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REGISTERED NUMBER: SC470264 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

COLLECTIVE MEDIA LIMITED

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLLECTIVE MEDIA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Ian Reid
Kathryn Ross





SECRETARY: Kathryn Ross





REGISTERED OFFICE: Carogan House
Cockburnspath
Berwickshire
TD13 5XB





REGISTERED NUMBER: SC470264 (Scotland)





ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 378 472
Investment property 5 454,574 454,574
454,952 455,046

CURRENT ASSETS
Cash at bank 165,636 155,944

CREDITORS
Amounts falling due within one year 6 293,314 310,868
NET CURRENT LIABILITIES (127,678 ) (154,924 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

327,274

300,122

PROVISIONS FOR LIABILITIES 72 90
NET ASSETS 327,202 300,032

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 327,102 299,932
SHAREHOLDERS' FUNDS 327,202 300,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





Ian Reid - Director


COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Collective Media Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
In accordance with Financial Reporting Standard 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £9,091 (2023 - £9,091).

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 3,275
DEPRECIATION
At 1 June 2023 2,803
Charge for year 94
At 31 May 2024 2,897
NET BOOK VALUE
At 31 May 2024 378
At 31 May 2023 472

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 454,574
NET BOOK VALUE
At 31 May 2024 454,574
At 31 May 2023 454,574

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 454,574

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 454,574 454,574
Aggregate depreciation (74,219 ) (56,037 )

Investment property was valued on a fair value basis on 31 May 2024 by Ian Reid, director .

Title to the investment properties at Flat 3, 38 Broomhill Drive, Glasgow, and Flat 2, 46 Partick Bridge Street, Glasgow are held by directors Ian Reid and Kathryn Ross, respectively, on behalf of the company. In the opinion of the directors, there have been no significant changes in the market values of the investment properties since their acquisition by the company.

COLLECTIVE MEDIA LIMITED (REGISTERED NUMBER: SC470264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 6,391 7,424
Other creditors 286,923 303,444
293,314 310,868

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary £1 50 50
50 Ordinary 'A' £1 50 50
100 100

8. ULTIMATE CONTROLLING PARTY

The company is under the immediate and ultimate control of directors Ian Reid and Kathryn Ross who each hold 50% of the issued share capital.