Collins 2017 Limited
Annual Report and Financial Statements
For the year ended 30 June 2024
Company Registration No. 10589981 (England and Wales)
Collins 2017 Limited
Company Information
Directors
JM Warren
CD Bartram
MJ Dockery
SJ Johnson
ML Brooks
GA McCoigLees
RJ Carr
Company number
10589981
Registered office
No.1 Croydon
12-16 Addiscombe Road
Croydon
Surrey
CR0 0XT
Auditor
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Business address
No.1 Croydon
12-16 Addiscombe Road
Croydon
Surrey
United Kingdom
CR0 0XT
Collins 2017 Limited
Strategic Report
For the year ended 30 June 2024
Page 1

The directors present the strategic report for the year ended 30 June 2024.

Principal activities and review of the business

The principal activity of the trading subsidiary and the group during the year remains that of fit-out and refurbishment, operating primarily in the commercial office and leisure sectors. The majority of our projects are carried out in the London and South East area. The group continues to operate primarily in the following sectors:

 

- Structural refurbishment

- Commercial office fit out and refurbishment

- Student accommodation

 

Turnover and profitability

The group achieved turnover of £124m in the year, down 14% on the previous year. The introduction of the Building Safety Act has had an impact on the lead in times for projects, the effects of which have been noticeable in the first few years of the Act being brought into force. We have secured workload for 2025 of £101m, £45m for 2026 and £30m for 2027.

 

Margins continue to be challenging in the current market. We have no lossmaking jobs in the year, nor any in the pipeline for 2025, however, one contract did suffer a material backwards movement in 2024, resulting in a £900k reduction to profit which was disappointing. We have addressed the issues which led to this and have introduced new processes to mitigate against it happening again. Overheads remain controlled and in line with expectations.

 

The group had an ongoing claim relating to Research and Development tax credits for previous years with HMRC. The claim was heard at the First Tier Tribunal in December 2023 and we were notified of the successful verdict in October 2024. As HMRC did not appeal the case and have subsequently settled the claim, we have included the full amount (£4.1m) (£2023 - £2m) and interest received (£322k) in these accounts. The overhead figure includes an unusual sum of £840k which relates to expenditure on consultancy and legal expenses.

 

The group's key performance indicators are:

 

 

Future Developments

The Company's strategy is to continue to focus attention on considering factors which can impact performance. These comprise incorporating price fluctuation mechanisms in our longer term contracts; ensuring that any potential levys and tariffs imposed globally are addressed in contracts; continuing to push back on onerous contract conditions, disproportionate damages and uncapped liabilities with the aim of encouraging fairness for all parties. We are also carrying outa strategic review of how PCSA periods are managed and priced, given the current trend for extended PCSA periods particularly under Building Safety Act conditions.

 

Principal risks and uncertainties

Currently the group considers its risks to comprise of the following:

 

Collins 2017 Limited
Strategic Report (Continued)
For the year ended 30 June 2024
Page 2

i) Liquidity

The principal risk to the group continues to be that clients and suppliers may have their working capital facilities restricted in an adverse economic climate which could then affect the group. The group manages its own liquidity risks by imposing strict credit review processes at project commencement; using payment plans or escrow accounts if required; and prompt cash collection at the invoicing stage to support project financing. The group has maintained a strong cash balance of £11m (2023: £11.2m). This is more than sufficient to meet the day to day working capital requirements without the need for a bank overdraft. The company also have the option of an invoice discounting facility issues by its bankers, Lloyds, for the value of £6m which is available if required. The group remains self funded and financially strong. The group continues to manage its overhead levels, it has a stable balance sheet and healthy cash reserves and as such is still well placed to adapt and react to external forces which could affect us.

 

ii) Health, Safety & Environment

The group places a lot of emphasis on the maintenance of safe working environments across all its sites and monitors the effect of group processes and procedures, continually assessing them and making improvements. We have been a member of RoSPA for 17 years and were delighted this year to receive a RoSPA gold award.

 

iii) Supply chain price volatility

The group is not tied in to any long term, fixed price framework agreements which would be vulnerable to price fluctuations.

 

iv) Restrictions on labour movement

The group subcontracts out the majority of its operations and as such is reliant upon subcontractors and labour agencies abilities to recruit and retain suitable staff.

