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Company Registration Number: SC286107 COLORADO GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
COLORADO GROUP LIMITED COMPANY INFORMATION
Directors | J P Bownes
| G W Gibson
| D Mcginigal
| 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
| 89 Seaward Street
| Glasgow
| G41 1HJ
Solicitors | Holmes Mackillop
| 109 Douglas Street
| Glasgow
| G2 4HB
COLORADO GROUP LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 4
Directors' Report | 5 - 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Consolidated Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 40
COLORADO GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
Introduction
The Directors present their Strategic Report for Colorado Group Limited for the year ended 30 November 2025.
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 Company continues to maintain a strong financial position, underpinned by a healthy cash balance, a secured forward order book and a consistent track record of profitable trading. The business remains wholly focused on delivering high-quality projects safely, professionally and collaboratively. This commitment has enabled the Company to build long-standing relationships with many of its core clients, several of which extend over more than twenty years. Approximately 85% of annual turnover continues to be generated from repeat business, with the balance secured through referrals, negotiated contracts and carefully selected competitive tenders. Colorado Construction has developed recognised expertise in the design and construction of distilleries, maturation warehouses and associated whisky production facilities. Alongside this core capability, the Company has successfully delivered visitor centres, food and drink production facilities, restoration and refurbishment of Listed Buildings, and the construction and alteration of individual high-value private homes. The business also continues to expand its planned and reactive maintenance services together with its specialist small works capability. Ownership and Strategic Position As reported in the previous Strategic Report, Colorado Group Limited utilised retained reserves during late 2024 to acquire the majority shareholder's interest in the business. During 2026, all remaining lending was repaid, leaving the business debt free with a strong cash position. Colorado Group Limited is now wholly owned by its operational directors, aligning ownership directly with those responsible for the day-to-day management and long-term development of the Company. The Directors believe this represents an important strategic milestone, providing greater financial flexibility, strengthening the Company's balance sheet and allowing management to focus entirely on delivering long-term value for clients, employees and stakeholders. Page 1
COLORADO GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 Economic Environment Political and economic uncertainty has continued both within the United Kingdom and internationally throughout the period. Inflationary pressures, labour availability and wider geopolitical events have continued to present challenges across the construction sector. Despite these headwinds, the Directors consider the Company's principal markets to remain fundamentally strong. Colorado Construction's specialist expertise is closely aligned with the Scotch whisky industry, which continues to represent one of Scotland's most productive and internationally recognised sectors. Although investment within the whisky sector moderated during 2025, the Directors remain confident that long-term demand remains positive. Recent developments, including improved international trading conditions and expanding export opportunities, are expected to support renewed investment across the sector during 2026 and beyond. The Directors continue to monitor wider economic developments carefully and remain satisfied that the Company is well positioned to respond to changing market conditions. Forward Workload and Business Development The Company secured forward workload remains strong, with significant projects already committed across its principal areas of expertise. Colorado Construction continues to enjoy a leading position within the construction of distilleries, maturation warehouses and associated whisky production facilities, while also maintaining opportunities across the wider food and beverage manufacturing sector. The Company continues to undertake the construction of individual high-value private homes together with the restoration and refurbishment of Listed Buildings, both of which remain important strategic markets offering attractive long-term opportunities. Developing lasting relationships with clients, consultants and professional advisers remains central to the Company's strategy. By consistently understanding client objectives and delivering projects to the highest standards of quality, safety and professionalism, Colorado Construction continues to strengthen its reputation as a trusted construction partner. This approach has resulted in a substantial level of repeat business and provides confidence in the Company's future workload. Page 2
COLORADO GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 People and Operational Capability The Company's continued success is underpinned by an experienced management, commercial and technical team together with a highly skilled directly employed workforce. Colorado Construction employs specialist construction managers, engineers and site supervisors supported by quantity surveyors, finance professionals and an experienced SHEQ team. The business also maintains directly employed teams delivering general building works, maintenance, specialist painting, restoration and labour services. In addition, the Company possesses in-house capability to undertake groundworks, drainage, infrastructure works, structural steel installation and cladding, enabling greater control over quality, programme and project delivery. The Directors remain committed to investing in employees, promoting a collaborative culture and maintaining high levels of staff retention, recognising that the Company's people remain its greatest asset. Geographic Reach Operating from its headquarters in Scotland's Central Belt, Colorado Construction continues to deliver projects throughout Scotland in support of its principal client base. While the Company's primary operational focus remains Central Scotland, projects continue to be successfully delivered across the Highlands, Islands and other remote locations where specialist expertise is required. Health, Safety and Environmental Performance Health, safety and environmental performance remain fundamental to every aspect of the Company's operations. Colorado Construction maintains a dedicated in-house Safety, Health, Environment and Quality (SHEQ) team supported by established management systems designed to promote continual improvement and ensure compliance with all relevant legislation and industry best practice. The Company continues to hold a number of independently assessed accreditations, including SafeContractor, CHAS, Constructionline and the RoSPA Silver Award, providing assurance to clients that robust management systems and high operational standards remain embedded throughout the business. Page 3
