Directors continue to undertake regular assessments of the business and therefore the directors are confident that the Group's key trading subsidiary Colorado Construction & Engineering Ltd remains focused on maintaining existing customer relationships, developing new ones and new income streams whilst ensuring a robust and profitable workload.
Further business risks are those related to the ongoing uncertain economic conditions associated with the war in Ukraine and any tariff impacts from the USA, especially steel. The Directors do not believe that these issues will have a direct impact on the Company’s operations; however, there continues to be uncertainty regarding their economic and political impact on the wider economy. The Directors continue to closely monitor the unfolding developments.
In summary, the business strategy of concentrating on core customers, looking to innovate, and strengthening its areas of core competence has proved a sound basis for the company to remain profitable and competent in delivering beyond its customer’s requirements.

Summary
 
In overall summary, building on a reputation based on high profile, successfully completed projects, Colorado Group’s future business includes an enviable client portfolio for Colorado Construction and Engineering, with the core of work coming from an area of significant growth in the Scottish and UK economy. This principal source of work with a future secured volume for the next 5 years with existing clients, will enable the business to develop a further future workload in our other areas of core competence. The Board expects the business’s proven profitability to continue.


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



J P Bownes
Director

Date: 31 July 2025

Page 2

 
COLORADO GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The Directors present their report and the financial statements for the year ended 30 November 2024.

Directors' responsibilities statement

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

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,446,528 (2023 - profit £298,860).

The Directors have not recommended a dividend in the current or prior year.

Directors

The Directors who served during the year were:

J P Bownes 
G W Gibson 
D Mcginigal 
R R Jordan (resigned 13 September 2024)
A Drain 

Future developments

The Company continues to secure major projects in its areas of expertise including distilleries, maturation warehouses, and other drinks and food production facility construction projects. Given the recent trade deals with India, the world’s biggest market for whisky, the Directors see the whisky market continuing to be strong. Colorado Construction and Engineering continues to construct individual high-value homes, and future project opportunities in these fields continue in 2025 and beyond. Colorado Construction and Engineering Ltd has secured its reputation in the restoration and upgrade of listed buildings and continues to seek opportunities to develop further in this field. 

Page 3

 
COLORADO GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Matters covered in the Group Strategic Report

The group's business review and principal activities, information regarding the group's key financial performance indicators and principal risks and uncertainties are disclosed within the Group Strategic Report.

Disclosure of information to auditors

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

the Directors have taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





J P Bownes
Director

Date: 31 July 2025

Page 4

 
COLORADO GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO GROUP LIMITED
 

Opinion


We have audited the financial statements of Colorado Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 November 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
COLORADO GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In 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 Directors' Report.


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


adequate accounting records have not been kept 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 Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the 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.


Page 6

 
COLORADO GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO GROUP LIMITED (CONTINUED)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws    and regulations. 
• we identified the laws and regulations applicable to the company through discussions with directors and    other management and review of appropriate industry knowledge. Key laws and regulations we identified   during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK  health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above by making enquiries  of management and
• identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected     relationships;
• tested journal entries recorded on the Company’s finance system to identify unusual transactions that    may indicate override of controls;
• reviewed key judgements and estimates for any evidence of management bias.
• reviewed the application of accounting policies with focus on those with heightened estimation     uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation and
• enquiring of management to identify actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
Page 7

 
COLORADO GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLORADO GROUP LIMITED (CONTINUED)




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 Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Johnston (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
Glasgow

1 August 2025
Page 8

 
COLORADO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,696,917
22,021,782

Cost of sales
  
(19,478,867)
(20,255,800)

Gross profit
  
2,218,050
1,765,982

Administrative expenses
  
(1,488,930)
(1,258,227)

Exceptional administrative expenses
 13 
(2,418,467)
-

Other operating income
 5 
51,942
-

Operating (loss)/profit
 6 
(1,637,405)
507,755

Interest receivable and similar income
 10 
229,233
15

Interest payable and similar expenses
 11 
(60,582)
(103,603)

(Loss)/profit before tax
  
(1,468,754)
404,167

Tax on (loss)/profit
 12 
22,226
(105,307)

(Loss)/profit for the financial year
  
(1,446,528)
298,860

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
1,446,528
(298,860)

  
1,446,528
(298,860)

Total comprehensive income attributable to:
  

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

The notes on pages 19 to 43 form part of these financial statements.

