Company Registration No. 13043278 (England and Wales)
COLLINGS FAMILY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Company registration number 13043278 (England and Wales)
COLLINGS FAMILY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
COLLINGS FAMILY PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
COLLINGS FAMILY PROPERTY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
1
2021
Notes
£
£
Fixed assets
Investment properties
3
165,000
Current assets
Debtors
4
21,199
Cash at bank and in hand
9,141
30,340
Creditors: amounts falling due within one year
5
(88,204)
Net current liabilities
(57,864)
Total assets less current liabilities
107,136
Creditors: amounts falling due after more than one year
6
(103,287)
Net assets
3,849
Capital and reserves
Called up share capital
7
2
Revaluation reserve
8
24,092
Profit and loss reserves
(20,245)
Total equity
3,849
COLLINGS FAMILY PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 August 2022 and are signed on its behalf by:
Mr P Collings
Director
Company Registration No. 13043278
COLLINGS FAMILY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
3
1
Accounting policies
Company information
Collings Family Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aizlewoods Mill, Nursery Street, Sheffield, S3 8GG.
1.1
Reporting period
This is the first reporting period for the company and as such, these financial statements have been prepared for a period of longer than 12 months.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The director believes the company is still a going concern and that he will undertake to ensure that adequate financial resources are provided to the company to enable it to meet its liabilities as they fall due. As a result of this, the accounts have been prepared on a going concern basis.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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.
COLLINGS FAMILY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
COLLINGS FAMILY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
1
3
Investment property
2021
£
Fair value
At 25 November 2020
Additions
140,908
Revaluations
24,092
At 31 December 2021
165,000
Investment property comprises property held for residential letting. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. A formal valuation by an independent valuer has not been sought.
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
21,199
5
Creditors: amounts falling due within one year
2021
£
Trade creditors
73
Other creditors
88,131
88,204
COLLINGS FAMILY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
6
6
Creditors: amounts falling due after more than one year
2021
£
Other creditors
103,287
Included within other creditors is £103,287 secured against investment properties.
Creditors which fall due after five years are as follows:
2021
£
Payable other than by instalments
103,287
7
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
1
1
Ordinary B shares of £1 each
1
1
2
2
On 25 November 2020, 2 Ordinary shares were issued at par for the purpose of incorporation.
On 4 May 2021, 2 Ordinary shares were reclassified as 1 Ordinary 'A' share and 1 Ordinary 'B' share.
8
Revaluation reserve
2021
£
At the beginning of the period
Revaluation surplus arising in the period
24,092
At the end of the period
24,092
COLLINGS FAMILY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
7
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
Amounts due to related parties
£
Other related parties
86,607
2021
Amounts due from related parties
£
Other related parties
20,555
Related party loans are interest free and repayable on demand.
10
Directors' transactions
Interest free loans, which are repayable on demand, have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
-
193
193
-
193
193