Company registration number 12980697 (England and Wales)
THE SEVENTEENTH COLLECTIVE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
THE SEVENTEENTH COLLECTIVE LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THE SEVENTEENTH COLLECTIVE LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE SEVENTEENTH COLLECTIVE LTD FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Seventeenth Collective Ltd for the year ended 31 October 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Seventeenth Collective Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Seventeenth Collective Ltd and state those matters that we have agreed to state to the board of directors of The Seventeenth Collective Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Seventeenth Collective Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Seventeenth Collective Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Seventeenth Collective Ltd. You consider that The Seventeenth Collective Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Seventeenth Collective Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
10 April 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
THE SEVENTEENTH COLLECTIVE LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
306
408
Investment properties
5
1,209,174
1,209,174
Investments
4
58,040
49,839
1,267,520
1,259,421
Current assets
Debtors
6
13,490
Cash at bank and in hand
2,379
3,072
2,379
16,562
Creditors: amounts falling due within one year
7
(17,426)
(7,718)
Net current (liabilities)/assets
(15,047)
8,844
Total assets less current liabilities
1,252,473
1,268,265
Creditors: amounts falling due after more than one year
8
(857,224)
(852,737)
Net assets
395,249
415,528
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
395,149
415,428
Total equity
395,249
415,528
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE SEVENTEENTH COLLECTIVE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Mr J A Raines
Miss S B Lotun
Director
Director
Company Registration No. 12980697
THE SEVENTEENTH COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information
The Seventeenth Collective Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.true
1.3
Turnover
Turnover represents amounts receivable for rents, on a time apportioned basis, from investment properties.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
THE SEVENTEENTH COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Fixed asset investments comprise of investments initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.8
Financial instruments
The company 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.
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.
Other financial assets, including listed and unlisted investments, 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 instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2023 - 0).
THE SEVENTEENTH COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2023 and 31 October 2024
587
Depreciation and impairment
At 1 November 2023
179
Depreciation charged in the year
102
At 31 October 2024
281
Carrying amount
At 31 October 2024
306
At 31 October 2023
408
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments
57,940
49,739
58,040
49,839
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2023
100
49,739
49,839
Valuation changes
-
10,417
10,417
Investment charges
-
(2,219)
(2,219)
Interest earned
-
3
3
At 31 October 2024
100
57,940
58,040
Carrying amount
At 31 October 2024
100
57,940
58,040
At 31 October 2023
100
49,739
49,839
THE SEVENTEENTH COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
1,209,174
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company directors on 31 October 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,490
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,291
Other creditors
16,135
7,718
17,426
7,718
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
857,224
852,737
The bank loans included in note 8 are secured over the company's underlying assets.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100