Page 9

 
COLORADO GROUP LIMITED
REGISTERED NUMBER: SC286107

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
78,506
137,660

  
78,506
137,660

Current assets
  

Stocks
 16 
857,295
3,071,714

Debtors: amounts falling due within one year
 17 
5,024,854
6,043,608

Cash at bank and in hand
 18 
1,754,385
2,504,045

  
7,636,534
11,619,367

Creditors: amounts falling due within one year
 19 
(8,351,697)
(7,993,527)

Net current (liabilities)/assets
  
 
 
(715,163)
 
 
3,625,840

Total assets less current liabilities
  
(636,657)
3,763,500

Creditors: amounts falling due after more than one year
 20 
(761,377)
(2,452,151)

Provisions for liabilities
  

Deferred tax
 23 
(11,700)
(29,442)

  
 
 
(11,700)
 
 
(29,442)

Net (liabilities)/assets
  
(1,409,734)
1,281,907


Capital and reserves
  

Called up share capital 
 24 
64
133

Capital redemption reserve
 25 
69
-

Profit and loss account
 25 
(1,409,867)
1,281,774

  
(1,409,734)
1,281,907


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J P Bownes
Director

Date: 31 July 2025

The notes on pages 19 to 43 form part of these financial statements.

Page 10

 
COLORADO GROUP LIMITED
REGISTERED NUMBER: SC286107

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
3,250,109
2,200,109

  
3,250,109
2,200,109

Current assets
  

Debtors: amounts falling due within one year
 17 
924,132
2,630,174

Cash at bank and in hand
 18 
7,584
2,459

  
931,716
2,632,633

Creditors: amounts falling due within one year
 19 
(2,366,453)
(559,532)

Net current (liabilities)/assets
  
 
 
(1,434,737)
 
 
2,073,101

Total assets less current liabilities
  
1,815,372
4,273,210

  

Creditors: amounts falling due after more than one year
 20 
(748,581)
(2,321,695)

  

Net assets
  
1,066,791
1,951,515


Capital and reserves
  

Called up share capital 
 24 
64
133

Revaluation reserve
 25 
3,249,900
2,199,900

Capital redemption reserve
 25 
69
-

Profit and loss account brought forward
  
(248,518)
(156,042)

Loss for the year
  
(689,611)
(92,476)

Other changes in the profit and loss account

  

(1,245,113)
-

Profit and loss account carried forward
  
(2,183,242)
(248,518)

  
1,066,791
1,951,515


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J P Bownes
Director

Date: 31 July 2025

The notes on pages 19 to 43 form part of these financial statements.

Page 11

 
COLORADO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 December 2023
133
-
1,281,774
1,281,907
1,281,907


Comprehensive income for the year

Loss for the year
-
-
(1,446,528)
(1,446,528)
(1,446,528)
Total comprehensive income for the year
-
-
(1,446,528)
(1,446,528)
(1,446,528)


Contributions by and distributions to owners

Purchase of own shares
-
69
(1,245,113)
(1,245,044)
(1,245,044)

Shares cancelled during the year
(69)
-
-
(69)
(69)


At 30 November 2024
64
69
(1,409,867)
(1,409,734)
(1,409,734)


The notes on pages 19 to 43 form part of these financial statements.

Page 12

 
COLORADO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 December 2022
133
982,914
983,047
983,047


Comprehensive income for the year

Profit for the year
-
298,860
298,860
298,860
Total comprehensive income for the year
-
298,860
298,860
298,860


At 30 November 2023
133
1,281,774
1,281,907
1,281,907


The notes on pages 19 to 43 form part of these financial statements.

