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Registration number: 08929257

A Collected Man Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

A Collected Man Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 22

 

A Collected Man Limited

Company Information

Directors

Mr S Walton

Mr D C Sitwell

Mr M Armenante

Mr J Hickman

Mr R Barham

Registered office

Pennybank Chambers
33-35 St John's Square
London
EC1M 4DS

Auditors

Anstey Bond LLP
Statutory Auditors & Chartered Accountants1 Charterhouse Mews
London
EC1M 6BB

 

A Collected Man Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is selling watches.

Fair review of the business

During the year, A Collected Man made strategic investments in our digital presence and operational capabilities, significantly strengthening our position within the niche of independent and high-end watch collecting.

Despite challenging market conditions, we achieved a material increase in turnover from £12.2m to £18.6m, reflecting the resilience of our business model and continued demand for exceptional watches. We proactively managed our cost base, inventory, and market risks, ensuring strong foundations for future growth.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'k

18,553

12,175

Gross profit

£'k

2,156

2,301

(Loss)/profit after tax

£'k

(577)

(145)

Principal risks and uncertainties

Principal risks and uncertainties during the financial year included navigating volatility in the pre-owned luxury watch market and macroeconomic pressures affecting consumer spending confidence.
Our administrative expenses included deliberate growth investments, notably £260k of depreciation and amortisation reflecting investment in digital infrastructure and brand assets. Additionally, we incurred a one-off loss event relating to customer credit risk, representing the first bad debt in the company's history, which significantly contributed to the overall net loss of £576k for the year.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mr S Walton
Director

 

A Collected Man Limited

Directors' Report for the Year Ended 31 March 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr S Walton

Mr D C Sitwell

Mr M Armenante

Mr J Hickman

Mr R Barham

Future developments

I am not aware of any events following the year-end that would materially alter the substance of this report. The directors remain optimistic and committed to driving A Collected Man’s continued growth and success. Having firmly established our presence as a distinctive voice within the specialist market of independent and high-end watch collecting, our strategic focus for 2024/2025 will centre on further enhancing operational efficiencies, refining our digital capabilities, and rigorously managing risk.

Disclosure of information to the auditors

Each director has taken 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. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mr S Walton
Director

 

A Collected Man Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information as auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

 

A Collected Man Limited

Report of the Independent Auditors to the Members of A Collected Man Limited

Opinion

We have audited the financial statements of A Collected Man Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the 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; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

A Collected Man Limited

Report of the Independent Auditors to the Members of A Collected Man Limited

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 such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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.

 

A Collected Man Limited

Report of the Independent Auditors to the Members of A Collected Man Limited

Auditor 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

. the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
. any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
. the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

 

A Collected Man Limited

Report of the Independent Auditors to the Members of A Collected Man Limited

Audit response to the risks identified

Our procedures to respond to risks identified included the following:

. reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
. enquiring of management and external legal counsel concerning actual and potential litigation and claims;
. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
. reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence
. obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
. obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
. in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Colin Ellis FCCA CF - Senior Statutory Auditor
Anstey Bond LLP
1 Charterhouse Mews
London
EC1M 6BB

28 March 2025

 

A Collected Man Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

18,553,411

12,175,346

Cost of sales

 

(16,357,048)

(9,873,877)

Gross profit

 

2,196,363

2,301,469

Administrative expenses*

 

(2,871,228)

(2,440,682)

Operating loss*

4

(674,865)

(139,213)

Interest payable and similar expenses

5

(313)

(6,069)

Loss before tax*

 

(675,178)

(145,282)

Tax on loss

9

98,626

-

Loss for the financial year

 

(576,552)

(145,282)

*Inclusive of a bad debt write off of £356,981.


The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

A Collected Man Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Loss for the year

(576,552)

(145,282)

Total comprehensive income for the year

(576,552)

(145,282)

 

A Collected Man Limited

(Registration number: 08929257)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

290,661

297,535

Tangible assets

11

192,653

262,731

 

483,314

560,266

Current assets

 

Stocks

12

2,536,850

3,419,635

Debtors

13

1,915,434

1,556,912

Cash at bank and in hand

 

1,871,281

1,579,230

 

6,323,565

6,555,777

Creditors: Amounts falling due within one year

15

(3,655,356)

(3,387,968)

Net current assets

 

2,668,209

3,167,809

Net assets

 

3,151,523

3,728,075

Capital and reserves

 

Called up share capital

577

577

Share premium reserve

881,422

881,422

Retained earnings

2,269,524

2,846,076

Shareholders' funds

 

3,151,523

3,728,075

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mr S Walton
Director

 

A Collected Man Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2023

577

881,422

2,846,076

3,728,075

Loss for the year

-

-

(576,552)

(576,552)

At 31 March 2024

577

881,422

2,269,524

3,151,523

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

577

881,422

2,991,358

3,873,357

Loss for the year

-

-

(145,282)

(145,282)

At 31 March 2023

577

881,422

2,846,076

3,728,075

 

A Collected Man Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(576,552)

(145,282)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

259,269

171,014

Finance costs

5

313

6,069

Income tax expense

9

(98,626)

-

 

(415,596)

31,801

Working capital adjustments

 