COLORADO GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
Financial performance
The Company has maintained a strong record of profitability throughout its history, with only one exceptional loss arising in 2018 on a single project. The group continued to deliver a strong financial performance during the year, generating a gross turnover of approximately £22.5 million and achieving a net profit before taxation of approximately £417,000. The Directors remain satisfied that the Company's strategy of prioritising sustainable, profitable work over turnover growth continues to deliver positive results. The principal financial performance indicators monitored by the Directors remain turnover, gross margin, profitability, cash generation and liquidity, all of which continue to demonstrate the underlying strength of the business.
Principal risks and uncertainties
The principal risks facing the Company continue to include supply chain resilience, inflationary cost pressures, labour availability and wider economic uncertainty. The Directors actively manage these risks through disciplined project selection, careful contract management, regular financial forecasting, strong cash management and the maintenance of long-established relationships with key suppliers, subcontractors and clients. The ongoing geopolitical uncertainty associated with international conflict continues to present broader economic risks. Whilst the Directors do not currently anticipate any direct operational impact upon the Company, wider economic consequences continue to be monitored closely. The Directors remain confident that Colorado Construction is well positioned to manage these challenges through its strong financial position, experienced management team, established customer relationships and carefully secured forward workload.
Summary
Colorado Group Limited enters the forthcoming financial year in a strong position. The group benefits from a loyal client base, a substantial secured workload, a highly experienced workforce and an excellent reputation for delivering complex, high-quality construction projects across Scotland. The Directors believe that continued investment in long-term client relationships, operational excellence and specialist expertise will enable the business to build upon its successful track record and continue generating sustainable, profitable growth. The Board remains confident in the Company's future prospects and expects Colorado Construction to continue delivering successful outcomes for its clients while maintaining its strong financial performance in the years ahead. This report was approved by the board and signed on its behalf.
J P Bownes Director
Date: 7 August 2026
Page 4
COLORADO GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Directors present their report and the financial statements for the year ended 30 November 2025.
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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £496,130 (2024 - loss £1,446,528). 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
A Drain
Future developments
Going into 2026 and 2027, 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. The Company continues to undertake the construction of individual high-value private homes together with the restoration and refurbishment of Listed Buildings, both of which remain important strategic markets offering attractive long-term opportunities. The board will continue to develop lasting relationships with clients, consultants and professional advisers. By consistently understanding client objectives and delivering projects to the highest standards of quality, safety and professionalism, Colorado Construction continues to strengthen its reputation as a trusted construction partner. Page 5
COLORADO GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
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 is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Directors has 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
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
J P Bownes Director
Date: 7 August 2026
Page 6
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 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their application 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 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 7
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 5, 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 8
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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 9
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 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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 7 August 2026 Page 10
COLORADO GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 22,506,938 | 21,696,917
Cost of sales |  | (20,348,728) | (19,478,867)
Gross profit |  | 2,158,210 | 2,218,050
Administrative expenses |  | (1,767,217) | (1,488,930)
Exceptional administrative expenses |  | - | (2,418,467)
Other operating income | 5 | 30,250 | 51,942
Operating profit/(loss) | 6 | 421,243 | (1,637,405)
Interest receivable and similar income | 10 | 2,401 | 229,233
Interest payable and similar expenses | 11 | (6,949) | (60,582)
Profit/(loss) before tax |  | 416,695 | (1,468,754)
Tax on profit/(loss) | 12 | 79,435 | 22,226
Profit/(loss) for the financial year |  | 496,130 | (1,446,528)
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | (496,130) | 1,446,528
|  | (496,130) | 1,446,528
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 40 form part of these financial statements.