Page 13

 
COLORADO GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 December 2023
133
-
2,199,900
(248,518)
1,951,515


Comprehensive income for the year

Loss for the year
-
-
-
(689,611)
(689,611)

Surplus on revaluation of other fixed assets
-
-
1,050,000
-
1,050,000
Total comprehensive income for the year
-
-
1,050,000
(689,611)
360,389


Contributions by and distributions to owners

Purchase of own shares
-
69
-
(1,245,113)
(1,245,044)

Shares cancelled during the year
(69)
-
-
-
(69)


At 30 November 2024
64
69
3,249,900
(2,183,242)
1,066,791


The notes on pages 19 to 43 form part of these financial statements.

In the closing stages of Colorado’s financial year ending November 2024, the business used its reserves held in Colorado Construction and Engineering Ltd, along with part of the profits generated through to end of July 2024 to pay a dividend of £1.6m to Colorado Group Ltd.  The payment of this dividend allowed Colorado Group Ltd to buy-back the majority shareholder’s entire equity and repay a substantial element of the investor’s lending to the group.  Further to this, as of the date of this report, all lending is in line to be fully repaid prior to 30th November 2025.

Page 14

 
COLORADO GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 December 2022
133
2,199,900
(156,042)
2,043,991


Comprehensive income for the year

Loss for the year
-
-
(92,476)
(92,476)
Total comprehensive income for the year
-
-
(92,476)
(92,476)


At 30 November 2023
133
2,199,900
(248,518)
1,951,515


The notes on pages 19 to 43 form part of these financial statements.

Page 15

 
COLORADO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(1,446,528)
298,860

Adjustments for:

Depreciation of tangible assets
68,347
62,688

Loss on disposal of tangible assets
1,230
230

Interest paid
60,582
103,602

Interest received
(229,233)
(15)

Taxation charge
(4,484)
105,904

Decrease/(increase) in stocks
538,347
(416,929)

(Increase) in debtors
(77,006)
(1,350,851)

(Increase)/decrease in amounts owed by associates
(22,719)
-

(Decrease)/increase in creditors
(426,318)
933,133

(Decrease) in provisions
(17,742)
(344,255)

Corporation tax (paid)
(92,660)
(2,728)

Write off of associated loan balances
567,395
-

Write off of stock balances
1,676,072
-

Net cash generated from operating activities

595,283
(610,361)


Cash flows from investing activities

Purchase of tangible fixed assets
(10,263)
(100,040)

Sale of tangible fixed assets
-
1,000

Interest received
229,233
15

HP interest paid
(2,246)
(1,750)

Net cash from investing activities

216,724
(100,775)
Page 16

 
COLORADO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(91,185)
(346,063)

Repayment of related party loan
(152,840)
-

Repayment of/new finance leases
(14,192)
34,975

Interest paid
(58,337)
(101,852)

Purchase of own company shares
(1,245,113)
-

Net cash used in financing activities
(1,561,667)
(412,940)

Net (decrease) in cash and cash equivalents
(749,660)
(1,124,076)

Cash and cash equivalents at beginning of year
2,504,045
3,628,121

Cash and cash equivalents at the end of year
1,754,385
2,504,045


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,754,385
2,504,045

1,754,385
2,504,045


Page 17

 
COLORADO GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024





At 1 December 2023
Cash flows
Other non-cash changes
At 30 November 2024
£

£

£

£

Cash at bank and in hand

2,504,045

(749,660)

-

1,754,385

Debt due after 1 year

(2,427,214)

546,277

1,127,336

(753,601)

Debt due within 1 year

(84,453)

13,820

(23,134)

(93,767)

Finance leases

(45,069)

16,439

3,692

(24,938)


(52,691)
(173,124)
1,107,894
882,079

The notes on pages 19 to 43 form part of these financial statements.

