Collineige Limited |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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 is recognised on the date of departure basis. |
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Tangible fixed assets |
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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: |
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Office equipment |
4 years straight line |
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Chalet equipment |
4 years straight line |
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Website |
3 years straight line |
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Antique furniture |
20 years straight line |
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Going concern |
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The directors continue to constantly review the Company’s financial position as well as forecasts, and plan mitigation actions in order to neutralise the potential financial impact from any significant downturn in trading. Based on the above and the sensitised forecasts and budgets, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. In keeping with that, the directors will take all reasonably commercial steps, including seeking further financing or support if required, to secure the Company's ability to continue as a going concern. As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
7 |
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4 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 May 2023 |
399,416 |
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Additions |
16,544 |
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At 30 April 2024 |
415,960 |
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Depreciation |
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At 1 May 2023 |
370,643 |
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Charge for the year |
16,689 |
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At 30 April 2024 |
387,332 |
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Net book value |
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At 30 April 2024 |
28,628 |
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At 30 April 2023 |
28,773 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
468,039 |
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239,301 |
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Other debtors |
21,337 |
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13,035 |
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489,376 |
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252,336 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank loans and overdrafts |
57,267 |
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21,859 |
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Trade creditors |
34,787 |
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21,358 |
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Directors' loans |
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176,321 |
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5,046 |
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Taxation and social security costs |
7,848 |
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6,521 |
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Other creditors |
89,424 |
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74,183 |
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365,647 |
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128,967 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Bank loans |
12,500 |
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22,500 |
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The above bank loan relates to a government-backed loan under the Bounce Back Loan Scheme ('BBLS'), which benefits from a capital repayment holiday of 12 months, after which the loan is due to be repaid through 60 monthly instalments ending in July 2026. The applicable interest rate will be fixed at 2.50%. In addition, to the 12 month capital repayment holiday, the loan benefits from a Busines Interruption Payment ('BIP') made by the UK Government on behalf of the Company to cover interest arising on the BBLS loan for the first 12 months. |
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7 |
Other financial commitments |
2024 |
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2023 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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583,905 |
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697,275 |
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8 |
Loans from directors |
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Description and conditions |
B/fwd |
Loaned |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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Ms C D Gerrand |
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Loan |
(3,350) |
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(32,824) |
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13,042 |
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(23,132) |
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Ms A M J Savage |
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Loan |
(1,696) |
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(218,998) |
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67,505 |
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(153,189) |
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(5,046) |
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(251,822) |
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80,547 |
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(176,321) |
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9 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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Key management personnel compensation |
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Total remuneration of directors, including salaries and other benefits: |
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29,304 |
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26,936 |
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Ms C D Gerrand and Ms A M J Savage |
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Both are directors of the company. |
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With effect from 1 January 1999, the company has rented the chalet accommodation owned by the two directors. |
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Rentals paid to the related parties: |
135,079 |
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149,738 |
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Ms C D Gerrand and Ms A M J Savage |
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Both are directors of the company. |
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Guarantees provided by the related parties, limited to £20,000, to part-secure the company's overdraft facility. |
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Tilley International Limited |
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A company in which Ms P Torr, a shareholder, is also a company director. Ms P Torr holds share capital in both companies. |
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Rent and office servicing fees charged by the related party: |
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4,333 |
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10,833 |
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Amount due to the related party: |
(3,952) |
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SCI Colimarsh |
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Ms C D Gerrand, a director, is also a director of this company. |
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Loan from the related party which is unsecured and has no fixed repayment date. |
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Interest paid to the related party: |
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- |
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Amount due to the related party: |
(3,416) |
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9 |
Related party transactions (continued) |
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SCI Arve Vallee |
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Ms C D Gerrand and Ms A M J Savage, the directors, are also directors of this company. |
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Loan to the related party which is unsecured, incurs interest at 0.50% per annum and is due to be repaid upon the sale of the company's rental property. |
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Interest received from the related party: |
1,676 |
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Rental deposit paid to the related party: |
128,072 |
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131,634 |
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Amount due from the related party: |
336,929 |
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115,393 |
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SCI Les Mazots |
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Ms C D Gerrand, a director, is also a director of this company. |
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Loan from the related party which is unsecured and has no fixed repayment date. |
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Interest paid to the related party: |
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- |
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- |
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Amount due to the related party: |
(1,972) |
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10 |
Controlling party |
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The ultimate controlling party of the company is Ms C D Gerrand, one of the directors, by virtue of her ownership of 55% of the issued share capital of the Company. |
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11 |
Other information |
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Collineige Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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The Galloway Barn |
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1-2 Home Farm, Loseley Park |
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Guildford |
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Surrey |
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GU3 1HS |