Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-262023-12-31truefalsetrue2023-01-01falseNo description of principal activity85falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC591311 2023-01-01 2023-12-31 SC591311 2022-01-01 2022-12-31 SC591311 2023-12-31 SC591311 2022-12-31 SC591311 c:CompanySecretary1 2023-01-01 2023-12-31 SC591311 c:Director1 2023-01-01 2023-12-31 SC591311 c:Director2 2023-01-01 2023-12-31 SC591311 c:Director3 2023-01-01 2023-12-31 SC591311 c:Director3 2023-12-31 SC591311 c:Director4 2023-01-01 2023-12-31 SC591311 c:Director5 2023-01-01 2023-12-31 SC591311 c:Director5 2023-12-31 SC591311 c:Director6 2023-01-01 2023-12-31 SC591311 c:Director6 2023-12-31 SC591311 c:Director7 2023-01-01 2023-12-31 SC591311 c:Director7 2023-12-31 SC591311 c:RegisteredOffice 2023-01-01 2023-12-31 SC591311 d:CurrentFinancialInstruments 2023-12-31 SC591311 d:CurrentFinancialInstruments 2022-12-31 SC591311 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC591311 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC591311 d:ShareCapital 2023-12-31 SC591311 d:ShareCapital 2022-12-31 SC591311 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC591311 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC591311 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC591311 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC591311 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC591311 c:OrdinaryShareClass1 2023-12-31 SC591311 c:OrdinaryShareClass1 2022-12-31 SC591311 c:FRS102 2023-01-01 2023-12-31 SC591311 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC591311 c:FullAccounts 2023-01-01 2023-12-31 SC591311 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC591311 2 2023-01-01 2023-12-31 SC591311 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC591311














COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)





UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

COMPANY INFORMATION


Directors
G M Bone 
G B Milne 
P F Mockler (appointed 1 June 2023)
S C Oag 
C Cant (appointed 17 February 2023, resigned 26 May 2023)
P F Doherty (resigned 10 February 2023)
J F Hyland (resigned 10 February 2023)




Company secretary
Brodies Secretarial Services Limited



Registered number
SC591311



Registered office
The Coach House
12 Rubislaw Terrace Lane

Aberdeen

AB10 1XF




Accountants
AAB Business & Tax Advisory LLP
Chartered Accountants

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)

REGISTERED NUMBER:SC591311

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
473,587
1

Cash at bank and in hand
 5 
949,605
-

  
1,423,192
1

Creditors: amounts falling due within one year
 6 
(2,508,513)
-

Net current (liabilities)/assets
  
 
 
(1,085,321)
 
 
1

Total assets less current liabilities
  
(1,085,321)
1

  

Net (liabilities)/assets
  
(1,085,321)
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,085,322)
-

  
(1,085,321)
1


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)

REGISTERED NUMBER:SC591311

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Oag
Director

Date: 23 September 2024

The notes on pages 4 to 10 form part of these financial statements.
Page 3
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Collab Construction Limited (formerly Drum Buchanan Wharf 3 Limited) is a limited liability company incorporated in Scotland whose registered office is 12 Rubislaw Terrace Lane, Aberdeen, AB10 1XF. The principal activities of the company is that of construction.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The company has net liabilities of £1,085,321 as at 31 December 2023 which includes £1,248,898 owed to related undertakings with common directors and shareholder.
The parent company has confirmed that it will continue to support the company and will support the company to ensure all liabilities are settled.  The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Turnover represents the gross income of the company for the year from construction and development contracts. The amount excludes any value added tax which may be applicable to these transactions.
Revenue arising on long term contracts are recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably. This is normally measured by surveys of work performed to date.
Where the long term contracts are at an early stage of completion or cannot be estimated reliably, contract revenue where recoverable is recognised to the extent of the contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the loss is recognised as an expense immediately.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Page 5
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

 

Page 6
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 5).

Page 7
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Other debtors
10,766
-

Called up share capital not paid
-
1

Prepayments and accrued income
462,821
-

473,587
1



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
949,605
-

949,605
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
414,368
-

Amounts owed to related undertakings
1,248,898
-

Other taxation and social security
14,197
-

Other creditors
2,931
-

Accruals and deferred income
828,119
-

2,508,513
-


Page 8
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
949,605
-




Financial assets measured at fair value through profit or loss comprise cash at bank.

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,558 (2022 - £nil) . Contributions totalling £2,931 (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 9
 

 
COLLAB CONSTRUCTION LIMITED (FORMERLY DRUM BUCHANAN WHARF 3 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

The company has taken advantage of the exemption given by section 1AC.35 of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other group companies.
During the year the company has received loans amounting to £1,305,500 (2022 - £nil) and repaid loans of £75,500 (2022 - £nil) from a company with common directors.  As at 31 December 2023 the amount due by the company was £1,230,000 (2022 - £nil).  There are no fixed terms of repayment on the loans and no interest charged.
During the year the company has raised sales totalling £8,530,219 (2022 - £nil) and received recharges of £15,748 (2022 - £nil) from companies with common directors.  As at 31 December 2023, the amount owed by the company was £18,898.


11.


Controlling party

The ultimate controlling party is Drum VC Limited, a company registered in Scotland.

Page 10