Page 18

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Colorado Group Limited is a private company limited by shares registered in Scotland. Registered number SC286107. The Company's registered office and principal place of business is Colorado House, 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, EH54 8AS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have taken the opportunity to reassess intercompany lending and lending to related parties. Much of this lending between the parties has been settled or written off or written down.  This, along with the financial impact of completing the share buy-back and substantially settling the main investor’s loans, has resulted in an overall negative net asset value for the group at the end of November 2024.  
The directors are very confident of the status of the Group as a going concern and have forecast strong profits in Colorado Construction and Engineering Ltd for November 2025 and November 2026 year-ends, both in line with 2024’s profitability.  With this, the directors fully expect to move swiftly back to a positive net asset position and look forward to the strong profitability and growth in this next phase of the business.
In making their going concern assessment the Directors have prepared financial forecasts which
extend to 30 November 2026. These show that the business is expected to have sufficient cash
reserves to meet its liabilities as they fall due for a period of at least one year from the date the
financial statements are signed. Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
 

Page 19

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

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

Rendering of services

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

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

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

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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

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

 
2.11

Current and deferred taxation

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

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

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

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


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 21

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

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

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

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

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
33%
straight line
Fixtures and fittings
-
33%
- 50% straight line

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

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

 
2.14

Valuation of investments

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.16

Stocks

Stocks, which comprise land and property, are valued at the lower of cost and net realiseable value.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. the impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income.

Page 22

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

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

 
2.19

Holiday pay accrual

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

 
2.20

Provisions for liabilities

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

 
2.21

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

Page 23

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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

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

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 Group after the deduction of all its liabilities.

Page 24

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 25

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.23

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:

Interest bearing loans and borrowings

Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.

Derecognition of financial liabilities

A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

  
2.24

Amounts recoverable on contracts

Where contractual obligations are performed gradually over time, the revenue is recognised as contract activity progresses to reflect the partial performance of these obligations.
The progress of the contract is determined through monthly site surveys attended by representatives of the company and the specific customer at which measurements are taken and agreed between the two parties.
The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to the value of the work performed.

Page 26

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 2, 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Accruals & provisions
The calculation of accruals and provisions contains an inherent level of subjectivity. The Directors
consider that the current level of accruals and provisions represents the best estimate of the likely
exposure. 
Valuation of construction projects
Key judgements are also made regarding the valuation of construction projects at the year end, which impacts revenue, where agreed third party valuations are performed in advance of this date. The Directors consider that internal valuations of the work performed in this period are accurate given the
experience of and knowledge of the quantity surveyors employed.
Valuation of stock
Management have also made key judgements regarding the future sales values of remaining development plots and costs to come in determining the carrying value of stocks.
Valuation of investments
During the reporting period, management reassessed the value of the company's investment in its trading subsidiary. This reassessment was based on a comprehensive review of the subsidiary's financial performance, market conditions, and future growth prospects.
As a result of this review, the value of the investment has been increased from £2.2 million to £3.25 million. This revaluation reflects management's judgement that the subsidiary's improved financial performance and favorable market conditions justify a higher valuation.
The movement in the value of the investment, amounting to £1.05 million, has been recognized in Other Comprehensive Income (OCI).

Page 27

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction, engineering and refurbishment
21,696,917
22,021,782

21,696,917
22,021,782


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,696,917
22,021,782

21,696,917
22,021,782



5.


Other operating income

2024
2023
£
£

Other operating income
51,942
-

51,942
-



6.


Loss/profit before tax

The loss/profit before tax is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
68,347
62,688

Other operating lease rentals
69,360
-

Page 28

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the group's annual financial statements
24,600
22,000

Fee's payable to the group's auditor in respect of tax compliance services

Taxation compliance services
5,670
5,400

All non-audit services not included above
7,350
7,000


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
1,965,553
2,097,533

Social security costs
46,866
52,554

Cost of defined contribution scheme
224,530
120,047

2,236,949
2,270,134


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


        2024
        2023
            No.
            No.







Average number of employees
38
39


9.


Directors' remuneration






During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £89,000  (2023 - £103,494).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £51,323 (2023 - £17,000).
The Director's are considered to be key management.

