Company registration number 05819252 (England and Wales)
COLENA LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
COLENA LTD
COMPANY INFORMATION
Director
Mr J Ross
Company number
05819252
Registered office
Unit 9, Jupiter Court
Orion Business Park
North Shields
Tyne & Wear
NE29 7SE
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
COLENA LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 18
COLENA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The director presents the strategic report for the year ended 31 July 2024.

Principal activities

The principal activity of the company continued to be that of sale of drones, ancillary items and other related activities.

Review of the business

Turnover fell in the year by 9% from £18.9m in 2023 to £17.2m in 2024. Direct costs totalled £11.9m in 2024 against £12.4m in 2023. Gross profit fell from £6.5m in the previous year to £5.2m in 2024.

 

Reported profits before tax were at £3.1m in 2024 compared to £4.6m in 2023. Overall, the company ended up with net assets of £9.0m in 2024 against £9.7m in 2023 and cash balances of £6.0m compared to £7.4m in the previous year.

Principal risks and uncertainties

The director continues to monitor the principal risks to the business.

 

The main risks and uncertainties faced by the company are competition, supply line management/diversity and the Civil Aviation Authority (CAA) regulatory environment. The director is aware of these risks and is taking measures to mitigate them.

 

Reputational risk

The company aims to maintain its reputation as the premier provider of drone solutions in the UK.

 

Health and Safety

Maintaining the safety of staff and any other outside professionals/contractors is critical to the company. All company staff members are given the necessary training and equipment to ensure they carry out their duties accordingly to maintain and promote safety at all times.

 

Financial risk

The company has a robust and well organised procurement to ensure goods are provided at the best possible rates.

Key performance indicators

The table below sets out the key financial indicators of the company.

 

 

2024

2023

 

£

£

Turnover

17,225,844

18,911,660

Gross profit

5,278,881

6,537,560

Gross profit percentage

31%

34%

Future prospects

The director is pleased with the performance of the company for the year ended 31 July 2024 and expects continued profitability in the coming year.

On behalf of the board

Mr J Ross
Director
25 April 2025
COLENA LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 July 2024.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £43,840. The director does not recommend payment of a further dividend.

Director

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

Mr J Ross
Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement 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 company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Ross
Director
25 April 2025
COLENA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COLENA LTD
- 3 -
Opinion

We have audited the financial statements of Colena LTD (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

COLENA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COLENA LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

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

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

 

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

COLENA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COLENA LTD (CONTINUED)
- 5 -

Use of our report

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

Nicholas Cunningham MSc BSc ACCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited, Statutory Auditor
Accountants
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
NE2 1TJ
England
28 April 2025
COLENA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
17,225,844
18,911,660
Cost of sales
(11,946,963)
(12,374,100)
Gross profit
5,278,881
6,537,560
Administrative expenses
(2,476,791)
(1,956,075)
Other operating income
106,814
11,646
Operating profit
4
2,908,904
4,593,131
Interest receivable and similar income
7
241,683
36,799
Interest payable and similar expenses
8
(17,296)
(13,519)
Profit before taxation
3,133,291
4,616,411
Tax on profit
9
(792,564)
(942,312)
Profit for the financial year
2,340,727
3,674,099

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COLENA LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,533,946
1,030,442
Current assets
Stocks
12
1,647,818
1,352,375
Debtors
13
1,162,943
2,124,243
Cash at bank and in hand
5,994,429
7,423,809
8,805,190
10,900,427
Creditors: amounts falling due within one year
14
(962,687)
(1,892,632)
Net current assets
7,842,503
9,007,795
Total assets less current liabilities
9,376,449
10,038,237
Creditors: amounts falling due after more than one year
15
(168,665)
(202,506)
Provisions for liabilities
Deferred tax liability
17
199,981
174,815
(199,981)
(174,815)
Net assets
9,007,803
9,660,916
Capital and reserves
Called up share capital
20
200
300
Capital redemption reserve
21
100
-
0
Profit and loss reserves
9,007,503
9,660,616
Total equity
9,007,803
9,660,916

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mr  J Ross
Director
Company registration number 05819252 (England and Wales)
COLENA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
300
-
0
6,072,617
6,072,917
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
3,674,099
3,674,099
Dividends
10
-
-
(86,100)
(86,100)
Balance at 31 July 2023
300
-
0
9,660,616
9,660,916
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
2,340,727
2,340,727
Dividends
10
-
-
(43,840)
(43,840)
Redemption of shares
20
(100)
100
(2,950,000)
(2,950,000)
Balance at 31 July 2024
200
100
9,007,503
9,007,803
COLENA LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,119,551
3,978,116
Interest paid
(17,296)
(13,519)
Income taxes paid
(942,924)
(309,756)
Net cash inflow from operating activities
2,159,331
3,654,841
Investing activities
Purchase of tangible fixed assets
(752,856)
(350,572)
Proceeds from disposal of tangible fixed assets
-
0
32,565
Repayment of loans
(67,678)
(66,446)
Interest received
241,683
36,799
Net cash used in investing activities
(578,851)
(347,654)
Financing activities
Redemption of shares
(2,950,000)
-
0
Repayment of bank loans
(16,020)
200,706
Dividends paid
(43,840)
(86,100)
Net cash (used in)/generated from financing activities
(3,009,860)
114,606
Net (decrease)/increase in cash and cash equivalents
(1,429,380)
3,421,793
Cash and cash equivalents at beginning of year
7,423,809
4,002,016
Cash and cash equivalents at end of year
5,994,429
7,423,809
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
1
Accounting policies
Company information

Colena LTD is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Jupiter Court, Orion Business Park, North Shields, Tyne & Wear, NE29 7SE.

