Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01truetruetruetruetrue0PayPoint plcfalse0truefalse 10523854 2023-04-01 2024-03-31 10523854 2022-04-01 2023-03-31 10523854 2024-03-31 10523854 2023-03-31 10523854 2022-04-01 10523854 c:CompanySecretary1 2023-04-01 2024-03-31 10523854 c:Director1 2023-04-01 2024-03-31 10523854 c:Director1 2024-03-31 10523854 c:Director2 2023-04-01 2024-03-31 10523854 c:Director3 2023-04-01 2024-03-31 10523854 c:Director3 2024-03-31 10523854 c:RegisteredOffice 2023-04-01 2024-03-31 10523854 d:CurrentFinancialInstruments 2024-03-31 10523854 d:CurrentFinancialInstruments 2023-03-31 10523854 d:Non-currentFinancialInstruments 2024-03-31 10523854 d:Non-currentFinancialInstruments 2023-03-31 10523854 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10523854 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10523854 d:UKTax 2023-04-01 2024-03-31 10523854 d:UKTax 2022-04-01 2023-03-31 10523854 d:ShareCapital 2023-04-01 2024-03-31 10523854 d:ShareCapital 2024-03-31 10523854 d:ShareCapital 2022-04-01 2023-03-31 10523854 d:ShareCapital 2023-03-31 10523854 d:ShareCapital 2022-04-01 10523854 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10523854 d:RetainedEarningsAccumulatedLosses 2024-03-31 10523854 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10523854 d:RetainedEarningsAccumulatedLosses 2023-03-31 10523854 d:RetainedEarningsAccumulatedLosses 2022-04-01 10523854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 10523854 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10523854 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-03-31 10523854 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-03-31 10523854 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10523854 c:OrdinaryShareClass1 2024-03-31 10523854 c:OrdinaryShareClass1 2023-03-31 10523854 c:FRS101 2023-04-01 2024-03-31 10523854 c:Audited 2023-04-01 2024-03-31 10523854 c:FullAccounts 2023-04-01 2024-03-31 10523854 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10523854 2 2023-04-01 2024-03-31 10523854 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10523854









COLLECT+ BRAND LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
COLLECT+ BRAND LIMITED
 
 
COMPANY INFORMATION


Directors
N Williams 
R Harding (appointed 14 August 2023)




Company secretary
Indigo Corporate Secretary Limited



Registered number
10523854



Registered office
1 The Boulevard, Shire Park

Welwyn Garden City

United Kingdom

AL7 1EL




Independent auditors
PricewaterhouseCoopers LLP, Statutory Auditors
Chartered Accountants

40 Clarendon Road

Watford

Hertforshire

WD17 1JJ





 
COLLECT+ BRAND LIMITED
 

CONTENTS



Page(s)
Directors' Report
1 - 2
Independent Auditors' Report to The Members of Collect+ Brand Limited
2 - 5
Statement of Comprehensive Income
6
Statement of Financial Position
7
Statement of Changes in Equity
8
Notes to the Financial Statements
9 - 16


 
COLLECT+ BRAND LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the audited financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the Company is the ownership and licensing of the ‘Collect+’ brand.

Results and dividends

The profit for the year, after taxation, amounted to £5,479k (2023 - £3,392k).

During the year a dividend of £10,000k was declared and paid (2023: £500k).

Directors

The directors of the Company were in office during the year and up to the date of signing the financial statements were:

A Dale (resigned 6 December 2023)
N Williams 
R Harding (appointed 14 August 2023)

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Statement of directors’ responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and Financial Statements and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law). 
 
Under company law, directors must not approve the financial statements unless they are satisfied that they give
 a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable UK Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the
Page 1

 
COLLECT+ BRAND LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors’ confirmations

In the case of each director in office at the date the directors' report is approved:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Independent auditors

The independent auditorsPricewaterhouseCoopers LLP, Statutory Auditorswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

The financial statements on pages 6 to 16 were approved by the Board of Directors and signed on its behalf by.
 





N Williams
Director

Date: 29 November 2024

1 The Boulevard, Shire Park
Welwyn Garden City
United Kingdom
AL7 1EL


Page 2

 
COLLECT+ BRAND LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLECT+ BRAND LIMITED



Report on the audit of the financial statements

Opinion
In our opinion, Collect+ Brand Limited's financial statements: 

give a true and fair view of the state of the company’s affairs as at 31 March 2024 and of its profit for the year then ended; 

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and 

have been prepared in accordance with the requirements of the Companies Act 2006.


