Silverfin false 31/12/2021 31/12/2021 01/09/2020 D Edmonston 03/07/2020 E Lovett 15/08/2018 17 August 2022 The principal activity of the Company during the financial period was an online auction platform for collectibles. 11518704 2021-12-31 11518704 bus:Director1 2021-12-31 11518704 bus:Director2 2021-12-31 11518704 2020-08-31 11518704 core:CurrentFinancialInstruments 2021-12-31 11518704 core:CurrentFinancialInstruments 2020-08-31 11518704 core:ShareCapital 2021-12-31 11518704 core:ShareCapital 2020-08-31 11518704 core:SharePremium 2021-12-31 11518704 core:SharePremium 2020-08-31 11518704 core:RetainedEarningsAccumulatedLosses 2021-12-31 11518704 core:RetainedEarningsAccumulatedLosses 2020-08-31 11518704 core:ComputerSoftware 2020-08-31 11518704 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-08-31 11518704 core:PatentsTrademarksLicencesConcessionsSimilar 2020-08-31 11518704 core:OtherResidualIntangibleAssets 2020-08-31 11518704 core:ComputerSoftware 2021-12-31 11518704 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 11518704 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 11518704 core:OtherResidualIntangibleAssets 2021-12-31 11518704 core:LeaseholdImprovements 2020-08-31 11518704 core:Vehicles 2020-08-31 11518704 core:ComputerEquipment 2020-08-31 11518704 core:LeaseholdImprovements 2021-12-31 11518704 core:Vehicles 2021-12-31 11518704 core:ComputerEquipment 2021-12-31 11518704 core:CostValuation 2020-08-31 11518704 core:AdditionsToInvestments 2021-12-31 11518704 core:CostValuation 2021-12-31 11518704 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2021-12-31 11518704 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2020-08-31 11518704 bus:OrdinaryShareClass1 2021-12-31 11518704 2020-09-01 2021-12-31 11518704 bus:FullAccounts 2020-09-01 2021-12-31 11518704 bus:SmallEntities 2020-09-01 2021-12-31 11518704 bus:AuditExemptWithAccountantsReport 2020-09-01 2021-12-31 11518704 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-12-31 11518704 bus:Director1 2020-09-01 2021-12-31 11518704 bus:Director2 2020-09-01 2021-12-31 11518704 core:ComputerSoftware core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:OtherResidualIntangibleAssets core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-09-01 2021-12-31 11518704 core:PatentsTrademarksLicencesConcessionsSimilar 2020-09-01 2021-12-31 11518704 core:OtherResidualIntangibleAssets 2020-09-01 2021-12-31 11518704 core:LeaseholdImprovements core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:Vehicles core:TopRangeValue 2020-09-01 2021-12-31 11518704 core:ComputerEquipment core:TopRangeValue 2020-09-01 2021-12-31 11518704 2019-09-01 2020-08-31 11518704 core:ComputerSoftware 2020-09-01 2021-12-31 11518704 core:LeaseholdImprovements 2020-09-01 2021-12-31 11518704 core:Vehicles 2020-09-01 2021-12-31 11518704 core:ComputerEquipment 2020-09-01 2021-12-31 11518704 bus:OrdinaryShareClass1 2020-09-01 2021-12-31 11518704 bus:OrdinaryShareClass1 2019-09-01 2020-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11518704 (England and Wales)

THE COLLECTING GROUP LTD

Unaudited Financial Statements
For the financial period from 01 September 2020 to 31 December 2021
Pages for filing with the registrar

THE COLLECTING GROUP LTD

Unaudited Financial Statements

For the financial period from 01 September 2020 to 31 December 2021

Contents

THE COLLECTING GROUP LTD

COMPANY INFORMATION

For the financial period from 01 September 2020 to 31 December 2021
THE COLLECTING GROUP LTD

COMPANY INFORMATION (continued)

