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Company No: 11673403 (England and Wales)

COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial period from 01 October 2023 to 31 March 2024
Pages for filing with the registrar

COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial period from 01 October 2023 to 31 March 2024

Contents

COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 30.09.2023
£ £
Fixed assets
Tangible assets 3 1,905 1,873
Investments 4 325 330
2,230 2,203
Current assets
Debtors
- due within one year 5 1,165,674 1,197,472
- due after more than one year 5 ( 5,393) 1,513
Cash at bank and in hand 43 168
1,160,324 1,199,153
Creditors: amounts falling due within one year 6 ( 1,019,000) ( 1,036,940)
Net current assets 141,324 162,213
Total assets less current liabilities 143,554 164,416
Creditors: amounts falling due after more than one year 7 0 ( 16,763)
Provision for liabilities 8, 9 529 ( 468)
Net assets 144,083 147,185
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 143,083 146,185
Total shareholders' funds 144,083 147,185

For the financial period ending 31 March 2024 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 Collins & Clark Group Developments Limited (registered number: 11673403) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J A Collins
Director

22 July 2024

COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 31 March 2024
COLLINS & CLARK GROUP DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 31 March 2024
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 period, unless otherwise stated.

General information and basis of accounting

Collins & Clark Group Developments 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 10 Riverside Road, Norwich, NR1 1SQ, United Kingdom.

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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 comparative year reported a period of 18 months to 30 September 2023. The current year reports a 6 month period to 31 March 2024.

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.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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 or reducing balance basis over its expected useful life, as follows:

Office equipment 33 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

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 creditors: amounts falling due within one year.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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
01.10.2023 to
31.03.2024
Period from
01.04.2022 to
30.09.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 October 2023 4,028 4,028
Additions 916 916
Disposals ( 1,989) ( 1,989)
At 31 March 2024 2,955 2,955
Accumulated depreciation
At 01 October 2023 2,155 2,155
Charge for the financial period 377 377
Disposals ( 1,482) ( 1,482)
At 31 March 2024 1,050 1,050
Net book value
At 31 March 2024 1,905 1,905
At 30 September 2023 1,873 1,873

4. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 October 2023 330
Disposals ( 5)
At 31 March 2024 325
Carrying value at 31 March 2024 325
Carrying value at 30 September 2023 330

5. Debtors

31.03.2024 30.09.2023
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 1,165,677 1,195,972
VAT recoverable ( 3) 1,500
1,165,674 1,197,472
Debtors: amounts falling due after more than one year
VAT recoverable ( 5,393) 1,513

6. Creditors: amounts falling due within one year

31.03.2024 30.09.2023
£ £
Bank loans 22,408 10,648
Trade creditors 44,069 78,782
Amounts owed to directors 150,245 145,245
Other loans 790,479 790,479
Accruals 1,600 1,750
Corporation tax 10,199 9,796
Other creditors 0 240
1,019,000 1,036,940

Belvedere Security Limited hold a fixed charge over investments held by the company.

7. Creditors: amounts falling due after more than one year

31.03.2024 30.09.2023
£ £
Bank loans 0 16,763

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

31.03.2024 30.09.2023
£ £
Deferred tax ( 529) 468

9. Deferred tax

31.03.2024 30.09.2023
£ £
At the beginning of financial period ( 468) ( 169)
Credited/(charged) to the Income Statement 997 ( 299)
At the end of financial period 529 ( 468)

The deferred taxation balance is made up as follows:

31.03.2024 30.09.2023
£ £
Accelerated capital allowances ( 476) ( 468)
Losses and other deductions 1,005 0
529 ( 468)

10. Ultimate controlling party

The controlling parties are R Clark and Collins Project Holdings Limited by way of each owning 50% of the issued share capital each.