Company registration number SC729279 (Scotland)
Collabov8 Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with registrar
Collabov8 Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Collabov8 Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Collabov8 Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Collabov8 Limited, as a body, in accordance with the terms of our engagement letter dated 20 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Collabov8 Limited and state those matters that we have agreed to state to the board of directors of Collabov8 Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Collabov8 Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Collabov8 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Collabov8 Limited. You consider that Collabov8 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Collabov8 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
29 January 2025
Collabov8 Limited
Statement of financial position
as at 30 April 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
42,435
50,530
Current assets
Debtors
49,816
36,711
Creditors: amounts falling due within one year
(25,127)
(45,386)
Net current assets/(liabilities)
24,689
(8,675)
Total assets less current liabilities
67,124
41,855
Provisions for liabilities
(9,323)
(9,369)
Net assets
57,801
32,486
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
57,800
32,485
Total equity
57,801
32,486
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Collabov8 Limited
Statement of financial position (continued)
as at 30 April 2024
3
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Magnus Wardle
Director
Company registration number SC729279 (Scotland)
Collabov8 Limited
Notes to the financial statements
for the year ended 30 April 2024
4
1
Accounting policies
Company information
Collabov8 Limited is a private company limited by shares incorporated in Scotland. The registered office is Warkbraes, Craigievar, Alford, AB33 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and excludes value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Collabov8 Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Tangible fixed assets
Total
£
Cost
At 1 May 2023
55,913
Additions
5,285
At 30 April 2024
61,198
Depreciation and impairment
At 1 May 2023
5,383
Depreciation charged in the year
13,380
At 30 April 2024
18,763
Carrying amount
At 30 April 2024
42,435
At 30 April 2023
50,530
Collabov8 Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
6
3
Directors' transactions
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing debit balance
£
£
£
£
Magnus Wardle
41,437
63,804
(108,429)
(3,188)
41,437
63,804
(108,429)
(3,188)