2023-01-012023-12-312023-12-31falseSC361603COLLECT2 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COLLECT2 LTD

Registered Number
SC361603
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

COLLECT2 LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Jeff Lawson

Company Secretary

Rachel Greenhorn

Registered Address

Warehouse 2 Frances Industrial Estate, Wemyss Road
Dysart
Kirkcaldy
KY1 2XZ

Registered Number

SC361603 (Scotland)
COLLECT2 LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets389,30656,548
Tangible assets4412,632349,379
501,938405,927
Current assets
Stocks1,1031,085
Debtors5341,653441,183
Cash at bank and on hand3,27220,560
346,028462,828
Creditors amounts falling due within one year6(470,477)(559,606)
Net current assets (liabilities)(124,449)(96,778)
Total assets less current liabilities377,489309,149
Creditors amounts falling due after one year7(241,620)(210,890)
Provisions for liabilities(78,400)(66,382)
Net assets57,46931,877
Capital and reserves
Called up share capital44
Other reserves34,48634,486
Profit and loss account22,979(2,613)
Shareholders' funds57,46931,877
The financial statements were approved and authorised for issue by the Director on 17 September 2024, and are signed on its behalf by:
Jeff Lawson
Director
Registered Company No. SC361603
COLLECT2 LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the director who has confirmed he will continue to support the company when required.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost, after initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Software Development costs are not being amortised.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Vehicles25-
Office Equipment253
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20232022
Average number of employees during the year2025
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2356,54856,548
Additions32,75832,758
At 31 December 2389,30689,306
Net book value
At 31 December 2389,30689,306
At 31 December 2256,54856,548
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 January 2334,163513,68136,062583,906
Additions2,544156,7452,898162,187
Disposals-(8,600)-(8,600)
At 31 December 2336,707661,82638,960737,493
Depreciation and impairment
At 01 January 2316,972194,48923,066234,527
Charge for year3,62287,5035,89697,021
On disposals-(6,687)-(6,687)
At 31 December 2320,594275,30528,962324,861
Net book value
At 31 December 2316,113386,5219,998412,632
At 31 December 2217,191319,19212,996349,379
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables296,532399,259
Other debtors18,27624,519
Prepayments and accrued income26,84517,405
Total341,653441,183
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables201,201288,628
Bank borrowings and overdrafts43,07810,198
Taxation and social security80,19291,908
Finance lease and HP contracts107,70977,045
Other creditors2522,849
Accrued liabilities and deferred income38,04588,978
Total470,477559,606
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,75425,620
Other creditors225,866185,270
Total241,620210,890