The general rule of thumb is that at least a company sized subunit should be present during the campaign/battle. Not all battle honours go on the Colours, with the effects of both world wars and amalgamations there are far too many honours to fit. All battalions of a regiment carry the same battle honours including reserve battalions after WW1. As with all things pertaining to the British army I am sure there will be exceptions to these rules.... My former regiment even though technically artillery carries colours.