Page 11
COLORADO GROUP LIMITED REGISTERED NUMBER: SC286107 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 183,166 |  | 78,506
|  |  | 183,166 |  | 78,506
Current assets |  |  |  |  |
Stocks | 16 | 566,453 |  | 857,295 |
Debtors: amounts falling due within one year | 17 | 3,318,152 |  | 5,024,854 |
Cash at bank and in hand | 18 | 3,078,788 |  | 1,754,385 |
|  | 6,963,393 |  | 7,636,534 |
Creditors: amounts falling due within one year | 19 | (7,702,399) |  | (8,351,697) |
Net current liabilities |  |  | (739,006) |  | (715,163)
Total assets less current liabilities |  |  | (555,840) |  | (636,657)
Creditors: amounts falling due after more than one year | 20 |  | (357,764) |  | (761,377)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 | - |  | (11,700) |
|  |  | - |  | (11,700)
Net liabilities |  |  | (913,604) |  | (1,409,734)
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 64 |  | 64
Capital redemption reserve | 25 |  | 69 |  | 69
Profit and loss account | 25 |  | (913,737) |  | (1,409,867)
|  |  | (913,604) |  | (1,409,734)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J P Bownes
Director
Date: 7 August 2026
The notes on pages 18 to 40 form part of these financial statements. Page 12
COLORADO GROUP LIMITED REGISTERED NUMBER: SC286107 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 3,250,109 |  | 3,250,109
|  |  | 3,250,109 |  | 3,250,109
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 690,798 |  | 924,132 |
Cash at bank and in hand | 18 | 7,399 |  | 7,584 |
|  | 698,197 |  | 931,716 |
Creditors: amounts falling due within one year | 19 | (2,538,823) |  | (2,366,453) |
Net current liabilities |  |  | (1,840,626) |  | (1,434,737)
Total assets less current liabilities |  |  | 1,409,483 |  | 1,815,372
Creditors: amounts falling due after more than one year | 20 |  | (357,764) |  | (748,581)
Net assets |  |  | 1,051,719 |  | 1,066,791
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 64 |  | 64
Revaluation reserve | 25 |  | 3,249,900 |  | 3,249,900
Capital redemption reserve | 25 |  | 69 |  | 69
Profit and loss account brought forward |  | (2,183,242) |  | (248,518) |
Loss for the year |  | (15,072) |  | (689,611) |
Other changes in the profit and loss account |  | - |  | (1,245,113) |
Profit and loss account carried forward |  |  | (2,198,314) |  | (2,183,242)
|  |  | 1,051,719 |  | 1,066,791
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J P Bownes
Director
Date: 7 August 2026
The notes on pages 18 to 40 form part of these financial statements. Page 13
COLORADO GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| 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 1 December 2024 | 64 | 69 | (1,409,867) | (1,409,734) | (1,409,734)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 496,130 | 496,130 | 496,130
Total comprehensive income for the year | - | - | 496,130 | 496,130 | 496,130
At 30 November 2025 | 64 | 69 | (913,737) | (913,604) | (913,604)
| The notes on pages 18 to 40 form part of these financial statements.