 

v) Political uncertainty

Globally there are many ongoing factors which add to uncertainty. The ongoing conflict in Ukraine and Gaza as well as the prospect of tariffs and global trade wars.

 

The introduction of the Building Safety Act has had an impact on the industry. We have noticed that the pipeline for new projects has been extended by as much as six months while contractors and designers work to fulfil their obligations under the Act. This has meant that projects which previously could be relied upon to start promptly are being delayed. The impact of this in the short term is an inevitable greater overhead burden while we become accustomed to longer lead times in the short term.

 

The risks facing Collins will equally apply to other providers in similar markets. The main risk we can foresee continues to be that our subcontractors may face delays when purchasing construction supplies from mainland Europe due to potential increased levels of customs checks, coupled with restrictions on travel as a consequence of Covid. The knock on effect could be delays to our project programmes, leaving us susceptible to damages levied by the client. We could also incur extended preliminary and management costs due to delays. To mitigate against this we are including pricing clauses in our main contracts when possible. Where we are unable to do this we shall be including damages recovery processes within our subcontract orders so the risks can be shared with our supply chain.

 

Research & Development

Collins have become accustomed to delivering high quality refurbishments and commercial fit outs to our customers. We have a diverse range of expertise which allows us to undertake a variety of fit-out, refurbishments, renovations, and design and build projects across a range of different sectors. Due to the unique nature of many of the projects undertaken, Collins are required to adopt innovative approaches to facilitate a range of different design and development projects.

 

 

Collins 2017 Limited
Strategic Report (Continued)
For the year ended 30 June 2024
Page 3

Whilst a proportion of the work which we produce is standard within the industry, we do frequently face increasingly complex technological uncertainties that require significant amounts of research and development to resolve. These technological uncertainties often stem from the unique demands from architects, engineers, designers and clients who are continuously pushing the limits of building design structurally, conceptually and creatively. It is therefore our task to convert these idealistic visions into a reality. The group are therefore continually required to innovate, prototype and tests the boundaries of what can be achieved. Throughout the period covered by this report, we have undertaken a range of different research and development projects.

 

Section 172 Companies Act 2006

 

The board of directors must act in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its stakeholders and employees. The decisions taken by the board are taken with the very best interests of the company in mind. Strategic decisions are considered carefully by the board, having availed themselves of all information available to them. The board meets regularly on a monthly basis and additionally if circumstances require it. The board are also represented at the monthly contract review meetings which ensures they are kept appraised of contract progress and issues facing the commercial teams.

 

The board is committed to the following core values:

 

Primary Stakeholders

 

Our People

Staff development has always been key to Collins so we are continuing to support our people and ensure they have the skills, experience, and confidence to perform their roles to the best of their abilities. We have invested in a new digital training platform to enable all staff to access training tailored to their requirement as well as more general topics such as mental heath, wellbeing and cyber awareness. We also offer in-house training, mentoring schemes and the opportunity to gain qualifications through trusted training providers, colleges and universities.

 

Our apprenticeship scheme in partnership with the London South Bank University continues to be very successful and we welcomed a further two new apprentices this year. Each trainee has the opportunity to achieve a Level 4 NVQ in site supervision and quantity surveying and obtain hands on experience with all departments.

 

Our staff remain at the heart of what we do. We want our staff to have a healthy work life balance as it not only benefits our staff as individuals, it benefits the wider company. We strive to foster a healthy work environment with supportive management and development opportunities. As well as the annual staff appraisal process we also have our six monthly 'Pit Stop' meeting to review appraisal goal progress. We also encourage all our managers to have monthly 'coffee catch ups' with their direct reports.

 

During the year we carried out a thorough staff survey to identify areas where we as a company could make improvements and also identify where we were achieving our goals. The results formed the basis of one of our regular 'All Company Presentations' where the findings were openly and honestly presented to staff.

