Using both theory and continuum simulation, we examine a system comprising a mixture of polymer chains formed from 100 hard-sphere (HS) segments and HS colloids with a diameter which is 20 times that of the polymer segments. According to Wertheim's first-order thermodynamic perturbation theory (TPT1) this athermal system is expected to phase separate into a colloid-rich and a polymer-rich phase. Using a previously developed continuous pseudo-HS potential [J. F. Jover, A. J. Haslam, A. Galindo, G. Jackson, and E. A. Muller, J. Chem. Phys. 137, 144505 (2012)], we simulate the system at a phase point indicated by the theory to be well within the two-phase binodal region. Molecular-dynamics simulations are performed from starting configurations corresponding to completely phase-separated and completely pre-mixed colloids and polymers. Clear evidence is seen of the stabilisation of two coexisting fluid phases in both cases. An analysis of the interfacial tension of the phase-separated regions is made; ultra-low tensions are observed in line with previous values determined with square-gradient theory and experiment for colloid-polymer systems. Further simulations are carried out to examine the nature of these coexisting phases, taking as input the densities and compositions calculated using TPT1 (and corresponding to the peaks in the probability distribution of the density profiles obtained in the simulations). The polymer chains are seen to be fully penetrable by other polymers. By contrast, from the point of view of the colloids, the polymers behave (on average) as almost-impenetrable spheres. It is demonstrated that, while the average interaction between the polymer molecules in the polymer-rich phase is (as expected) soft-repulsive in nature, the corresponding interaction in the colloid-rich phase is of an entirely different form, characterised by a region of effective intermolecular attraction.