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Registration number: 03386879

Collins Autosport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Collins Autosport Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Collins Autosport Limited

(Registration number: 03386879)
Statement of Financial Position as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

74,444

145,694

Investment property

6

-

538,200

Investments

5

2

2

 

74,446

683,896

Current assets

 

Debtors

7

209,900

44,014

Cash at bank and in hand

 

1,099,772

362,765

 

1,309,672

406,779

Creditors: Amounts falling due within one year

8

(51,664)

(19,447)

Net current assets

 

1,258,008

387,332

Net assets

 

1,332,454

1,071,228

Capital and reserves

 

Called up share capital

200,100

200,100

Profit and loss account

1,132,354

871,128

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 30 September 2024 and signed on its behalf by:
 


B L Collins
Director

 

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of sporting entertainment.

2

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

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Collins Autosport Limited is the parent under taking, registered at C/O Westcotts, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon PL6 8LT..

Reclassification of comparative amounts

The financial statements were originally reported under FRS 105 in 2022, where the investment properties were depreciated. To comply with reporting standards under FRS 102 we have reversed this depreciation and reported investment property at fair value. This results in further distributable reserves of £21,528. Previously the accounts also omitted an investment in a group company, the financial statements have been amended to show the correct position as at 31 December 2022.

 

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Freehold property
£

Improvements to property
£

Computer equipment
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

79,643

17,953

61,744

45,360

5,027

121,003

330,730

Additions

-

-

869

-

-

40,000

40,869

Disposals

(79,643)

(17,953)

(55,294)

(40,321)

-

(1,023)

(194,234)

At 31 December 2023

-

-

7,319

5,039

5,027

159,980

177,365

Depreciation

At 1 January 2023

4,157

648

58,139

40,108

1,252

80,732

185,036

Charge for the year

-

-

1,002

1,030

944

13,320

16,296

Eliminated on disposal

(4,157)

(648)

(54,322)

(38,585)

-

(699)

(98,411)

At 31 December 2023

-

-

4,819

2,553

2,196

93,353

102,921

Carrying amount

At 31 December 2023

-

-

2,500

2,486

2,831

66,627

74,444

At 31 December 2022

75,486

17,305

3,605

5,252

3,775

40,271

145,694

 

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments

Shares in group undertakings
£

Total
£

Non-current investments

Cost

At 1 January 2023

2

2

At 31 December 2023

2

2

Impairment

Carrying amount

At 31 December 2023

2

2

6

Investment properties

2023
£

At 1 January

538,200

Disposals

(538,200)

At 31 December

-

There has been no valuation of investment property by an independent valuer.

7

Debtors

2023
£

2022
£

Other debtors

207,987

32,304

Prepayments

1,913

11,710

209,900

44,014

 

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

-

4,512

Taxation and social security

45,119

-

Accruals and deferred income

2,000

1,420

Other creditors

4,545

13,515

51,664

19,447

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loan account

31,517

202,477

(29,394)

204,600

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors loan account

(9,473)

183,155

(142,165)

31,517

 

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

 

11

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

Current assets

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

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