 

 

Collins 2017 Limited
Strategic Report (Continued)
For the year ended 30 June 2024
Page 4
Our Clients
At Collins we focus on several key drivers with client relationships that sit around the idea of providing diligent, helpful, and trusted advice to help them achieve their diverse goals. This advice comes in a few forms:
In the early pre-tender phase, we will regularly provide advice to the client professional team regarding feasibility, cost, programme & logistics helping them develop their design in line with their ambitions. We engage our supply chain to provide samples, mock-ups, and specialise advice to further enhance the client team's knowledge. We carry out workshops during the tender period with the key consultants in the client team. This includes architects, engineers, cost, and project management consultants where project key drivers, risks and expectations are discussed.
This level of engagement allows us to formulate a very diligent approach which ensures that our tender submission is well considered and is often seen as market leading for quality accurate content. We continue to engage collaboratively in the pre-contract period ensuring that we are clear on risk and contract expectations. We can be confident we are offering the right approach, for the right time and money and have considered the risk.
As we enter the contract period, we find ourselves in a well-considered place where we establish workshops and design sessions with the relevant client stakeholders. All the careful planning and thought that has happened to date ensures we have a robust programme and have established clear expectations on both sides with the client team. It is through our diligent approach and ongoing engagement with the client teams that we can ensure our projects deliver a smooth, positive client experience.
Our Supply Chain
The board recognises the importance of maintaining respectful and supportive working relationships with our supply chain.  We are very proud that our creditor payment days have remained at 33 days which demonstrates that the efforts we have put in place to streamline and introduce efficiencies in the supply chain process have had an impact.  We are continually looking at ways of making imrpovements to our processes.
Corporate and Social Responsibility
The objective of our Corporate Responsibility approach is to fulfil our social responsibility obligations without compromising our values in the activities that we do. Collins' principles are at the heart of everything we do and being socially responsible is, therefore, about living those values. We are committed to ensuring that this responsibility is embedded in the way we do business and should be part of our natural thinking processes.
We aim to create a balance between the development of opportunities with our clients; stimulating and rewarding our staff; working with and supporting our local communities; and sustaining the environment in which we operate. We aim to create, develop and lead highly motivated employees who have up to date competencies and skills. We will endeavour to add value to our clients and build upon our history and reputation by continuing to contribute to society as a whole.
Charitable and Community Support
Charitable Support: We support employees who have a close connection to a charity by offering a corporate donation to their cause as part of our Environment, Social & Governance policy. Over the past year, Collins has helped raise money for many charities including Bliss, The Royal Marsden Cancer Charity, Motor Neurone Association, Muscular Dystrophy UK to name just a few.
Communities: We will continue to support the communities within which we work and contribute to add both economic and social value. We offer volunteering days across the business to support Collins is committed to providing a positive presence in the communities we operate in. We are a partner in the Considerate Constructors Scheme and we commit to comply with all aspects of the schemes code of considerate practice. As a responsible main contractor we seek to engage with local people to understand how we can minimise disruption and give back to the community.  We support volunteering across the business to support local organisations and give our employees the opportunity to contribute to the wider community.
Collins 2017 Limited
Strategic Report (Continued)
For the year ended 30 June 2024
Page 5
Safety, Health, Environment & Quality
Collins continues to be committed to taking all reasonable measures to conduct business activities so that damage to the environment and pollution is minimised. As a business, we recongise the considerable impact that construction has on the environment and we therefore select construction methods that minimise the use of natural resources associated with the use of energy and materials. We are regularly involved in projects that follow either BREEAM of SKA Assessment requirements. We employ a full environmental team to guide staff and to ensure our environmental goals are achieved.
Collins works hard to generate increased efficiencies through its processes, such as; facilitating circular economy workshops to reuse or recycle existing building materials, review supply chain performance to ensure their commitment to sustainability targets, and regular auditing of all sites to track environmental compliance.
Environment & Sustainability
As a group we work to mitigate the environmental impact of our operations by cutting the energy, water and resources used throughout the delivery stage. We also seek solutions that enhance the efficiency of the buildings and infrastructure we create. We have set out a 2025 sustainability roadmap, creating targets that will enhance the business, generate innovation and provide a clear and focused journey ahead, minimising the environmental impact of our operations year on year.
By June 2024, the group had achieved:
• 98% recycling rate
• 99% of key materials responsibly sourced
• Zero major pollution incidents
• Average CCS score of 44 (2023: 44)
Streamlined Energy Carbon Reporting
The following data meets the requirements of the Streamlined Energy and Carbon Reporting (SECR) Regulations. We have followed the 2021 HM Government Environmental Reporting Guidelines. We have also used the GHG reporting protocol – Corporate Standard and have used the 2021 Government Conversion Factors for Company Reporting.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2 equivalent per staff member (employed by Collins)
Unit
2024
2023
HQ (Scope 2)
tCO2e
11.8
11.84
Business Mileage - not company owned (Scope 3)
tCO2e
4.52
9.16
Sites (Scope 3)
tCO2e
52.91
176.63
Total
tCO2e
69.23
197.63
Intensity Ratio
tCO2e/person
0.46
1.36
Overall levels of tCO2e have decreased from 2023 to 2024, this is mostly due to site emissions. We attribute this to several reasons:
1)    Improvements in our data collection processes which has allowed for more accurate data and more robust review of sate data. There were fewer sites included in this reporting period.
2)    Reduced business mileage recorded in 2024 as a result of the lower number of sites outside London and increased use of public transport.
3)    We report monthly on environmental audits held on each of our sites to ensure targets are met for water and carbon KPIs.
Collins 2017 Limited
Strategic Report (Continued)
For the year ended 30 June 2024
Page 6
Last year we took steps to improve energy efficiency and reduce our carbon consumption by introducing measures such as LED lighting and PIR sensors on site. This has now become standart practice and is included in all our site set ups now. Collins is committed to reaching carbon neutrality by 2045.
Other group policies