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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Leasehold land and buildings
Straightline over 50 years
Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
Equipment for rent
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 credited or charged to profit or loss.

COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
17,225,844
18,911,660
2024
2023
£
£
Other revenue
Interest income
241,683
36,799
Grants received
102,173
11,646
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(835)
13,553
Government grants
(102,173)
(11,646)
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
12,000
Depreciation of owned tangible fixed assets
185,353
159,175
Loss/(profit) on disposal of tangible fixed assets
63,999
(9,614)
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
38
30

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,333,153
1,015,496
Social security costs
136,834
99,160
Pension costs
31,163
24,402
1,501,150
1,139,058
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
9,000
9,000
Company pension contributions to defined contribution schemes
2,400
2,400
11,400
11,400
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
238,408
-
0
Other interest income
3,275
36,799
Total income
241,683
36,799
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,217
13,503
Other finance costs:
Other interest
1,079
16
17,296
13,519
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
767,398
863,109
Deferred tax
Origination and reversal of timing differences
25,166
79,203
Total tax charge
792,564
942,312

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

2024
2023
£
£
Profit before taxation
3,133,291
4,616,411
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
783,323
969,446
Tax effect of expenses that are not deductible in determining taxable profit
22,626
5,214
Permanent capital allowances in excess of depreciation
(38,551)
(48,882)
Research and development tax credit
-
0
(62,669)
Deferred tax adjustments in respect of prior years
25,166
79,203
Taxation charge for the year
792,564
942,312
10
Dividends
2024
2023
£
£
Final paid
43,840
86,100
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Equipment for rent
Total
£
£
£
£
£
£
£
Cost
At 1 August 2023
385,092
204,084
135,241
59,672
172,560
564,749
1,521,398
Additions
413,300
135,116
316
7,223
29,532
167,369
752,856
Disposals
-
0
-
0
-
0
-
0
-
0
(103,902)
(103,902)
At 31 July 2024
798,392
339,200
135,557
66,895
202,092
628,216
2,170,352
Depreciation and impairment
At 1 August 2023
53,913
50,546
66,797
31,098
48,902
239,700
490,956
Depreciation charged in the year
10,457
35,415
10,314
8,418
35,836
84,913
185,353
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(39,903)
(39,903)
At 31 July 2024
64,370
85,961
77,111
39,516
84,738
284,710
636,406
Carrying amount
At 31 July 2024
734,022
253,239
58,446
27,379
117,354
343,506
1,533,946
At 31 July 2023
331,179
153,538
68,444
28,574
123,658
325,049
1,030,442
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,647,818
1,352,375
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
879,909
1,198,034
Other debtors
253,815
176,102
Prepayments and accrued income
29,219
750,107
1,162,943
2,124,243
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
16,021
16,554
Trade creditors
433,694
919,091
Corporation tax
377,827
553,353
Other taxation and social security
34,244
294,814
Other creditors
78,724
87,250
Accruals and deferred income
22,177
21,570
962,687
1,892,632
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
168,665
184,152
Government grants
18
-
0
18,354
168,665
202,506
16
Loans and overdrafts
2024
2023
£
£
Bank loans
184,686
200,706
Payable within one year
16,021
16,554
Payable after one year
168,665
184,152
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
16
Loans and overdrafts
(Continued)
- 17 -

The long-term loans are secured by fixed charges over an unlimited debenture incorporating a fixed and floating charge over the Company assets and a charge over the premises owned by the Company.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
199,981
174,815
2024
Movements in the year:
£
Liability at 1 August 2023
174,815
Charge to profit or loss
25,166
Liability at 31 July 2024
199,981
18
Government grants
2024
2023
£
£
Arising from government grants
-
18,354
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,163
24,402

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
300
200
300
COLENA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
21
Capital redemption reserve

The reserve reflects amount paid by the Company to redeem shares.

22
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Participator loan
2.50
64,723
-
1,618
(66,341)
-
Directors loan account
2.50
66,446
66,021
1,657
-
134,124
131,169
66,021
3,275
(66,341)
134,124
23
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,340,727
3,674,099
Adjustments for:
Taxation charged
792,564
942,312
Finance costs
17,296
13,519
Investment income
(241,683)
(36,799)
Loss/(gain) on disposal of tangible fixed assets
63,999
(9,614)
Depreciation and impairment of tangible fixed assets
185,353
159,175
Movements in working capital:
(Increase)/decrease in stocks
(295,443)
239,412
Decrease/(increase) in debtors
1,028,978
(831,700)
Decrease in creditors
(753,886)
(190,642)
(Decrease)/increase in deferred income
(18,354)
18,354
Cash generated from operations
3,119,551
3,978,116
24
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
7,423,809
(1,429,380)
5,994,429
Borrowings excluding overdrafts
(200,706)
16,020
(184,686)
7,223,103
(1,413,360)
5,809,743
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