Company No:
Contents
DIRECTORS | D Edmonston |
E Lovett |
REGISTERED OFFICE | 10 Temple Back |
Bristol | |
BS1 6FL | |
United Kingdom |
COMPANY NUMBER | 11518704 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
Note | 31.12.2021 | 31.08.2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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776,883 | 109,574 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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2,272,348 | 683,933 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current (liabilities)/assets | (372,839) | 309,898 | ||
Total assets less current liabilities | 404,044 | 419,472 | ||
Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of The Collecting Group Ltd (registered number:
E Lovett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Collecting Cars Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 Queen Square, Bristol, BS1 4NT, United Kingdom. Its registered number in 11518704.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Collecting Cars Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The company changed its accounting period to align with the calendar year. The financial statements illustrate a 16 month period ending 31 December 2021 and therefore are not entirely comparable.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer software |
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Development costs |
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Trademarks, patents and licences |
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Other intangible assets |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Leasehold improvements |
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Vehicles |
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Computer equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 01.09.2020 to 31.12.2021 |
Year ended 31.08.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Computer software | Development costs | Trademarks, patents and licences |
Other intangible assets | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 September 2020 |
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Additions |
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At 31 December 2021 |
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Accumulated amortisation | |||||||||
At 01 September 2020 |
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Charge for the financial period |
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At 31 December 2021 |
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Net book value | |||||||||
At 31 December 2021 |
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At 31 August 2020 |
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Leasehold improve- ments |
Vehicles | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 September 2020 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||||
At 01 September 2020 |
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Charge for the financial period |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||||
At 31 December 2021 |
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At 31 August 2020 |
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Investments in subsidiaries
31.12.2021 | |
£ | |
Cost | |
At 01 September 2020 |
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Additions |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 August 2020 |
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31.12.2021 | 31.08.2020 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by own subsidiaries |
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Prepayments |
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VAT recoverable |
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Other debtors |
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31.12.2021 | 31.08.2020 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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31.12.2021 | 31.08.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.12.2021 | 31.08.2020 | ||
£ | £ | ||
- within one year |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
31.12.2021 | 31.08.2020 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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At the end of the period the company owed the director £Nil (2020: £209,944). The loan is interest free and has no fixed date for repayment.
During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.