The group has a number of corporate policies in place which are regularly reviewed to ensure both compliance with the law and also that the group operates in a socially responsible and ethical manner. These policies include the following:

 

- Equality and Diversity

- Environmental

- Sustainability

- Data Protection

- Anti slavery and human trafficking

-Training

On behalf of the board

JM Warren
Director
26 March 2025
Collins 2017 Limited
Directors' Report
For the year ended 30 June 2024
Page 7

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is that of fit-out and refurbishment, operating primarily in the commercial office, healthcare and leisure sectors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

JM Warren
CD Bartram
MJ Dockery
SJ Johnson
HF Bartram
(Resigned 10 September 2024)
ML Brooks
GA McCoigLees
RJ Carr
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Qualifying third party indemnity provisions

The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditors of the company will be put to a General Meeting.

Energy and carbon report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

 

The requirements of the Streamlined Energy and Carbon Reporting (SECR) Regulations are disclosed on page 6.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Collins 2017 Limited
Directors' Report (Continued)
For the year ended 30 June 2024
Page 8
On behalf of the board
JM Warren
Director
26 March 2025
Collins 2017 Limited
Directors' Responsibilities Statement
For the year ended 30 June 2024
Page 9

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Collins 2017 Limited
Independent Auditor's Report
To the Members of Collins 2017 Limited
Page 10
Opinion

We have audited the financial statements of Collins 2017 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company and the group 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 directors' 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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 course of 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.

Collins 2017 Limited
Independent Auditor's Report (Continued)
To the Members of Collins 2017 Limited
Page 11

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Collins 2017 Limited
Independent Auditor's Report (Continued)
To the Members of Collins 2017 Limited
Page 12
Auditor's 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 an auditor's report 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Collins 2017 Limited
Independent Auditor's Report (Continued)
To the Members of Collins 2017 Limited
Page 13

