Registered number
15104819
Collins Accountants Limited
Report and Unaudited Accounts
31 August 2024
Collins
Chartered Accountants
West Midlands
Collins Accountants Limited
Registered number: 15104819
Balance Sheet
as at 31 August 2024
Notes 2024
£ £
Fixed assets
Intangible assets 3 675,000
Tangible assets 4 1,520
676,520
Current assets
Work in progress 74,000
Debtors 5 281,951
Cash at bank and in hand 65,977
421,928
Creditors: amounts falling due within one year 6 (172,720)
Net current assets 249,208
Total assets less current liabilities 925,728
Creditors: amounts falling due after more than one year 7 (827,519)
Provisions for liabilities (380)
Net assets 97,829
Capital and reserves
Called up share capital 100
Profit and loss account 97,729
Shareholders' funds 97,829
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Collins
Director
Approved by the board on 15 May 2025
Collins Accountants Limited
Notes to the Accounts
for the period from 30 August 2023 to 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Work in progress
Work in progress is valued at net realisable value. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024
Number
Average number of persons employed by the company 13
3 Intangible fixed assets £
Goodwill:
Cost
Additions 750,000
At 31 August 2024 750,000
Amortisation
Provided during the period 75,000
At 31 August 2024 75,000
Net book value
At 31 August 2024 675,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,629
At 31 August 2024 1,629
Depreciation
Charge for the period 109
At 31 August 2024 109
Net book value
At 31 August 2024 1,520
5 Debtors 2024
£
Trade debtors 270,743
Prepayments and accrued income 11,208
281,951
6 Creditors: amounts falling due within one year 2024
£
Trade creditors 37,283
Corporation tax 72,363
Other taxes and social security costs 60,312
Accruals and deferred income 2,762
172,720
7 Creditors: amounts falling due after one year 2024
£
Directors loan 827,519
8 Other information
Collins Accountants Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge,
Castle Bromwich Hall, Chester Road,
Castle Bromwich,
West Midlands
B36 9DE
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