Page 14
COLORADO GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| 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 1 December 2024 | 64 | 69 | 3,249,900 | (2,183,242) | 1,066,791
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (15,072) | (15,072)
Total comprehensive income for the year | - | - | - | (15,072) | (15,072)
At 30 November 2025 | 64 | 69 | 3,249,900 | (2,198,314) | 1,051,719
| The notes on pages 18 to 40 form part of these financial statements.
Page 15
COLORADO GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 496,130 | (1,446,528)
Adjustments for: |  |
Depreciation of tangible assets | 78,696 | 68,347
Loss on disposal of tangible assets | - | 1,230
Interest paid | 6,949 | 60,582
Interest received | (2,401) | (229,233)
Taxation charge | (79,435) | (4,484)
Decrease in stocks | 290,842 | 538,347
Decrease/(increase) in debtors | 1,774,437 | (77,006)
Decrease/(increase) in amounts owed by associates | - | (22,719)
(Decrease) in creditors | (551,165) | (426,318)
Increase/(decrease) in provisions | - | (17,742)
Corporation tax received/(paid) | - | (92,660)
Write off of associated loan balances | - | 567,395
Write off of stock balances | - | 1,676,072
Net cash generated from operating activities | 2,014,053 | 595,283
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (183,356) | (10,263)
Interest received | 2,401 | 229,233
HP interest paid | (1,920) | (2,246)
Net cash from investing activities | (182,875) | 216,724
Cash flows from financing activities |  |
Repayment of loans | (93,767) | (91,185)
Repayment of other loans | (390,817) | (152,840)
Repayment of/new finance leases | (17,162) | (14,192)
Interest paid | (5,029) | (58,337)
Repurchase of own company shares | - | (1,245,113)
Net cash used in financing activities | (506,775) | (1,561,667)
Net increase/(decrease) in cash and cash equivalents | 1,324,403 | (749,660)
Cash and cash equivalents at beginning of year | 1,754,385 | 2,504,045
Cash and cash equivalents at the end of year | 3,078,788 | 1,754,385
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,078,788 | 1,754,385
Page 16
COLORADO GROUP LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 NOVEMBER 2025
| At 1 December 2024 | Cash flows | At 30 November 2025
| £ | £ | £
Cash at bank and in hand | 1,754,385 | 1,324,403 | 3,078,788
Debt due after 1 year | (753,601) | 395,837 | (357,764)
Debt due within 1 year | (93,767) | 88,747 | (5,020)
Finance leases | (24,938) | 17,162 | (7,776)
| 882,079 | 1,826,149 | 2,708,228
The notes on pages 18 to 40 form part of these financial statements.
Page 17
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
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 Company's functional and presentational currency is GBP and is rounded to the nearest £. 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
In the year to 30 November 2024, the directors took the opportunity to reassess intercompany lending and lending to related parties. Much of this lending between the parties was 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, resulted in an overall negative net asset value for the group at the end of November 2024. Although the group still has an overall negative net asset value at the end of 30 November 2025, this has been significantly improved due to the strong profits in the year to 30 November 2025. 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 2026 and November 2027. 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 31 August 2027. 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 18
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 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 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | 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. Page 19
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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 20
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | Stocks
Stocks, which comprise land and property, are valued at the lower of cost and net realisable 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 21
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.18 | 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.
| 2.19 | 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.
| 2.20 | 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.
| 2.21 | 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.
| 2.22 | 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 22
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.23 | 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. Basic 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 23
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.23 | 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 24
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.24 | 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.
| 2.25 | 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 25
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
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 assessed the value of the company's investment in its trading subsidiary. This assessment was based on a review of the subsidiary's financial performance, market conditions, and future growth prospects.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction, engineering and refurbishment | 22,506,938 | 21,696,917
|  | 22,506,938 | 21,696,917
| All turnover arose within the United Kingdom.