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Amanda Settle (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
26 March 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Collins 2017 Limited
Group Statement of Comprehensive Income
For the year ended 30 June 2024
Page 14
2024
2023
as restated
Notes
£
£
Turnover
3
124,091,539
144,986,559
Cost of sales
(113,134,605)
(135,285,424)
Gross profit
10,956,934
9,701,135
Administrative expenses
(12,611,350)
(10,966,615)
Operating loss
4
(1,654,416)
(1,265,480)
Interest receivable and similar income
7
373,995
-
0
Interest payable and similar expenses
9
(90,358)
(70,621)
Loss before taxation
(1,370,779)
(1,336,101)
Tax on loss
10
2,083,723
(564,508)
Profit/(loss) for the financial year
24
712,944
(1,900,609)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Collins 2017 Limited
Group Balance Sheet
As at 30 June 2024
Page 15
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
7,303,456
8,986,386
Other intangible assets
11
372,635
279,160
Total intangible assets
7,676,091
9,265,546
Tangible assets
12
827,132
639,466
8,503,223
9,905,012
Current assets
Stocks
16
495,077
998,283
Debtors
17
33,329,593
31,975,749
Cash at bank and in hand
11,051,221
11,238,320
44,875,891
44,212,352
Creditors: amounts falling due within one year
18
(36,987,467)
(38,438,661)
Net current assets
7,888,424
5,773,691
Total assets less current liabilities
16,391,647
15,678,703
Creditors: amounts falling due after more than one year
19
(7,500,000)
(7,500,000)
Net assets
8,891,647
8,178,703
Capital and reserves
Called up share capital
23
92,321
92,321
Share premium account
24
7,139,028
7,139,028
Other reserves
24
5,000,000
5,000,000
Profit and loss reserves
24
(3,339,702)
(4,052,646)
Total equity
8,891,647
8,178,703
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
26 March 2025
JM Warren
Director
Collins 2017 Limited
Company Balance Sheet
As at 30 June 2024
30 June 2024
Page 16
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
21,858,932
21,858,832
Current assets
Debtors
17
100
100
Cash at bank and in hand
29,532
29,597
29,632
29,697
Creditors: amounts falling due within one year
18
(2,874,044)
(2,824,673)
Net current liabilities
(2,844,412)
(2,794,976)
Total assets less current liabilities
19,014,520
19,063,856
Creditors: amounts falling due after more than one year
19
(7,500,000)
(7,500,000)
Net assets
11,514,520
11,563,856
Capital and reserves
Called up share capital
23
92,321
92,321
Share premium account
24
7,139,028
7,139,028
Other reserves
24
5,000,000
5,000,000
Profit and loss reserves
24
(716,829)
(667,493)
Total equity
11,514,520
11,563,856

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £49,336 (2023 - £69,546 loss).

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
26 March 2025
JM Warren
Director
Company Registration No. 10589981 (England and Wales)
Collins 2017 Limited
Group Statement of Changes in Equity
For the year ended 30 June 2024
Page 17
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
92,321
7,139,028
5,000,000
(2,152,037)
10,079,312
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
(1,900,609)
(1,900,609)
Balance at 30 June 2023
92,321
7,139,028
5,000,000
(4,052,646)
8,178,703
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
712,944
712,944
Balance at 30 June 2024
92,321
7,139,028
5,000,000
(3,339,702)
8,891,647
Collins 2017 Limited
Company Statement of Changes in Equity
For the year ended 30 June 2024
Page 18
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
92,321
7,139,028
5,000,000
(597,947)
11,633,402
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
(69,546)
(69,546)
Balance at 30 June 2023
92,321
7,139,028
5,000,000
(667,493)
11,563,856
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
-
(49,336)
(49,336)
Balance at 30 June 2024
92,321
7,139,028
5,000,000
(716,829)
11,514,520
Collins 2017 Limited
Group Statement of Cash Flows
For the year ended 30 June 2024
Page 19
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
289,607
(1,382,753)
Interest paid
(63,768)
(70,621)
Income taxes paid
(348,179)
(130,000)
Net cash outflow from operating activities
(122,340)
(1,583,374)
Investing activities
Purchase of intangible assets
(183,631)
(106,309)
Purchase of tangible fixed assets
(530,632)
(154,687)
Proceeds from disposal of tangible fixed assets
188,054
130
Interest received
373,995
-
0
Net cash used in investing activities
(152,214)
(260,866)
Financing activities
Payment of finance leases obligations
114,045
645,079
Interest paid
(26,590)
-
0
Net cash generated from financing activities
87,455
645,079
Net decrease in cash and cash equivalents
(187,099)
(1,199,161)
Cash and cash equivalents at beginning of year
11,238,320
12,437,481
Cash and cash equivalents at end of year
11,051,221
11,238,320
Collins 2017 Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 20
1
Accounting policies
Company information

Collins 2017 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is No.1 Croydon, 12-16 Addiscombe Road, Croydon, Surrey, CR0 0XT.

 

The group consists of Collins 2017 Limited and all of its subsidiaries.