Page 29

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
229,233
15

229,233
15


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
13,820
21,837

Other loan interest payable
44,516
80,016

Finance leases and hire purchase contracts
2,246
1,750

60,582
103,603


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
92,658

Adjustments in respect of previous periods
(4,484)
110


(4,484)
92,768


Total current tax
(4,484)
92,768

Deferred tax


Origination and reversal of timing differences
(17,722)
7,347

Adjustments in respect of prior periods
(20)
(111)

Effect of tax rate change on opening balance
-
5,303

Total deferred tax
(17,742)
12,539


Tax on (loss)/profit
(22,226)
105,307
Page 30

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.01%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(1,468,754)
404,167


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.01%)
(367,189)
93,002

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
227,650
3,268

Capital allowances for year in excess of depreciation
(4,202)
3,149

Adjustments to tax charge in respect of prior periods
(4,484)
-

Adjustments to tax charge in respect of
previous periods - deferred tax
(20)
-

Remeasurement of deferred tax for changes in tax rates
-
5,888

Non-taxable income
(12,986)
-

Movement in deferred tax not recognised
139,005
-

Total tax charge for the year
(22,226)
105,307


Factors that may affect future tax charges

There are no factors whch may affect future tax charges.

Page 31

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Exceptional items

2024
2023
£
£


Stock write-off
1,676,072
-

Loan write-off
742,395
-

2,418,467
-

Stock write-off
The directors have assessed the stock held by the group for impairment at year end. In line with the applicable accounting standards the directors have compared the carrying value of stock with their best estimate of anticipated selling price less costs to complete and sell which has resulted in a write down of £1,676,072. 
Loan write-off
As part of a loan assignation agreement loans receivable were assigned to another party at a lower rate than their book value. To record this transaction a write off of the unassigned loan was posted to the profit and loss account of £742,395.
 


14.


Tangible fixed assets

Group






Leasehold Improvements
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£



Cost or valuation


At 1 December 2023
146,138
105,185
89,207
51,139


Additions
-
-
-
10,263


Disposals
-
(5,314)
-
(7,941)



At 30 November 2024

146,138
99,871
89,207
53,461



Depreciation


At 1 December 2023
111,839
76,698
24,509
40,963


Charge for the year on owned assets
14,614
16,095
27,016
10,622


Disposals
-
(4,254)
-
(7,931)



At 30 November 2024

126,453
88,539
51,525
43,654



Net book value



At 30 November 2024
19,685
11,332
37,682
9,807



At 30 November 2023
34,299
28,487
64,698
10,176
Page 32

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 December 2023
391,669


Additions
10,263


Disposals
(13,255)



At 30 November 2024

388,677



Depreciation


At 1 December 2023
254,009


Charge for the year on owned assets
68,347


Disposals
(12,185)



At 30 November 2024

310,171



Net book value



At 30 November 2024
78,506



At 30 November 2023
137,660

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,979
7,917

Motor vehicles
37,562
64,453

39,541
72,370

Page 33

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
2,200,109


Revaluations
1,050,000



At 30 November 2024
3,250,109




Page 34

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Colorado Construction & Engineering Limited
Colorado House 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, West Lothian, Scotland, EH54 8AS
Ordinary
100%
Colorado Homes (Pathgreen) Limited
Colorado House 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, West Lothian, Scotland, EH54 8AS
Ordinary
100%
Colorado Homes (Little Spott) Limited
Colorado House 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, West Lothian, Scotland, EH54 8AS
Ordinary
100%
Colorado Developments (2010) Limited
Colorado House 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, West Lothian, Scotland, EH54 8AS
Ordinary
100%
Colorado Letting and Property Management Limited
Colorado House 11 Caputhall Road, Deans Industrial Estate, Deans, Livingston, West Lothian, Scotland, EH54 8AS
Ordinary
100%

All the above noted entities are included within the consolidated results of Colorado Group Limited.
Colorado Group Limited has provided a parent company guarantee in respect of the following subsidiaries for the year ended 30 November 2024:
Colorado Homes (Pathgreen) Limited - Registered No. SC338860
Colorado Homes (Little Spott) Limited - Registered No. SC311175
The above noted subsidiaries are therefore exempt from the requirements of the Companies Act (2006) relating to the audit of individual accounts by virtue of s479A.
 

