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REGISTERED NUMBER: 12004626 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

COLLEGIATE AC GROUP LTD

COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COLLEGIATE AC GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr R Clothier
Mrs M L Cuanalo
Mr H L Cuanalo





REGISTERED OFFICE: Bayworth Cleave
Bayworth Manor
Abingdon
Oxfordshire
OX13 6QS





REGISTERED NUMBER: 12004626 (England and Wales)






COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

BALANCE SHEET
31 AUGUST 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 9,162 7,864
Investments 6 940,665 595,695
949,827 603,559

CURRENT ASSETS
Debtors 7 460,363 157,129
Cash at bank 64,448 85,682
524,811 242,811
CREDITORS
Amounts falling due within one year 8 896,291 253,972
NET CURRENT LIABILITIES (371,480 ) (11,161 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

578,347

592,398

PROVISIONS FOR LIABILITIES 2,290 -
NET ASSETS 576,057 592,398

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 575,057 591,398
SHAREHOLDERS' FUNDS 576,057 592,398

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

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

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:




Mr H L Cuanalo - Director


COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

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


1. STATUTORY INFORMATION

Collegiate AC Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Collegiate AC Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

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


3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 September 2023 12,421
Additions 3,558
At 31 August 2024 15,979
DEPRECIATION
At 1 September 2023 4,557
Charge for year 2,260
At 31 August 2024 6,817
NET BOOK VALUE
At 31 August 2024 9,162
At 31 August 2023 7,864

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 September 2023 12,457 583,238 595,695
Additions - 344,970 344,970
At 31 August 2024 12,457 928,208 940,665
NET BOOK VALUE
At 31 August 2024 12,457 928,208 940,665
At 31 August 2023 12,457 583,238 595,695

COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 229,260 -
Amounts owed by group undertakings - 6,381
Other debtors 231,103 150,748
460,363 157,129

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 32,329 17,894
Amounts owed to group undertakings 13,381 13,422
Taxation and social security 312,214 175,054
Other creditors 538,367 47,602
896,291 253,972

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1,000 Ordinary £1 1,000 1,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
as restated
£    £   
Mr H L Cuanalo
Balance outstanding at start of year - -
Amounts advanced 42,214 -
Amounts repaid (42,214 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan was unsecured and interest free.

COLLEGIATE AC GROUP LTD (REGISTERED NUMBER: 12004626)

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


11. PRIOR YEAR ADJUSTMENT

The company discovered on changing professional advisors that certain items of turnover and fixed asset investment assets had been accidently omitted in prior years.

The total adjustment to fixed asset investment for the year ended 31 August 2021 was an increase of £134,177, for the year ended 31 August 2022 was an increase of £268,524 and for the year ended 31 August 2023 was an increase of £180,537, therefore fixed asset investments increased by a total of £583,238 as at 31 August 2023.

The total adjustment to turnover for the year ended 31 August 2021 was an increase of £134,177, for the year ended 31 August 2022 was an increase of £268,524 and for the year ended 31 August 2023 was an increase of £180,537.

The overall tax effect of the above adjustments was an increase in the corporation tax creditor of £115,357 as at 31 August 2023.

Profit for the year ended 31 August 2021 increased by £108,683. Profit for the year ended 31 August 2022 increased by £217,504. Profit for the year ended 31 August 2023 increased by £141,694. The total adjustment to retained reserves at 31 August 2023 was £467,881.