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.

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
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Collins 2017 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 21

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

At the year end the company has net current liabilities of £2,844,412 (2023: £2,794,976) and the group has net current assets of £7,888,424 (2023: £5,773,624). Included within current liabilities is an amount due to the directors of £914,422 (2023: £1,543,729). The directors have confirmed that they will not call upon this loan for at least 12 months from the date of approval of these financial statements. In addition to the directors' loans included within current liabilities, the balance within long term creditors of £7,500,000 (2023: £7,500,000) is also owed to the directors. The directors have confirmed they will not draw on these balances in future if it jeopardises the group's ability to meet its other liabilities as they fall due and specifically have confirmed they will not do so for at least 12 months from the date of approval of the financial statements.

 

The group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The Directors report further describes the financial position of the group, its cash flows and liquidity position; the group’s objectives, policies and processes for managing its capital; its financial risk management objectives and its exposure to credit and liquidity risk.

 

The group prepares budgets and forecasts which are monitored against actual results on a monthly basis. They show that the group is anticipating an improvement in margin in the next financial year. The group is performing as expected and in line with the budget in the first quarter of the next financial year.

 

The group meets its day to day working capital requirements through its cash balances without the need for an overdraft facility. As a result the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

1.4
Turnover

Turnover represents the value of goods and services provided during the year net of value added tax.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 22
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Straight line over 4 years
1.8
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:

Leasehold improvements
Over the life of the lease
Fixtures, fittings and equipment
25% reducing balance
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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 23
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash at bank and in hand

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.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 24
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 25
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the tax currently payable.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 26
1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19

Stock and work in progress

Work in progress is stated at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the work in progress to its present position.

1.20

Long term contracts

Long-term contract balances classified under the balance sheet heading of 'Stock' are stated at total costs incurred, net of amounts in respect of work carried out to date less foreseeable loss and applicable payments on account.

 

Cumulative turnover (i.e. the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting periods since inception of the contract) is compared with the total payments on account. If turnover exceeds payments on account an 'amount recoverable on contracts' is established and separately disclosed within debtors. If payments on account are greater than turnover to date the excess is classified as a deduction from any balance on that contract in stocks with any residual balance in excess of cost being classified within creditors.

 

Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 27
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

The directors have applied their judgement to the following areas: Work in Progress, profit margin and stage of completion. Each live contract is regularly reviewed by the directors as part of the contract valuation process. We review the costs and revenues to date and estimated costs and revenues to completion, which enables us to assess the most likely profit outcome and valuation of works carried out at a point in time. The closer to completion a contract is, the more certain the outcome will be and so the directors will always take a prudent view of contracts which cannot be estimated with certainty.

Intangible fixed assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

 

Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.

 

See note 11 for the carrying amount of the intangible assets and notes 1.6 and 1.7 for the useful economic lives for each class of asset.

Research and development

The group continually invests in its products and services and has consequently made claims for research & development tax credits for the two years ended 30 June 2019. These claims for tax credits has been reviewed by HMRC and are agreed. The group has included an asset in the balance sheet which matches the post year end receipt.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
373,995
-

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 28
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
100,621
96,713
Depreciation of tangible fixed assets held under finance leases
98,485
61,184
Profit on disposal of tangible fixed assets
(44,194)
(130)
Amortisation of intangible assets
1,773,086
1,757,712
Operating lease charges
434,253
363,504
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,500
5,000
Audit of the financial statements of the company's subsidiaries
42,250
42,705
47,750
47,705
For other services
Taxation compliance services
5,750
5,360
All other non-audit services
13,969
13,607
19,719
18,967
6
Employees

The company has no employees. The average monthly number of persons (including directors) employed by the group during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
117
120
-
-
Production
33
47
-
-
Total
150
167
-
-
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
6
Employees
(Continued)
Page 29

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
12,968,897
12,416,067
-
0
-
0
Social security costs
1,557,091
1,551,503
-
-
Pension costs
223,919
201,805
-
0
-
0
14,749,907
14,169,375
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
373,995
-
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,368,139
1,246,660
Company pension contributions to defined contribution schemes
43,936
37,903
1,412,075
1,284,563

