Company registration number 10752021 (England and Wales)
Colletts Investments Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Colletts Investments Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Colletts Investments Limited
BALANCE SHEET
As At 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
144,995
168,644
Investment property
4
1,198,820
1,198,820
1,343,815
1,367,464
Current assets
Debtors
5
596,439
1,102,687
Investments
6
458,091
-
0
Cash at bank and in hand
55,995
145,120
1,110,525
1,247,807
Creditors: amounts falling due within one year
7
(2,264,094)
(2,372,517)
Net current liabilities
(1,153,569)
(1,124,710)
Total assets less current liabilities
190,246
242,754
Creditors: amounts falling due after more than one year
8
(106,311)
(138,489)
Net assets
83,935
104,265
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
83,835
104,165
Total equity
83,935
104,265

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

Colletts Investments Limited
BALANCE SHEET (CONTINUED)
As At 31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr R A Collett
Director
Company registration number 10752021 (England and Wales)

The notes on pages 3 to 6 form part of these financial statements.

Colletts Investments Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024
- 3 -
1
Accounting policies
Company information

Colletts Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoice value of rental income received by the company, exclusive of trade discounts and 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:

Fixtures and fittings
25% Straight line
Motor vehicles
15% Straight line
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Colletts Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 May 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable 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 profit and loss account 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.

1.8
Leases

Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the

risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their

cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
Colletts Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 May 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
15,896
190,796
206,692
Additions
11,925
-
0
11,925
At 31 May 2024
27,821
190,796
218,617
Depreciation and impairment
At 1 June 2023
4,148
33,900
38,048
Depreciation charged in the year
6,955
28,619
35,574
At 31 May 2024
11,103
62,519
73,622
Carrying amount
At 31 May 2024
16,718
128,277
144,995
At 31 May 2023
11,748
156,896
168,644
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,198,820

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
593,752
1,100,000
Other debtors
2,687
2,687
596,439
1,102,687
6
Current asset investments
2024
2023
£
£
Other investments
458,091
-
0
Colletts Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 May 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
20,700
13,173
Payments received on account
2,263
2,011
Other creditors
2,239,331
2,355,533
Accruals and deferred income
1,800
1,800
2,264,094
2,372,517
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
106,311
138,489
2024-05-312023-06-01falsefalsefalse22 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr R A CollettMrs A J Collett107520212023-06-012024-05-31107520212024-05-31107520212023-05-3110752021core:FurnitureFittings2024-05-3110752021core:MotorVehicles2024-05-3110752021core:FurnitureFittings2023-05-3110752021core:MotorVehicles2023-05-3110752021core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3110752021core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3110752021core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3110752021core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3110752021core:CurrentFinancialInstruments2024-05-3110752021core:CurrentFinancialInstruments2023-05-3110752021core:ShareCapital2024-05-3110752021core:ShareCapital2023-05-3110752021core:RetainedEarningsAccumulatedLosses2024-05-3110752021core:RetainedEarningsAccumulatedLosses2023-05-3110752021bus:Director12023-06-012024-05-3110752021core:FurnitureFittings2023-06-012024-05-3110752021core:MotorVehicles2023-06-012024-05-31107520212022-06-012023-05-3110752021core:FurnitureFittings2023-05-3110752021core:MotorVehicles2023-05-31107520212023-05-3110752021core:Non-currentFinancialInstruments2024-05-3110752021core:Non-currentFinancialInstruments2023-05-3110752021bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110752021bus:FRS1022023-06-012024-05-3110752021bus:AuditExemptWithAccountantsReport2023-06-012024-05-3110752021bus:Director22023-06-012024-05-3110752021bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110752021bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP