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Registration number: 12630436

Collobyincas Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Collobyincas Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Collobyincas Limited

Company Information

Directors

Mrs J Colloby

Dr P Colloby

Miss I Colloby

Registered office

Ballards Llp Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Collobyincas Limited

(Registration number: 12630436)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

66,759

43,626

Current assets

 

Debtors

5

5,000

6,278

Cash at bank and in hand

 

44,935

65,873

 

49,935

72,151

Creditors: Amounts falling due within one year

6

(15,431)

(32,295)

Net current assets

 

34,504

39,856

Net assets

 

101,263

83,482

Capital and reserves

 

Retained earnings

101,263

83,482

Shareholders' funds

 

101,263

83,482

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
Mrs J Colloby
Director

.........................................
Dr P Colloby
Director

 
 

Collobyincas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Ballards Llp Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
WR9 0QH
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Collobyincas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on a reducing basis

Furniture and fittings

25% on a reducing basis

Motor vehicles

25% on a reducing basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Collobyincas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

4,343

73,475

77,818

Additions

3,392

83,952

87,344

Disposals

-

(73,475)

(73,475)

At 31 May 2023

7,735

83,952

91,687

Depreciation

At 1 June 2022

2,047

32,145

34,192

Charge for the year

1,893

20,988

22,881

Eliminated on disposal

-

(32,145)

(32,145)

At 31 May 2023

3,940

20,988

24,928

Carrying amount

At 31 May 2023

3,795

62,964

66,759

At 31 May 2022

2,296

41,330

43,626

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,000

6,278

6

Creditors

2023
£

2022
£

Due within one year

Amounts owed to related parties

13,307

12,319

Other creditors

2,124

19,976

15,431

32,295