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2023 - 8).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
382,130
343,919
Company pension contributions to defined contribution schemes
1,321
1,761
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 30
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
28,608
-
Other interest on financial liabilities
35,160
59,374
63,768
59,374
Other finance costs:
Interest on finance leases and hire purchase contracts
26,590
11,247
Total finance costs
90,358
70,621

Borrowing costs excluded from interest payable and included in the cost of assets during the year are as follows:

Construction contracts
185,538
423,178
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
85,155
114,508
Adjustments in respect of prior periods
(2,168,878)
450,000
Total current tax
(2,083,723)
564,508

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,370,779)
(1,336,101)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(342,695)
(253,859)
Tax effect of expenses that are not deductible in determining taxable profit
54,652
38,110
Tax effect of utilisation of tax losses not previously recognised
12,334
13,214
Effect of change in corporation tax rate
-
6,312
Permanent capital allowances in excess of depreciation
(60,203)
(9,026)
Amortisation on assets not qualifying for tax allowances
421,067
319,757
Provision against tax debtor for research & development expenditure
(2,168,878)
450,000
Taxation (credit)/charge
(2,083,723)
564,508
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 31
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 July 2023
16,829,301
588,306
17,417,607
Additions
-
0
183,631
183,631
At 30 June 2024
16,829,301
771,937
17,601,238
Amortisation and impairment
At 1 July 2023
7,842,915
309,146
8,152,061
Amortisation charged for the year
1,682,930
90,156
1,773,086
At 30 June 2024
9,525,845
399,302
9,925,147
Carrying amount
At 30 June 2024
7,303,456
372,635
7,676,091
At 30 June 2023
8,986,386
279,160
9,265,546
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
389,302
693,305
378,423
1,461,030
Additions
36,268
88,088
406,276
530,632
Disposals
-
0
(165,962)
(259,752)
(425,714)
At 30 June 2024
425,570
615,431
524,947
1,565,948
Depreciation and impairment
At 1 July 2023
182,394
505,480
133,690
821,564
Depreciation charged in the year
44,093
56,529
98,484
199,106
Eliminated in respect of disposals
-
0
(165,962)
(115,892)
(281,854)
At 30 June 2024
226,487
396,047
116,282
738,816
Carrying amount
At 30 June 2024
199,083
219,384
408,665
827,132
At 30 June 2023
206,908
187,820
244,738
639,466
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
12
Tangible fixed assets
(Continued)
Page 32
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
408,667
244,735
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
21,858,932
21,858,832
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
21,858,832
Additions
100
At 30 June 2024
21,858,932
Carrying amount
At 30 June 2024
21,858,932
At 30 June 2023
21,858,832
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Collins Construction Limited
England & Wales
Fit-out and refurbishment
Ordinary
100.00
100.00
Collins Tech Limited
England
Dormant
Ordinary
100.00
100.00
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 33
15
Financial instruments
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
27,492,028
30,511,722
100
100
Carrying amount of financial liabilities
Measured at amortised cost
40,160,308
40,631,251
10,374,044
10,324,673
16
Stocks
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Stock
200,000
200,000
-
-
Long term contracts
295,077
798,283
-
-
495,077
998,283
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,466,357
20,506,618
-
0
-
0
Amounts recoverable on contracts
10,006,402
8,358,879
-
0
-
0
Corporation tax recoverable
4,583,556
2,266,162
-
0
-
0
Other debtors
14,270
12,214
100
100
Prepayments and accrued income
1,259,008
831,876
-
0
-
0
33,329,593
31,975,749
100
100
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 34
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Obligations under finance leases
20
759,124
645,079
-
0
-
0
Trade creditors
30,773,954
31,884,586
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,959,622
1,280,944
Corporation tax payable
-
0
114,508
-
0
-
0
Other taxation and social security
3,571,629
4,040,880
-
-
Other creditors
910,828
1,543,729
914,422
1,543,729
Accruals and deferred income
971,932
209,879
-
0
-
0
36,987,467
38,438,661
2,874,044
2,824,673
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
7,500,000
7,500,000
7,500,000
7,500,000

Two of the directors, C D Bartram and M J Dockery, hold fixed and floating charges over the property and undertakings of Collins 2017 Limited.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
759,124
645,079
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
223,919
201,805
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
21
Retirement benefit schemes
(Continued)
Page 35

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 and 30 June 2024
127,632
127,632
3.56
3.56
Exercisable at 30 June 2024
-
-
-
-
Company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 and 30 June 2024
-
127,632
-
3.56
Exercisable at 30 June 2024
-
-
-
-

The options outstanding at 30th June 2024 are exercisable if the option holder is still an employee at the maturity date. The exercise price as agreed with HMRC is £3.56 per option (2023: £3.56). Each option has a maximum contractual life of 10 years and a remaining expected life of 8 years.

