Silverfin false false 31/12/2023 01/01/2023 31/12/2023 D Edmonston 01/12/2020 E Lovett 01/12/2020 17 September 2024 The principal activity of the Company during the financial year was an online auction platform for collectibles. 13054907 2023-12-31 13054907 bus:Director1 2023-12-31 13054907 bus:Director2 2023-12-31 13054907 2022-12-31 13054907 core:CurrentFinancialInstruments 2023-12-31 13054907 core:CurrentFinancialInstruments 2022-12-31 13054907 core:ShareCapital 2023-12-31 13054907 core:ShareCapital 2022-12-31 13054907 core:RetainedEarningsAccumulatedLosses 2023-12-31 13054907 core:RetainedEarningsAccumulatedLosses 2022-12-31 13054907 core:OfficeEquipment 2022-12-31 13054907 core:OfficeEquipment 2023-12-31 13054907 bus:OrdinaryShareClass1 2023-12-31 13054907 2023-01-01 2023-12-31 13054907 bus:FilletedAccounts 2023-01-01 2023-12-31 13054907 bus:SmallEntities 2023-01-01 2023-12-31 13054907 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13054907 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13054907 bus:Director1 2023-01-01 2023-12-31 13054907 bus:Director2 2023-01-01 2023-12-31 13054907 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 13054907 2022-01-01 2022-12-31 13054907 core:OfficeEquipment 2023-01-01 2023-12-31 13054907 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13054907 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13054907 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13054907 (England and Wales)

COLLECTING CARS US LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COLLECTING CARS US LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COLLECTING CARS US LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
COLLECTING CARS US LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 5,059 10,929
5,059 10,929
Current assets
Debtors 4 56 51
Cash at bank and in hand 269 25,313
325 25,364
Creditors: amounts falling due within one year 5 ( 784,224) ( 801,121)
Net current liabilities (783,899) (775,757)
Total assets less current liabilities (778,840) (764,828)
Provision for liabilities 0 ( 2,732)
Net liabilities ( 778,840) ( 767,560)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 778,940 ) ( 767,660 )
Total shareholder's deficit ( 778,840) ( 767,560)

For the financial year ending 31 December 2023 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 Collecting Cars US Limited (registered number: 13054907) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

E Lovett
Director
COLLECTING CARS US LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COLLECTING CARS US LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Collecting Cars US 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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, 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 note that the business has net liabilities of £778,840. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

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 Income and Retained Earnings 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.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties 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:

Office 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

Directors are contracted to The Collecting Group Ltd.

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 17,607 17,607
At 31 December 2023 17,607 17,607
Accumulated depreciation
At 01 January 2023 6,678 6,678
Charge for the financial year 5,870 5,870
At 31 December 2023 12,548 12,548
Net book value
At 31 December 2023 5,059 5,059
At 31 December 2022 10,929 10,929

4. Debtors

2023 2022
£ £
VAT recoverable 56 51

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 193 283
Amounts owed to Group undertakings 780,706 799,088
Accruals 3,325 1,750
784,224 801,121

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, The Collecting Group Ltd (Registered office: C/O Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL, United Kingdom), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing group transactions and balances where 100% of the voting rights are controlled within the group.