Page 26
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | - | 51,942
| Government grants receivable | 30,250 | -
|  | 30,250 | 51,942
6. | Loss/profit before tax
| The loss/profit before tax is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 78,696 | 68,347
| Other operating lease rentals | 152,482 | 69,360
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditors for the audit of the group's annual financial statements | 25,750 | 24,600
| Fee's payable to the group's auditor in respect of tax compliance services |  |
| Taxation compliance services | 5,670 | 5,670
| All non-audit services not included above | 6,200 | 7,350
Page 27
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 2,169,888 | 1,965,553
| Social security costs | 48,807 | 46,866
| Cost of defined contribution scheme | 517,888 | 224,530
|  | 2,736,583 | 2,236,949
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 39 | 38
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 437,835 | 475,985
| Group contributions to defined contribution pension schemes | 464,014 | 200,943
|  | 901,849 | 676,928
| During the year retirement benefits were accruing to 6 Directors (2024 - 6) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £97,267 (2024 - £89,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £143,877 (2024 - £51,323).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 2,401 | 229,233
|  | 2,401 | 229,233
Page 28
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 5,029 | 13,820
| Other loan interest payable | - | 44,516
| Finance leases and hire purchase contracts | 1,920 | 2,246
|  | 6,949 | 60,582
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | (44,807) | (4,484)
|  | (44,807) | (4,484)
| Total current tax | (44,807) | (4,484)
| Deferred tax |  |
| Origination and reversal of timing differences | (34,628) | (17,722)
| Adjustments in respect of prior periods | - | (20)
| Total deferred tax | (34,628) | (17,742)
| Tax on profit/(loss) | (79,435) | (22,226)
Page 29
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 416,695 | (1,468,754)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 104,174 | (367,189)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,944 | 227,650
| Capital allowances for year in excess of depreciation | - | (4,202)
| Adjustments to tax charge in respect of prior periods | (44,807) | (4,484)
| Adjustments to tax charge in respect of previous periods - deferred tax | - | (20)
| Non-taxable income | - | (12,986)
| Movement in deferred tax not recognised | (141,746) | 139,005
| Total tax charge for the year | (79,435) | (22,226)
| Factors that may affect future tax charges
There are no factors which may affect future tax charges. Page 30
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
13. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| 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 the previous 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 in the comparative figures. 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 in the prior year.
Page 31
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
14. | Tangible fixed assets
| Group
|  | Leasehold Improvements | Plant & machinery | Motor vehicles | Fixtures & fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 December 2024 | 146,138 | 99,871 | 89,207 | 53,461 | 388,677
| Additions | - | 913 | 169,797 | 12,646 | 183,356
| Disposals | - | (675) | (2,416) | (2,608) | (5,699)
| At 30 November 2025 | 146,138 | 100,109 | 256,588 | 63,499 | 566,334
| Depreciation |  |  |  |  |
| At 1 December 2024 | 126,453 | 88,539 | 51,525 | 43,654 | 310,171
| Charge for the year on owned assets | 14,614 | 7,643 | 45,960 | 10,479 | 78,696
| Disposals | - | (675) | (2,416) | (2,608) | (5,699)
| At 30 November 2025 | 141,067 | 95,507 | 95,069 | 51,525 | 383,168
| Net book value |  |  |  |  |
| At 30 November 2025 | 5,071 | 4,602 | 161,519 | 11,974 | 183,166
| At 30 November 2024 | 19,685 | 11,332 | 37,682 | 9,807 | 78,506
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | - | 1,979
| Motor vehicles | 10,672 | 37,562
|  | 10,672 | 39,541
Page 32
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 December 2024 | 3,250,109
| At 30 November 2025 | 3,250,109
Page 33
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
| 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 2025: 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 34
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 Subsidiary undertakings (continued)
| The aggregate of the share capital and reserves as at 30 November 2025 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 | 1,388,873 | 569,113
| Colorado Homes (Pathgreen) Limited | (10,376) | (1,985)
