Registration number:
Collins Autosport Limited
for the Year Ended 31 December 2023
Collins Autosport Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Collins Autosport Limited
(Registration number: 03386879)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
- |
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Investments |
2 |
2 |
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|
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
200,100 |
200,100 |
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Profit and loss account |
1,132,354 |
871,128 |
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Shareholders' funds |
1,332,454 |
1,071,228 |
Collins Autosport Limited
(Registration number: 03386879)
Statement of Financial Position as at 31 December 2023 (continued)
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:
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• |
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 Statement of Comprehensive Income.
Approved and authorised by the
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Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of sporting entertainment.
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 basis except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Group accounts not prepared
Reclassification of comparative amounts
Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Freehold property |
1% straight line |
Improvements to property |
10% reducing balance |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% straight line |
Motor vehicles |
25% reducing balance |
Computer equipment |
20% straight line |
Investment property |
Not depreciated |
Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Investment property
Investments
Fixed asset investments are initially recorded at cost, and subsequently recorded at cost less accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recorded in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the current reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recorded in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at present value of the amount required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period that is arises.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Freehold property |
Improvements to property |
Computer equipment |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
- |
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- |
- |
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Disposals |
( |
( |
( |
( |
- |
( |
( |
At 31 December 2023 |
- |
- |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
- |
- |
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|
|
|
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Eliminated on disposal |
( |
( |
( |
( |
- |
( |
( |
At 31 December 2023 |
- |
- |
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Carrying amount |
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At 31 December 2023 |
- |
- |
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At 31 December 2022 |
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Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Investments |
Shares in group undertakings |
Total |
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Non-current investments |
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Cost |
||
At 1 January 2023 |
2 |
2 |
At 31 December 2023 |
2 |
2 |
Impairment |
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Carrying amount |
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At 31 December 2023 |
|
2 |
Investment properties |
2023 |
|
At 1 January |
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Disposals |
( |
At 31 December |
- |
There has been no valuation of investment property by an independent valuer.
Debtors |
2023 |
2022 |
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Other debtors |
|
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Prepayments |
|
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Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
(As restated) |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
|
- |
Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
Directors loan account |
|
|
( |
|
2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Directors loan account |
( |
|
( |
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Collins Autosport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Transition to FRS 102 |
Statement of Financial Position at 31 December 2022
As originally reported |
Remeasurement |
As restated |
|
Fixed assets |
|||
Tangible assets |
145,694 |
- |
145,694 |
Investment property |
516,672 |
21,528 |
538,200 |
662,366 |
21,528 |
683,894 |
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Current assets |
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Other financial assets |
44,014 |
- |
44,014 |
Cash at bank and in hand |
362,765 |
- |
362,765 |
406,779 |
- |
406,779 |
|
Creditors: Amounts falling due within one year |
(19,445) |
- |
(19,445) |
Net current assets |
387,334 |
- |
387,334 |
Net assets |
1,049,700 |
21,528 |
1,071,228 |
Capital and reserves |
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Called up share capital |
200,100 |
- |
200,100 |
Profit and loss account |
849,600 |
21,528 |
871,128 |
Total equity |
1,049,700 |
21,528 |
1,071,228 |