Page 35

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 November 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Colorado Construction & Engineering Limited
819,760
873,942

Colorado Homes (Pathgreen) Limited
(8,391)
392,133

Colorado Homes (Little Spott) Limited
(37,885)
492,009

Colorado Developments (2010) Limited
100
-

Colorado Letting and Property Management Limited
1
-

The following subsidiaries were dormant throughout the period:
Colorado Developments (2010) Limited
Colorado Letting and Property Management Limited


16.


Stocks

Group
Group
2024
2023
£
£

Land and property
857,295
3,071,714

857,295
3,071,714



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,711,037
4,365,849
-
-

Amounts owed by group undertakings
-
-
923,948
1,722,342

Amounts owed by related parties
-
1,095,760
-
907,832

Other debtors
112,341
12,500
-
-

Prepayments and accrued income
201,476
569,499
184
-

5,024,854
6,043,608
924,132
2,630,174


Page 36

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,754,385
2,504,045
7,584
2,459

1,754,385
2,504,045
7,584
2,459



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
93,767
84,453
-
-

Trade creditors
3,155,884
2,598,157
-
-

Amounts owed to subsidiary undertakings
-
-
2,366,453
556,783

Amounts owed to related parties
-
210,647
-
-

Corporation tax
-
96,915
-
2,749

Other taxation and social security
825,006
769,385
-
-

Obligations under finance lease and hire purchase contracts
17,162
20,131
-
-

Other creditors
56,188
78,746
-
-

Accruals and deferred income
4,203,690
4,135,093
-
-

8,351,697
7,993,527
2,366,453
559,532



20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
5,020
105,520
-
-

Other loans
748,581
2,321,694
748,581
2,321,695

Net obligations under finance leases and hire purchase contracts
7,776
24,937
-
-

761,377
2,452,151
748,581
2,321,695




Page 37

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
93,767
84,453
-
-


93,767
84,453
-
-

Amounts falling due 1-2 years

Bank loans
5,020
105,520
-
-

Related Party Loan
748,581
2,321,694
748,581
2,321,694


753,601
2,427,214
748,581
2,321,694


847,368
2,511,667
748,581
2,321,694


The Group obtained loan funding of £250,000 through the CBILS in October 2020, with the first 12
months being interest free with no capital repayments due. After the initial 12 month period, the loan is
due for repayment over 4 years via monthly installments and incurs interest at a rate of 8.9%. The loan is
unsecured.
The Group obtained loan funding of £100,000 through the CBILS in January 2021, with the first 12
months being interest free with no capital repayments due. After the initial 12 month period, the loan is
due for repayment over 4 years via monthly installments and incurs interest at a rate of 10.1%. The loan
is unsecured.
The related party loan of £748,581 (2023 - £2,321,694) is a loan payable to R R Jordan, the former controlling party of the group. The loan is unsecured. Further information regarding the loan is provided in note 28 of the financial statements.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
17,162
20,131

Between 1-5 years
7,776
24,937

24,938
45,068

Page 38

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
(29,442)


Charged to profit or loss
17,742



At end of year
(11,700)

Company


2024






At end of year
-



The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(11,700)
(29,442)

(11,700)
(29,442)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



64 (2023 - 133) Ordinary shares of £1.00 each
64
133


Page 39

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Reserves

Revaluation reserve

In the company only reserves of Colorado Group Limited, a fair value surplus on the valuation of investments in subsidiaries of £3,249,900 (2023 - £2,199,900) is also included. 

Capital redemption reserve

The capital redemption reserve of Colorado Group Limited represents the nominal value of shares redeemed out of distributable profits in accordance with the Companies Act 2006. The reserve is non-distributable.

Profit and loss account

The profit and loss account includes all current and prior periods' retained profits and losses net of
dividends paid.


26.


