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REGISTERED NUMBER: NI015208 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

W.J. Collins Distribution Limited

W.J. Collins Distribution Limited (Registered number: NI015208)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


W.J. Collins Distribution Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: I M Collins
J A Collins





SECRETARY: J A Collins





REGISTERED OFFICE: Unit 5
Building 14
Central Park
Newtownabbey
Co. Antrim
BT36 4FS





REGISTERED NUMBER: NI015208 (Northern Ireland)





ACCOUNTANTS: Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE

W.J. Collins Distribution Limited (Registered number: NI015208)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,211,637 1,085,460
Investments 7 666 666
1,212,303 1,086,126

CURRENT ASSETS
Stocks 8 66,853 124,286
Debtors 9 278,646 94,189
Cash at bank and in hand 614,073 475,589
959,572 694,064
CREDITORS
Amounts falling due within one year 10 655,912 574,809
NET CURRENT ASSETS 303,660 119,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,515,963

1,205,381

CREDITORS
Amounts falling due after more than one
year

11

(15,838

)

(28,398

)

PROVISIONS FOR LIABILITIES 12 (299,709 ) (203,181 )
NET ASSETS 1,200,416 973,802

W.J. Collins Distribution Limited (Registered number: NI015208)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 2 2
Capital redemption reserve 2 2
Retained earnings 1,200,412 973,798
SHAREHOLDERS' FUNDS 1,200,416 973,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:




I M Collins - Director



J A Collins - Director


W.J. Collins Distribution Limited (Registered number: NI015208)

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

1. STATUTORY INFORMATION

W.J. Collins Distribution Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.


W.J. Collins Distribution Limited (Registered number: NI015208)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

W.J. Collins Distribution Limited (Registered number: NI015208)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 3,500
AMORTISATION
At 1 January 2023
and 31 December 2023 3,500
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 22,216 2,136,083 86,197 67,101 2,311,597
Additions - 210,750 9,270 43,000 263,020
Disposals - - - (40,999 ) (40,999 )
At 31 December 2023 22,216 2,346,833 95,467 69,102 2,533,618
DEPRECIATION
At 1 January 2023 22,216 1,090,123 72,836 40,962 1,226,137
Charge for year - 116,667 1,654 15,678 133,999
Eliminated on disposal - - - (38,155 ) (38,155 )
At 31 December 2023 22,216 1,206,790 74,490 18,485 1,321,981
NET BOOK VALUE
At 31 December 2023 - 1,140,043 20,977 50,617 1,211,637
At 31 December 2022 - 1,045,960 13,361 26,139 1,085,460

W.J. Collins Distribution Limited (Registered number: NI015208)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 666
NET BOOK VALUE
At 31 December 2023 666
At 31 December 2022 666

8. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 66,853 124,286

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 277,041 93,764
Prepayments 1,605 425
278,646 94,189

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 2,667 8,000
Trade creditors 244,976 297,506
Tax 55,488 -
Social security and other taxes 6,202 4,796
VAT 89,824 66,988
Other creditors 1,347 1,102
Directors' current accounts 106,233 107,227
Accruals and deferred income 139,175 79,190
655,912 574,809

W.J. Collins Distribution Limited (Registered number: NI015208)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 5,838 15,731
Other loans - 1-2 years - 2,667
15,838 28,398

12. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 299,709 203,181

Deferred
tax
£   
Balance at 1 January 2023 203,181
Charge to Statement of Income and Retained Earnings during year 96,528
Balance at 31 December 2023 299,709

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary 1 2 2