Collins Ladywell Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2021
Company Registration No. 11502503 (England and Wales)
Collins Ladywell Limited
Company Information
Directors
J Blake
B Watson
P Lavender
E Lavender
Company number
11502503
Registered office
31 Gillian Street
Ladywell
London
SE13 7AJ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
31 Gillian Street
Ladywell
London
United Kingdom
SE13 7AJ
Collins Ladywell Limited
Directors' Report
For the year ended 31 December 2021
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the company continued to be that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Blake
B Watson
P Lavender
E Lavender
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P Lavender
Director
2 August 2022
Collins Ladywell Limited
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Collins Ladywell Limited for the year ended 31 December 2021
Page 2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Collins Ladywell Limited for the year ended 31 December 2021 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made solely to the Board of Directors of Collins Ladywell Limited, as a body, in accordance with the terms of our engagement letter dated 20 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Collins Ladywell Limited and state those matters that we have agreed to state to the Board of Directors of Collins Ladywell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Collins Ladywell Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Collins Ladywell Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Collins Ladywell Limited. You consider that Collins Ladywell Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Collins Ladywell Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Kingston Smith LLP
10 August 2022
Chartered Accountants
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Collins Ladywell Limited
Profit and Loss Account
For the year ended 31 December 2021
Page 3
Year
Period
ended
ended
31 December
31 December
2021
2020
Notes
£
£
Administrative expenses
(3,023)
(4,693)
Interest receivable and similar income
2
1,654,255
749,910
Interest payable and similar expenses
(201,283)
(116,500)
Profit before taxation
1,449,949
628,717
Tax on profit
-
0
-
0
Profit for the financial year
1,449,949
628,717
Collins Ladywell Limited
Balance Sheet
As at 31 December 2021
31 December 2021
Page 4
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
8,806,250
8,806,250
Current assets
Debtors
5
750
750
Cash at bank and in hand
1,011
45,433
1,761
46,183
Creditors: amounts falling due within one year
6
(767,050)
(766,950)
Net current liabilities
(765,289)
(720,767)
Total assets less current liabilities
8,040,961
8,085,483
Creditors: amounts falling due after more than one year
7
(3,374,562)
(4,714,562)
Net assets
4,666,399
3,370,921
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
2,812,250
2,812,250
Profit and loss reserves
1,853,149
557,671
Total equity
4,666,399
3,370,921

For the financial year 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 directors acknowledge their 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 year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Collins Ladywell Limited
Balance Sheet (Continued)
As at 31 December 2021
31 December 2021
Page 5
The financial statements were approved by the board of directors and authorised for issue on 2 August 2022 and are signed on its behalf by:
P Lavender
Director
Company Registration No. 11502503
Collins Ladywell Limited
Statement of Changes in Equity
For the year ended 31 December 2021
Page 6
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2019
20
-
0
-
0
20
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
-
628,717
628,717
Issue of share capital
8
980
2,812,250
-
2,813,230
Dividends
-
-
(71,046)
(71,046)
Balance at 31 December 2020
1,000
2,812,250
557,671
3,370,921
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,449,949
1,449,949
Dividends
-
-
(154,471)
(154,471)
Balance at 31 December 2021
1,000
2,812,250
1,853,149
4,666,399
Collins Ladywell Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 7
1
Accounting policies
Company information

Collins Ladywell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Gillian Street, Ladywell, London, SE13 7AJ.

1.1
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 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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company's trading subsidiary has continued to trade profitably this year, despite the Covid-19 pandemic and the directors expect it to continue to do so for the foreseeable future and view the future with confidence. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 8
1.5
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.

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.

1.6
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.

2
Interest receivable and similar income
2021
2020
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
1,654,255
749,910
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 9
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
8,806,250
8,806,250
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Collins (Contractors) Limited
Engalnd & Wales
Specialist Interior and Exterior Refurbishment Contractors
Ordinary
100.00
-
Wall Plastics Limited
England & Wales
Dormant
Ordinary
0
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Collins (Contractors) Limited
3,374,403
1,478,657
Wall Plastics Limited
4,579
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
750
750
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
767,050
766,950
Collins Ladywell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 10
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
3,374,562
4,714,562

The balance in other creditors represents the deferred consideration payable to the director, P. Lavender, in relation to the sale of his shares in the trading subsidiary to the company. The loan is repayable in instalments and attracts interest at 4% per annum.

8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
375
375
375
375
Ordinary B Shares of £1 each
375
375
375
375
Ordinary C Shares of £1 each
250
250
250
250
1,000
1,000
1,000
1,000

The A, B and C Ordinary Shares each carry full voting rights, rights to dividends but the board may declare different dividends or no dividends in respect of each class of share, and full capital and distribution rights including on a winding up.

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