Company registration number 11295935 (England and Wales)
COLLETT DESIGN ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
COLLETT DESIGN ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
COLLETT DESIGN ASSOCIATES LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,844
-
0
Investments
4
1
116,023
2,845
116,023
Current assets
Debtors
5
91,950
60,000
Cash at bank and in hand
682,544
31,903
774,494
91,903
Creditors: amounts falling due within one year
6
(423,677)
(70,236)
Net current assets
350,817
21,667
Net assets
353,662
137,690
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
353,661
137,689
Total equity
353,662
137,690

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 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 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 11 October 2023 and are signed on its behalf by:
G C Collett
Director
Company registration number 11295935 (England and Wales)
COLLETT DESIGN ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Collett Design Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/o Sobell Rhodes LLP, Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, United Kingdom, WD6 4PJ.

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 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 £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true

 

As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.

 

On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial  statements on a going concern basis.

 

 

1.3
Turnover

Represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% Straight line
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
Basic financial assets
COLLETT DESIGN ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -

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.

Basic financial liabilities

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
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
COLLETT DESIGN ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
-
0
Additions
3,175
At 31 July 2023
3,175
Depreciation and impairment
At 1 August 2022
-
0
Depreciation charged in the year
331
At 31 July 2023
331
Carrying amount
At 31 July 2023
2,844
At 31 July 2022
-
0
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
116,023
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 August 2022
116,023
Additions
477,761
Impairment
(593,783)
At 31 July 2023
1
Carrying amount
At 31 July 2023
1
At 31 July 2022
116,023
COLLETT DESIGN ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39,736
60,000
Other debtors
52,214
-
0
91,950
60,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,901
27,968
Amounts owed to group undertakings
13,011
-
0
Corporation tax
27,178
10,834
Other taxation and social security
1,330
2,179
Other creditors
366,257
29,255
423,677
70,236
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Related party transactions

As on year end, the company owed £246,928 (2022- £26,555 ) to the directors with respect to an interest free loan, repayable on demand.

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