We have audited the financial statements included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the statement of financial position as at 31 March 2024; the statement of comprehensive Income and the statement of changes in equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
Page 3

 
COLLECT+ BRAND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLECT+ BRAND LIMITED (CONTINUED)


With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the year ended 31 March 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the  Directors' report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of data protection regulations and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Discussions with management and directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

Challenging assumptions and judgements made by management in any significant accounting estimates and judgements and considering adequacy of any associated disclosures;

Identifying and testing journal entries, in particular any unusual or unexpected journals;

As required by ISA 240, an element of unpredictability was incorporated into our audit testing.
Page 4

 
COLLECT+ BRAND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLECT+ BRAND LIMITED (CONTINUED)



There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting  
Under the Companies Act 2006 we are required to report to you if, in our opinion: 

we have not obtained all the information and explanations we require for our audit; or

adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

certain disclosures of directors’ remuneration specified by law are not made; or

the financial statements are not in agreement with the accounting records and returns.


We have no exceptions to report arising from this responsibility. 

Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; take advantage of the small companies exemption in preparing the Directors' report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.




David Beer (Senior statutory auditor)
  
for and on behalf of
PricewaterhouseCoopers LLP, Statutory Auditors
Chartered Accountants
40 Clarendon Road
Watford
Hertforshire
WD17 1JJ

29 November 2024

Page 5

 
COLLECT+ BRAND LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Revenue
 4 
6,808
4,098

Gross profit
  
6,808
4,098

Administrative expenses
  
1
(21)

Operating profit
  
6,809
4,077

Interest receivable and similar income
  
497
108

Profit before tax
  
7,306
4,185

Tax on profit
 6 
(1,827)
(793)

Profit for the financial year
  
5,479
3,392

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
5,479
3,392

The notes on pages 9 to 16 form part of these financial statements.

Page 6

 
COLLECT+ BRAND LIMITED
REGISTERED NUMBER:10523854

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due after more than one year
 7 
12,811
6,975

Debtors: amounts falling due within one year
 7 
-
7

Cash at bank and in hand
 8 
7
14

  
12,818
6,996

Creditors: amounts falling due within one year
 9 
(11,778)
(1,435)

Net current assets
  
 
 
1,040
 
 
5,561

Total assets less current liabilities
  
1,040
5,561

  

  

  

Net assets
  
1,040
5,561


Capital and reserves
  

Called up share capital 
 11 
-
-

Profit and loss account
 12 
1,040
5,561

Total equity
  
1,040
5,561


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Harding
Director

Date: 29 November 2024

The notes on pages 9 to 16 form part of these financial statements.

Page 7

 
COLLECT+ BRAND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2023
-
5,561
5,561


Comprehensive income for the year

Profit for the financial year
-
5,479
5,479
Total comprehensive income for the year
-
5,479
5,479


Contributions by and distributions to owners

Dividends
-
(10,000)
(10,000)


Total transactions with owners
-
(10,000)
(10,000)


At 31 March 2024
-
1,040
1,040



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2022
-
2,669
2,669


Comprehensive income for the year

Profit for the financial year
-
3,392
3,392
Total comprehensive income for the year
-
3,392
3,392


Contributions by and distributions to owners

Dividends
-
(500)
(500)


At 31 March 2023
-
5,561
5,561


The notes on pages 9 to 16 form part of these financial statements.

Page 8

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Collect+ Brand Limited ('the company') is a private limited company by shares and incorporated, domiciled and registered in England in the United Kingdom, under the Companies Act 2006. The nature of the Company’s operations and its principal activities are set out in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.
These financial statements are presented in Pounds Sterling rounded to thousands (£’000). The Pound Sterling is the currency of the primary economic environment in which the Company operates.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied consistently, other than where new policies have been adopted:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

the requirement of new but not yet effective IFRS's.

This information is included in the consolidated financial statements of PayPoint plc for the year ended 31 March 2024 and these financial statements may be obtained from 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL.

Page 9

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company has a resilient statement of financial position, with net assets of £1,040(2023: £5,561k) as at 31 March 2024, having made a profit for the year of £5,479(2023: £3,392k).   
The current economic conditions continue to create uncertainty, particularly over the level of demand for the Company’s products. The Company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserves and group borrowings. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Revenue

The Company owns the Collect+ brand, and revenue is generated through the licensing of this brand name to other companies within the United Kingdom. Revenue is recognised based on the volume of parcels delivered under the Collect+ brand name. Revenue is stated net of VAT. In general, the services provided to the Company’s customers contain clearly distinct performance obligations being each parcel delivered under the Collect+ brand name. The determination of the transaction price is based upon pricing as agreed with the customer. Revenue is recognised on completion of services rendered.

 
2.5

Interest income

Interest income is recognised in Statement of Comperhensive Income using the effective interest method.

