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Registered number: 11406575 Life in Colour Ltd Financial statements Information for filing with the registrar For the Year Ended 31 March 2025
Life in Colour Ltd Registered number: 11406575 Balance Sheet As at 31 March 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 1,232,486 |  | 1,534,317 |
Cash at bank and in hand | 5 | 446,991 |  | 702,081 |
|  | 1,679,477 |  | 2,236,398 |
Creditors: amounts falling due within one year | 6 | (1,010,127) |  | (1,567,048) |
Net current assets |  |  | 669,350 |  | 669,350
Net assets |  |  | 669,350 |  | 669,350
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 669,349 |  | 669,349
|  |  | 669,350 |  | 669,350
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
I Wilson
Director
Date: 8 October 2025
The notes on pages 2 to 4 form part of these financial statements. Page 1
Life in Colour Ltd Notes to the Financial Statements For the Year Ended 31 March 2025
1. | General information
Life In Colour Ltd is a company limited by share capital registered in England and Wales, Company number 11406575. The registered office address is Unit 9, Acorn Business Park, Heaton Lane, Stockport, SK4 1AS. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. Life in Colour Limited exists solely to facilitate a VAT group structure within the Borough Care group. Following the publication of HMRC Revenue & Customs Brief 2 (2025), these VAT arrangements are no longer permitted in the care sector. Management is currently in the process of novating the contract with SBMC to Borough Care Limited, following which the VAT group will be disbanded and Life in Colour Limited liquidated. No liquidators have yet been appointed. The trustees therefore consider that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Rendering of services Revenue 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 revenue can be measured reliably; ∙it is probable that the Company 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.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 2
Life in Colour Ltd Notes to the Financial Statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | Gift aid payments
Gift Aid payments made to the parent charity are accounted for as distributions, in a manner akin to dividends. A liability is recognised when, at the reporting date, the Company has a legal obligation to make such a payment. In the absence of a legal obligation, Gift Aid payments are recognised in the period in which they are approved and made.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,109,576 | 1,061,920
| Prepayments and accrued income | 122,910 | 472,397
|  | 1,232,486 | 1,534,317
| A reclassification has been made to the 2024 comparative figures to reflect the correct presentation of balances under a customer arrangement. There is no impact on the prior year profit and loss account or net assets.
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Life in Colour Ltd Notes to the Financial Statements For the Year Ended 31 March 2025
5. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 446,991 | 702,081
6. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 78,410 | 608,393
| Accruals and deferred income | 931,717 | 958,655
|  | 1,010,127 | 1,567,048
| A reclassification has been made to the 2024 comparative figures to reflect the correct presentation of balances under a customer arrangement. There is no impact on the prior year profit and loss account or net assets.
7. | Post balance sheet events
Subsequent to the year end, the directors commenced the process of dissolving the company following the withdrawal of HMRC’s VAT concession for welfare services, as set out in Revenue & Customs Brief 2, published on 24 April 2025.
8. | Controlling party
The company's ultimate parent undertaking is Borough Care Limited, a Community Benefit Society registered in England and Wales, registration number 27788R. Borough Care Limited's registered office is Unit 9 Acorn Business Park, Heaton Lane, Stockport, Cheshire, SK4 1AS. Borough Care Limited is the parent company of the largest and smallest group for which consolidated financial statements are drawn up of which the company is a member. The consolidated financial statements can be obtained from Borough Care Limited, Unit 9 Acorn Business Park, Heaton Lane, Stockport, Cheshire, SK4 1AS.
9. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
| In their report, the auditors drew attention to a material uncertainty related to going concern without qualifying their opinion.
The audit report was signed on 14 October 2025 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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