For the financial period from 01 September 2020 to 31 December 2021
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
THE COLLECTING GROUP LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
THE COLLECTING GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 31.12.2021 31.08.2020
£ £
Fixed assets
Intangible assets 3 627,143 100,801
Tangible assets 4 149,240 8,773
Investments 5 500 0
776,883 109,574
Current assets
Debtors 6 1,510,266 60,852
Cash at bank and in hand 762,082 623,081
2,272,348 683,933
Creditors
Amounts falling due within one year 7 ( 2,645,187) ( 374,035)
Net current (liabilities)/assets (372,839) 309,898
Total assets less current liabilities 404,044 419,472
Provisions for liabilities ( 35,688) ( 15,866)
Net assets 368,356 403,606
Capital and reserves
Called-up share capital 8 1 1
Share premium account 440,000 40,000
Profit and loss account ( 71,645 ) 363,605
Total shareholders' funds 368,356 403,606

For the financial period ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Collecting Group Ltd (registered number: 11518704) were approved and authorised for issue by the Board of Directors on 17 August 2022. They were signed on its behalf by:

E Lovett
Director
THE COLLECTING GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2020 to 31 December 2021
THE COLLECTING GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2020 to 31 December 2021
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Development costs 5 years straight line
Trademarks, patents and licences 5 years straight line
Other intangible assets 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between five years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

Period from
01.09.2020 to
31.12.2021
Year ended
31.08.2020
Number Number
Monthly average number of persons employed by the Company during the period, including directors 18 4

3. Intangible assets

Computer software Development costs Trademarks, patents
and licences
Other intangible assets Total
£ £ £ £ £
Cost
At 01 September 2020 0 146,643 0 0 146,643
Additions 72,950 436,849 62,358 58,169 630,326
At 31 December 2021 72,950 583,492 62,358 58,169 776,969
Accumulated amortisation
At 01 September 2020 0 45,842 0 0 45,842
Charge for the financial period 6,227 86,930 6,949 3,878 103,984
At 31 December 2021 6,227 132,772 6,949 3,878 149,826
Net book value
At 31 December 2021 66,723 450,720 55,409 54,291 627,143
At 31 August 2020 0 100,801 0 0 100,801

4. Tangible assets

Leasehold improve-
ments
Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 September 2020 0 0 10,074 10,074
Additions 34,202 52,408 96,324 182,934
Disposals 0 ( 12,000) 0 ( 12,000)
At 31 December 2021 34,202 40,408 106,398 181,008
Accumulated depreciation
At 01 September 2020 0 0 1,301 1,301
Charge for the financial period 330 9,418 21,719 31,467
Disposals 0 ( 1,000) 0 ( 1,000)
At 31 December 2021 330 8,418 23,020 31,768
Net book value
At 31 December 2021 33,872 31,990 83,378 149,240
At 31 August 2020 0 0 8,773 8,773

5. Fixed asset investments

Investments in subsidiaries

31.12.2021
£
Cost
At 01 September 2020 0
Additions 500
At 31 December 2021 500
Carrying value at 31 December 2021 500
Carrying value at 31 August 2020 0

6. Debtors

31.12.2021 31.08.2020
£ £
Trade debtors 0 47,389
Amounts owed by own subsidiaries 1,337,907 0
Prepayments 40,671 963
VAT recoverable 51,386 0
Other debtors 80,302 12,500
1,510,266 60,852

7. Creditors: amounts falling due within one year

31.12.2021 31.08.2020
£ £
Trade creditors 14,354 8,491
Amounts owed to Group undertakings 2,517,244 0
Amounts owed to directors 0 209,944
Accruals 58,841 3,780
Corporation tax 0 20,623
Other taxation and social security 54,748 131,197
2,645,187 374,035

8. Called-up share capital

31.12.2021 31.08.2020
£ £
Allotted, called-up and fully-paid
13,549 Ordinary shares of £ 0.0001 each (31.08.2020: 12,195 shares of £ 0.0001 each) 1 1

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2021 31.08.2020
£ £
- within one year 96,000 0

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) 5,430 1,558

10. Related party transactions

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.