 
2.6

Taxation

The tax expense represents the amount payable in respect of the year under review based on the taxable profit for the year and deferred tax. Taxable profit differs from net profit as reported in the Statement of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible. 
The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the Statement of Financial Position date. 
Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is calculated using tax rates that have been substantively enacted by the Statement of Financial Position date. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that future taxable profit will be available against which the tax will be realised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date 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 is charged or credited in the Statement of Comperhensive Income, except when it relates to items charged or credited directly to equity, in which case the
Page 10

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Taxation (continued)

deferred tax is recorded in equity.

 
2.7

Debtors

Trade receivables are initially recorded at fair value and represent the amount of commission due from clients or fees from retailers for which payment has not been received, less an allowance for doubtful accounts that is estimated based on factors such as the credit rating of the customer, historical trends, the current economic environment and other information.

 
2.8

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and short term deposits with original maturity of less than three months and are subject to insignificant risk of changes in value.

 
2.9

Creditors

Trade payables are initially recorded at fair value and represent the value of invoices received from suppliers for purchases of goods and services for which payment has not been made.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.10

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added to or deducted from fair value on initial recognition. 

Financial assets

Financial assets are classified depending on their nature and purpose and the classification is determined at the time of initial recognition.
Trade and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.
 

Page 11

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each Statement of Financial Position date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. 
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed on a collective basis.  Objective evidence of impairment for a portfolio of receivables includes past experience of collecting payments and the ageing of the receivables.
For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial assets original effective interest rate.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables. A provision is created for trade receivables and any amounts that are subsequently written off are written off against the provision. Any changes in the provision are recognised in the Statement of Comperhensive Income.
If in a subsequent period the amount of the impairment loss decreases and this decrease can be related objectively to events occurring after the impairment was recognised, the previously recognised impairment loss is reversed through the profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
Financial assets are derecognised when and only when the contractual rights to the cash flows expire or when it transfers substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in the Statement of Comprehensive Income.

Financial liabilities

Financial liabilities including borrowing costs are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when, and only when the Company’s obligations are discharged, cancelled or they expire.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 12

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors have assessed that, in preparing the Company's financial statements, there are no critical accounting judgements on key sources of estimation uncertainty. 


4.


Revenue

The whole of the turnover is attributable to licensing of the Collect+ brand name. Revenue is recognised at the point in time each transaction is processed, based on the volume of parcels delivered under the Collect+ brand name. All revenue is earned from the related party PayPoint Network Limited. All revenue arose within the United Kingdom.


5.


Employees

The Company has no employees (2023: no) other than the directors, who did not receive any remuneration (2023 - £nil).


6.


Tax on profit


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
1,827
795

Adjustments in respect of previous periods
-
(2)


Tax on profit
1,827
793
Page 13

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
6.Tax on profit (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit before tax
7,306
4,185


Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,827
795

Effects of:


Adjustments in respect of previous periods
-
(2)

Total tax charge for the year
1,827
793


Factors that may affect future tax charges

The income tax charge is based on the UK statutory rate of corporation tax for the year of 25% (2023: 19%). Deferred tax has been calculated using the enacted tax rates that are expected to apply when the liability is settled, or the asset realised. During the prior financial year, an increase in the main rate of UK corporation tax from 19% to 25% with effect from 1 April 2023 was enacted. Deferred tax has been calculated based on the rate applicable at the date timing differences are expected to reverse.

7.


Debtors

2024
2023
£000
£000

Amounts falling due after more than one year

Amounts owed by group undertakings
12,811
6,975

12,811
6,975


Amounts owed by group undertakings are unsecured, interest bearing 6.76% per annum (2023: between 3% & 3.5%) and have no fixed date of repayment.
2024
2023
£000
£000

Amounts falling due within one year

Other debtors
-
7

-
7


Page 14

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Cash at bank and in hand

2024
2023
£000
£000

Cash at bank and in hand
7
14

7
14



9.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
-
12

Amounts owed to group undertakings
11,399
1,399

Corporation tax
374
-

Accruals and deferred income
5
24

11,778
1,435


Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


10.


Financial instruments

2024
2023
£000
£000

Financial assets


Financial assets measured at fair value
7
14

Financial assets measured at amortised cost
12,811
6,982

12,818
6,996


Financial liabilities


Financial liabilities measured at amortised cost
(11,399)
(1,411)


The Company’s financial instruments comprise receivables and payables which arise directly from the Company’s operations. The Company's policy is not to undertake speculative trading in financial instruments.

Page 15

 
COLLECT+ BRAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

Share capital represents the nominal value of shares issued.


12.


Profit and loss account

Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.


13.


Controlling party

The immediate parent undertaking is Collect+ Holdings Limited.

The ultimate parent undertaking and controlling party and the smallest and largest group to consolidate these financial statements is PayPoint plc. Copies of the PayPoint plc consolidated financial statements can be obtained from the Company Secretary at 1 The Boulevard, Shire Park, Welwyn Garden City, Hertfordshire, AL7 1EL. No other group financial statements include the results of the Company.

Page 16