 

The weighted average fair value of options outstanding at the year end was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the contractual length of the options. The expected life used in the model has been adjusted to reflect the weighted average expected life of options.

 

The inputs in the Black-Scholes model were as follows: Weighted average share price: £0.10; Weighted average exercise price £3.56; expected volatility 40%; expected years 8 and risk free rate of return 4.81%.

 

There has been no charge to the Statement of total comprehensive income during the year as management consider the expense related to share based payments to be immaterial to the accounts.

Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 36
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
346,192
346,192
34,619
34,619
Ordinary B shares of 10p each
147,716
147,716
14,772
14,772
Ordinary C shares of 10p each
127,632
127,632
12,763
12,763
Founder shares of 9p each
301,663
301,663
27,150
27,150
Growth shares of 1p each
301,663
301,663
3,017
3,017
1,224,866
1,224,866
92,321
92,321
24
Reserves
Capital contribution reserve

The capital contribution reserve was created as a result of two directors forfeiting £5m of deferred consideration due on the purchase of the subsidiary, Collins Construction Limited.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
220,452
226,004
-
-
Between two and five years
609,815
788,850
-
-
830,267
1,014,854
-
-
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,412,075
1,284,563
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
26
Related party transactions
(Continued)
Page 37

Included within other creditors is a loan amount £798,065 (2023: £1,215,599) due to C Bartram, a director of the company. 4% interest has been accrued.

 

Included within other creditors is a loan amount £116,357 (2023: £328,130) due to M Dockery, a director of the company. 4% interest has been accrued.

 

Included within creditors: amounts falling due after more than one year, are amounts of £5,250,000 (2023: £5,250,000) and £2,250,000 (2023: £2,250,000) owing to C Bartram and M Dockery respectively.

27
Controlling party

The group is controlled by its directors. No one person has control.

28
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
712,944
(1,900,609)
Adjustments for:
Taxation (credited)/charged
(2,083,723)
564,508
Finance costs
90,358
70,621
Investment income
(373,995)
-
0
Gain on disposal of tangible fixed assets
(44,194)
(130)
Amortisation and impairment of intangible assets
1,773,086
1,757,712
Depreciation and impairment of tangible fixed assets
199,106
157,897
Movements in working capital:
Decrease/(increase) in stocks
503,206
(218,758)
Decrease in debtors
963,550
2,958,610
Decrease in creditors
(1,450,731)
(4,772,604)
Cash generated from/(absorbed by) operations
289,607
(1,382,753)
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
11,238,320
(187,099)
11,051,221
Obligations under finance leases
(645,079)
(114,045)
(759,124)
10,593,241
(301,144)
10,292,097
Collins 2017 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 38
30
Prior period adjustment

The financial statements of Collins Construction Ltd have been restated to include the impact of underaccrued costs and overvaluation of two of our contracts which were completed in 2023. The assessment of these projects did not included costs which, had they been taken into account, would have had a material impact on the level of profit reported in the year. The overvaluation related to incorrect assessments of the final account position of the two projects. These have now been corrected by way of a prior year adjustment.

 

P&L

The prior year adjustment has resulted in a reduction in gross profit of £1,628,653 and a reduction in profit after tax of £1,294,799. The restated loss after tax in Collins Construction Ltd is £148,134. The restated loss after tax for the group is £1,900,676.

 

The impact on the tax liability was a reduction of £333,807.

 

Balance Sheet

The prior year adjustment has resulted in a reduction in work in progress of £126,631 and amounts recoverable on long terms contracts of £350,000. There has been an increase in trade creditors of £1,152,022.

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