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COMPANY REGISTRATION NUMBER: 00387363
Collins Brothers Limited
Filleted Unaudited Financial Statements
31 July 2024
Collins Brothers Limited
Balance Sheet
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,659
4,689
Investments
6
46,000
46,000
--------
--------
49,659
50,689
Current assets
Work in progress
7
1,445,034
1,449,368
Debtors
8
14,693
8,356
Cash at bank and in hand
12,973
2,248
------------
------------
1,472,700
1,459,972
Creditors: amounts falling due within one year
9
1,512,132
1,479,929
------------
------------
Net current liabilities
39,432
19,957
--------
--------
Total assets less current liabilities
10,227
30,732
Creditors: amounts falling due after more than one year
10
9,768
20,012
--------
--------
Net assets
459
10,720
--------
--------
Capital and reserves
Called up share capital
22,140
22,140
Capital redemption reserve
22,860
22,860
Profit and loss account
( 44,541)
( 34,280)
--------
--------
Shareholders funds
459
10,720
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Collins Brothers Limited
Balance Sheet (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr M G Collins
Mr I J Collins
Director
Director
Company registration number: 00387363
Collins Brothers Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. On the sale of properties turnover is recognised once the contracts have been exchanged.
Operating leases
Rentals applicable to operting leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2023
10,556
35,085
45,641
Additions
190
190
--------
--------
--------
At 31 July 2024
10,556
35,275
45,831
--------
--------
--------
Depreciation
At 1 August 2023
9,546
31,406
40,952
Charge for the year
253
967
1,220
--------
--------
--------
At 31 July 2024
9,799
32,373
42,172
--------
--------
--------
Carrying amount
At 31 July 2024
757
2,902
3,659
--------
--------
--------
At 31 July 2023
1,010
3,679
4,689
--------
--------
--------
6. Investments
Investment properties
£
Cost
At 1 August 2023 and 31 July 2024
46,000
--------
Impairment
At 1 August 2023 and 31 July 2024
--------
Carrying amount
At 31 July 2024
46,000
--------
At 31 July 2023
46,000
--------
The company's investment properties were valued by the directors at the reporting date on an open market basis. The directors are of the opinion the carrying value of the investment properties is their market value.
7. Work in progress
2024
2023
£
£
Work in progress
1,445,034
1,449,368
------------
------------
8. Debtors
2024
2023
£
£
Prepayments and accrued income
2,276
556
Other debtors
12,417
7,800
--------
-------
14,693
8,356
--------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,092
9,846
Accruals and deferred income
10,924
18,073
Director loan accounts
212,988
212,350
Other loans
1,274,919
1,234,351
Rent deposits
3,209
5,309
------------
------------
1,512,132
1,479,929
------------
------------
At the reporting date, the company owed the directors £212,988 (2023: £212,350) in respect of their interest free loans which are repayable on demand. It is not foreseen the directors loans will repaid within 12 months of the reporting date, therefore they have been disclosed as due after more than one year.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
9,768
20,012
-------
--------