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Registered number: 11908428
CollectiveTech Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11908428
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,020 17,219
Investments 5 11,132 -
40,152 17,219
CURRENT ASSETS
Debtors 6 741,514 674,016
Investments 7 218,892 -
Cash at bank and in hand 453,697 2,207,649
1,414,103 2,881,665
Creditors: Amounts Falling Due Within One Year 8 (381,683 ) (244,641 )
NET CURRENT ASSETS (LIABILITIES) 1,032,420 2,637,024
TOTAL ASSETS LESS CURRENT LIABILITIES 1,072,572 2,654,243
NET ASSETS 1,072,572 2,654,243
CAPITAL AND RESERVES
Called up share capital 9 261 252
Share premium account 4,463,224 2,209,133
Other reserves 38,780 1,974,310
Profit and Loss Account (3,429,693 ) (1,529,452 )
SHAREHOLDERS' FUNDS 1,072,572 2,654,243
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
T Chiam
Director
14/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
CollectiveTech Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11908428 . The registered office is International House, 126 Colmore Row, Birmingham, B3 3AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
Restatement of Comparatives
The prior year's balance sheet has been restated.  Share capital has increased by £65 and share premium has decreased by the same amount.
2.2. Turnover
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 rendering of services. Turnover is reduced for rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.  Derivative financial instuments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The costs of any unused holiday entitlement is recognised in the period in which the employee services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11. Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.  The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.  A subsidiary is an entity controlled by the company.  Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.  An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence.  The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.  Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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2.12. Additional Accounting Policies
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Share Capital
Ordinary shares are classified as equity.  Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.  If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Research and Development
Expenditure on research and development is written off against profits in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 27)
39 27
4. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 1 April 2023 24,611
Additions 23,126
As at 31 March 2024 47,737
Depreciation
As at 1 April 2023 7,392
Provided during the period 11,325
As at 31 March 2024 18,717
Net Book Value
As at 31 March 2024 29,020
As at 1 April 2023 17,219
5. Investments
Subsidiaries
£
Cost
As at 1 April 2023 -
Additions 11,132
As at 31 March 2024 11,132
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 11,132
As at 1 April 2023 -
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6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 589,074 503,000
Prepayments and accrued income 54,782 7,128
Other debtors 9,456 136,515
VAT 79,610 27,373
Amounts owed by subsidiaries 8,592 -
741,514 674,016
7. Current Asset Investments
2024 2023
as restated
£ £
Other investments, held for sale 218,892 -
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 239,128 211,222
Other taxes and social security 56,684 33,419
Accruals and deferred income 85,871 -
381,683 244,641
9. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 261 252
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 35,897 25,303
Later than one year and not later than five years 31,150 -
67,047 25,303
11. Post Balance Sheet Events
On 4th April 2024, there was a share issue of A Ordinary shares bringing further investment of £1.3m.
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