| Colorado Homes (Little Spott) Limited | (93,811) | (55,926)
| 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
|  | 2025 | 2024
|  | £ | £
| Land and property | 566,453 | 857,295
|  | 566,453 | 857,295
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,860,535 | 4,711,037 | - | -
| Amounts owed by group undertakings | - | - | 690,615 | 923,948
| Other debtors | 134,016 | 112,341 | - | -
| Prepayments and accrued income | 300,673 | 201,476 | 183 | 184
| Deferred taxation | 22,928 | - | - | -
|  | 3,318,152 | 5,024,854 | 690,798 | 924,132
Page 35
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,078,788 | 1,754,385 | 7,399 | 7,584
|  | 3,078,788 | 1,754,385 | 7,399 | 7,584
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 5,020 | 93,767 | - | -
| Trade creditors | 2,182,669 | 3,155,884 | - | -
| Amounts owed to subsidiary undertakings | - | - | 2,538,823 | 2,366,453
| Other taxation and social security | 482,183 | 825,006 | - | -
| Obligations under finance lease and hire purchase contracts | 7,776 | 17,162 | - | -
| Other creditors | 285,637 | 56,188 | - | -
| Accruals and deferred income | 4,739,114 | 4,203,690 | - | -
|  | 7,702,399 | 8,351,697 | 2,538,823 | 2,366,453
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | - | 5,020 | - | -
| Other loans | 357,764 | 748,581 | 357,764 | 748,581
| Net obligations under finance leases and hire purchase contracts | - | 7,776 | - | -
|  | 357,764 | 761,377 | 357,764 | 748,581
Page 36
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 5,020 | 93,767 | - | -
|  | 5,020 | 93,767 | - | -
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | - | 5,020 | - | -
| Other loans | 357,764 | 748,581 | 357,764 | 748,581
|  | 357,764 | 753,601 | 357,764 | 748,581
|  | 362,784 | 847,368 | 357,764 | 748,581
| 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 was due for repayment over 4 years via monthly installments and incurred interest at a rate of 8.9%. The loan has been fully repaid during the year. 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.
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 7,776 | 17,162
| Between 1-5 years | - | 7,776
|  | 7,776 | 24,938
Page 37
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
23. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (11,700)
| Charged to profit or loss | 34,628
| At end of year | 22,928
| Company
|  | 2025
| At end of year | -
| The deferred taxation balance is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (38,553) | (11,700)
| Short term timing difference | 61,481 | -
|  | 22,928 | (11,700)
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 64 (2024 - 64) Ordinary shares of £1.00 each | 64 | 64
Page 38
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
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 (2024 - £3,249,900) 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 £517,888 (2024 - £296,240). Contributions totalling £245,925 (2024 - £Nil) were payable to the fund at the reporting date and are included in creditors.
27. | Commitments under operating leases
| At 30 November 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | - | 55,000
|  | - | 55,000
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 999 | 26,514
|  | 999 | 26,514
28. | Transactions with directors
During the year, the Group advanced £13,000 to directors (2024: £60,000), of which £5,168 was repaid during the year. At the year end, the amount due from directors was £7,832 (2024: £Nil). The balance was interest-free, repayable on demand and was fully repaid after the year end. Page 39
COLORADO GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
29. | 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. During the year, the Group received services from John Fergus Engineering Co Ltd at a value of £539,760 (2024 - £262,800). At the year end, the Company owed £Nil to John Fergus Engineering Co Limited (2024 - £Nil). During the year, the Group made advances of £Nil (2024: £2.2m) to John Fergus Engineering Co Limited. At the year end, the Group was due £Nil (2024: £Nil) from John Fergus Engineering Co Limited. During the year, the Group received services from JFE Groundworks Limited at a value of £713,178 (2024 £612,070). At the year end, the Group owed £66,596 (2024 - £37,947) to JFE Groundworks Limited. During the year, the Group made advances of £Nil (2024: £60,000) to JFE Groundworks Limited. At the year end, the Group was due £60,000 (2024: £60,000) from JFE Groundworks Limited. The loan is unsecured. John Fergus Engineering Co Ltd and JFE Groundworks Limited are companies under common control. Key management remuneration is disclosed within note 9 of the financial statements.
30. | 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 40