Pension commitments

The Group makes payments to a defined contribution pension scheme. The assets of the scheme are
held separately from those of the Group in an independently administered fund. The pension cost
charge represents contributions payable by the Group to the fund and amounted to £296,240 (2023 -
£196,650). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and
are included in creditors.

Page 40

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

27.


Commitments under operating leases

At 30 November 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
55,000
55,000

Later than 1 year and not later than 5 years
-
55,000

55,000
110,000
Group
Group
2024
2023
£
£

Other leases

Not later than 1 year
26,514
27,629

Later than 1 year and not later than 5 years
-
26,514

26,514
54,143

Page 41

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

28.


Related party transactions

The Group has taken advantage of the exemption granted by FRS 102 from the requirement to disclose transactions with group companies which are wholly owned by a common parent undertaking.
In the period the Group repurchased all of the shares held by the controlling party R R Jordan. In relation to this agreement the Group also reached an agreement to settle the long term loan due to R R Jordan. At the year end, the amount due under the loan was £748,581 (2023 - £2,321,694). Additional interest and charges of £88,613 (2023 - £64,012) were accrued and repayments of £1,661,726 (2023 - £246,890) were made in the year. Interest is charged on the loan at 3% over the Bank of England base rate until the settlement date and the gross charge in the year to 30 November 2024 totalled £35,613 (2023 - £64,012).
During the year the Group received services from Nu-phalt Group Limited at a value of £8,820 (2023 - £7,770). In the year there were net repayments of £15,168 paid with the remaining balance written off. At the year end, the Group was due £Nil (2023 - £330,229) by Nu-phalt Group Limited.
During the year the Group provided services to Nu-phalt Limited at a value of £16,500 (2023 - £16,500). In the year this balance was fully repaid. At the year end, the Group was due £Nil (2023 - £108,212) from Nu-phalt Limited.
During the year the Group provided services to Nu-phalt Contracting Limited at a value of £1,500 (2023 - £1,450). In the year the Group settled the outstanding balance with Nu-phalt Contracting Limited for £137,609 with remaining balance written off. At the year end, the Group was due £Nil (2023 - £445,247) from Nu-phalt Contracting Limited.
During the year the Group received services from Clean Burner Systems Limited at a value of £145,510 (2023 - £686,743). At the year end, the Group owed £31,654 (2023 - £134,875) to Clean Burner Systems Limited.
During the year the Group settled the outstanding balance with Clean Burner Systems Limited. At the year end, the Group was owed £Nil (2023 - £1,425) from Clean Burner Systems Limited. 
During the year the Group received services from John Fergus Engineering Co Limited at a value of £262,800 (2023 - £222,803). At the year end, the Company owed £Nil to John Fergus Engineering Co Ltd (2023 - £36,000). 
During the year, the Group made advances of £2.2m (2023: £Nil) to John Fergus Engineering Co Limited. Amounts repaid during the year totalled £2.2m (2023: £Nil). The loan was unsecured and repaid in full during the year.
During the year the Group received services from JFE Groundworks Limited at a value of £612,070 (2023 - £Nil). At the year end, the Group owed £37,947 (2023 - £Nil) to JFE Groundworks Limited.    
During the year the Group made advances of £60,000 (2023: £Nil) to JFE Groundworks Limited. At the year end, the Company was due £60,000 (2023: £Nil) from JFE Groundworks Limited. The Loan is unsecured.
During the year the Group made advances of £235,000 (2023: Nil) to Directors. Amounts repaid during the year totalled £60,000 with the remaining balance written off. At the year end, amounts owed by Directors to the Group was £Nil (2023: £Nil).
Until the settlement date of the outstanding balances Nu-phalt Group Limited, Nu-phalt Limited, Nu-phalt Contracting Limited and Clean Burner Systems Limited were companies under common control. 
John Fergus Engineering Co and JFE Groundworks Limited are companies under common control.
Key management remuneration is disclosed within note 8 of the financial statements.

Page 42

 
COLORADO GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

29.


Controlling party

In the opinion of the Directors, J P Bownes & G W Gibson are the controlling party by virtue of their  joint majority shareholding in Colorado Group Limited.


Page 43