Decrease in stocks

12

882,785

1,379,041

Increase in trade debtors

13

(259,896)

(893,359)

Increase in trade creditors

15

936,340

341,403

Cash generated from operations

 

1,143,633

858,886

Income taxes paid

9

(227,676)

(208,109)

Net cash flow from operating activities

 

915,957

650,777

Cash flows from investing activities

 

Acquisitions of tangible assets

(33,219)

(46,889)

Acquisition of intangible assets

10

(149,098)

(237,990)

Net cash flows from investing activities

 

(182,317)

(284,879)

Cash flows from financing activities

 

Interest paid

5

(313)

(6,069)

Repayment of other borrowing

 

(441,395)

(250,000)

Net cash flows from financing activities

 

(441,708)

(256,069)

Net increase in cash and cash equivalents

 

291,932

109,829

Cash and cash equivalents at 1 April

 

1,579,230

1,469,401

Cash and cash equivalents at 31 March

 

1,871,162

1,579,230

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pennybank Chambers
33-35 St John's Square
London
EC1M 4DS
United Kingdom

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the company’s financial position and performance after the reporting date and have concluded that there are no material uncertainties regarding the company’s ability to continue as a going concern for at least 12 months from the date of approval of the financial statements. Post year end, the company has traded profitably, with strong financial performance reflected in positive results. The company maintains healthy liquidity, with both the current and quick ratios above 1, and cash at bank of approximately £6million as at the latest month end. On this basis, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

20% straight line basis

Fixtures and Fittings

33% straight line basis

Office Equipment

33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

18,554,326

12,163,407

Interest received

69

-

Other revenue

(984)

11,939

18,553,411

12,175,346

4

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

103,297

92,894

Amortisation expense

155,972

78,120

Impairment loss

-

5,805

Research and development cost

3,950

473

Foreign exchange (gains)/losses

(10,027)

2,653

Bad debts written off

356,981

-

Auditor's remuneration

9,000

15,000

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

313

6,069

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,016,728

1,014,679

Social security costs

116,988

126,393

Pension costs, defined contribution scheme

14,167

13,962

Other employee expense

57,564

28,572

1,205,447

1,183,606

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Other departments

15

17

15

17

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

274,380

240,000

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,000

15,000


 

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(98,626)

-

Deferred tax

10

Intangible assets

Intangibles Assets
£

Total
£

Cost or valuation

At 1 April 2023

408,970

408,970

Additions acquired separately

149,098

149,098

At 31 March 2024

558,068

558,068

Amortisation

At 1 April 2023

111,435

111,435

Amortisation charge

155,972

155,972

At 31 March 2024

267,407

267,407

Carrying amount

At 31 March 2024

290,661

290,661

At 31 March 2023

297,535

297,535

The aggregate amount of research and development expenditure recognised as an expense during the period is £3,950 (2023 - £473).
 

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Tangible assets

Leasehold Improvements
£

Fixtures and Fittings
£

Office Equipment
£

Total
£

Cost or valuation

At 1 April 2023

274,132

107,351

129,567

511,050

Additions

11,714

10,982

10,523

33,219

At 31 March 2024

285,846

118,333

140,090

544,269

Depreciation

At 1 April 2023

101,423

51,401

95,495

248,319

Charge for the year

50,143

30,651

22,503

103,297

At 31 March 2024

151,566

82,052

117,998

351,616

Carrying amount

At 31 March 2024

134,280

36,281

22,092

192,653

At 31 March 2023

172,709

55,950

34,072

262,731

Included within the net book value of land and buildings above is £134,280 (2023 - £172,709) in respect of short leasehold land and buildings.
 

12

Stocks

2024
£

2023
£

Other inventories

2,536,850

3,419,635

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,109,748

715,572

Other debtors

 

20,775

123,543

Prepayments

 

686,285

717,797

Deferred tax assets

9

98,626

-

   

1,915,434

1,556,912

 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

1,871,281

1,579,230

Bank overdrafts

(119)

-

Cash and cash equivalents in statement of cash flows

1,871,162

1,579,230

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

500,119

941,395

Trade creditors

 

2,160,912

1,234,774

Social security and other taxes

 

33,311

37,835

Outstanding defined contribution pension costs

 

6,843

8,211

Other payables

 

861,916

866,192

Accruals

 

92,255

71,885

Income tax liability

9

-

227,676

 

3,655,356

3,387,968

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £14,167 (2023 - £13,962).

Contributions totalling £6,843 (2023 - £8,211) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £0.10 each

5,774

577

5,774

577

       
 

A Collected Man Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

119

-

Other borrowings

500,000

941,395

500,119

941,395

19

Related party transactions

Included in other borrowings is £500,000 (2023: £941,395) which is owed to the directors.

During the year, the company sold goods to directors (including key management personnel) for a total value of £1,776,656 (2023: £737,333), and bought goods from directors (including key management personnel) for a total value of £308,425 (2023: £1,797,299).

20

Non adjusting events after the financial period

Subsequent to the year end, the outstanding director’s loan balance of £500,000 was repaid in full in October 2024. As at the date of approval of these financial statements, there are no further loans outstanding to or from directors