Registered number
01938379
COLLIER CONTRACTS LIMITED
Unaudited Filleted Accounts
29 February 2024
TEMPLETONS (UK) LTD
CHARTERED ACCOUNTANTS &
REGISTERED AUDITORS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
COLLIER CONTRACTS LIMITED
Registered number: 01938379
Balance Sheet
as at 29 February 2024
2024 2023
£ £
Fixed assets
Tangible assets 186,218 192,967
Current assets
Stocks 492,390 492,390
Debtors 832,424 903,135
Cash at bank and in hand 227,716 92,400
1,552,530 1,487,925
Creditors: amounts falling due within one year (832,911) (905,490)
Net current assets 719,619 582,435
Total assets less current liabilities 905,837 775,402
Creditors: amounts falling due after more than one year (138,056) (138,056)
Net assets 767,781 637,346
Capital and reserves
Called up share capital 217,941 217,941
Share premium 500 500
Profit and loss account 549,340 418,905
Shareholders' funds 767,781 637,346
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Sandhu
Director
Approved by the board on 28 November 2024
COLLIER CONTRACTS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery and other 15% on reducing balance method
Equipment, fixtures & fittings 10% on reducing balance method
Motor vehicle 15% on reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 38,692 99,740 264,940 403,372
Additions 21,650 2,619 - 24,269
At 29 February 2024 60,342 102,359 264,940 427,641
Depreciation
At 1 March 2023 30,026 79,591 100,788 210,405
Charge for the year 3,017 3,378 24,623 31,018
At 29 February 2024 33,043 82,969 125,411 241,423
Net book value
At 29 February 2024 27,299 19,390 139,529 186,218
At 28 February 2023 8,666 20,149 164,152 192,967
4 Debtors 2024 2023
£ £
Trade debtors 301,303 372,014
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 430,683
Other debtors 531,121 100,438
832,424 903,135
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,361 -
Trade creditors 173,938 82,152
Taxation and social security costs 167,057 124,832
Other creditors 457,555 698,506
832,911 905,490
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 138,056 138,056
7 Other information
COLLIER CONTRACTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
112 Churchill Road
South Croydon
Surrey
CR2 6HB
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