| REGISTERED NUMBER: |
| Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Collinda Limited |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Collinda Limited |
| Collinda Limited (Registered number: 01773935) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 4 |
| Income Statement | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11 |
| Collinda Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor & Chartered Accountants |
| Old Printers Yard |
| 156 South Street |
| Dorking |
| Surrey |
| RH4 2HF |
| Collinda Limited (Registered number: 01773935) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of agents and distributors of chemicals. |
| REVIEW OF BUSINESS |
| The results are as shown in the attached accounts. |
| Turnover was 2% lower in 2024 compared to 2023 as customers used up stocks that they had previously ordered as a precaution against potential supply issues. An improvement in the overall sales margin achieved to 22% resulted in a higher gross profit amount compared to last year. |
| Whilst the 2025 year has started well, the market for the remainder of the year and beyond is difficult to predict. A number of factors such as: |
| - | The continuing world conflicts in Ukraine and the Middle East, and their potential impact on the supply of petrochemical products, |
| - | The effect on UK and world business confidence of the US policy on trade tariffs. |
| - | Changes to business taxes in the UK and government measures to boost the economy and curtail inflation. |
| can all potentially affect the demand, supply and pricing for the various products the company supplies to its customers. |
| The directors continue to manage the company in a prudent manner to seek out new trading opportunities whilst continuing to meet existing customer demand. The company is trading profitably, has future orders and a strong balance sheet. The directors believe it is appropriate to prepare the accounts on a going concern basis. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are 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. They are 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. |
| Collinda Limited (Registered number: 01773935) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Collinda Limited |
| Opinion |
| We have audited the financial statements of Collinda Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis of 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 Auditors' 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 the provisions available for small entities, in the circumstances set out in note fifteen to the financial statements, 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Collinda Limited |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Collinda Limited |
| Auditors' 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 a Report of the Auditors 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. |
| - | We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (FRS102, the Companies Act 2006 and the relevant tax compliance regulations in the UK) |
| - | We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; |
| - | We understood how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those charged with governance; |
| - | These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; |
| - | We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making enquires of management, those charged with governance and legal advisers. We utilised internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the Company as a whole. We considered the risk of fraud to be higher through the potential for management override of controls. |
| Audit procedures performed by the engagement team on the areas where fraud might occur included: |
| - | evaluation of management's internal processes designed to prevent and detect irregularities |
| - | journals entries testing, with a focus on manual entries and entries determined to be large or relating to unusual transactions |
| - | review of revenue data to detect unusual sales transactions |
| Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's: |
| - | understanding of, and practical experience with audit engagements of a similar nature and complexity through the appropriate training and participation |
| - | knowledge of the industry in which the company operates |
| - | understanding of the legal and regulatory requirements specific to the company |
| - | review of revenue data to detect unusual sales transactions |
| We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud. |
| Owing to the limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Collinda Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor & Chartered Accountants |
| Old Printers Yard |
| 156 South Street |
| Dorking |
| Surrey |
| RH4 2HF |
| Collinda Limited (Registered number: 01773935) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 386,789 | 313,379 |
| Other operating income |
| OPERATING PROFIT |
| Interest receivable and similar income |
| 454,298 | 381,210 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION | 4 |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Collinda Limited (Registered number: 01773935) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Collinda Limited (Registered number: 01773935) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Collinda Limited (Registered number: 01773935) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Collinda Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared on the going concern basis as referred to in the Report of the Directors. |
| The financial statements are presented in (£) which is also the functional currency for the company. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents the net invoiced sales of chemicals, excluding value added tax where applicable. Sales are recognised when the responsibilities of ownership transferred to the customer; this can be on the delivery of the stock or the appropriation from consignment stock held by the customer for their use. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| At each reporting date, assets are reviewed to determine whether there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and an impairment loss is recognised immediately in the income statement. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, and includes all direct costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Collinda Limited (Registered number: 01773935) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROFIT BEFORE TAXATION |
| All costs incurred by Scarletrain Limited, the parent of Collinda Limited, are borne by Collinda Limited. |
| 5. | AUDITORS' REMUNERATION |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
9,230 |
8,936 |
| Other non- audit services |
| 6. | TAXATION |
| The company is liable to Isle of Man corporate income tax at 0% rate (2023 - 0%) on all income, net of allowable deductions: |
| With effect from 1 January 2023, the company became Isle of Man tax resident under the central management and control test. Under the terms of the double tax agreement between the UK and the Isle of Man, the company was solely tax resident in the Isle of Man from that date, and was not liable to UK corporation tax on its profits on the basis that it has no fixed place of business in the UK. |
| 7. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of 1.00 each |
| Interim |
| Collinda Limited (Registered number: 01773935) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| VAT | 128,938 | 92,162 |
| Accrued expenses |
| Trade creditors includes a sum of approximately £73,000 (2023 - £62,000), which is secured by reservation to the supplier of legal title to the goods supplied and the proceeds of their sale. However, the amount secured in this manner depends on the legal interpretation of individual contracts and so cannot be determined exactly. |
| 11. | SECURED DEBTS |
| Bank loans and overdrafts are secured by debentures including a fixed and floating charge over the assets of the company both present and future dated 24 June 2004 and 6 March 2007. |
| Collinda Limited (Registered number: 01773935) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | OTHER FINANCIAL COMMITMENTS |
| The company has provided a guarantee dated 19 July 2004 for £15,000 in favour of HM Revenue & Customs via HSBC. |
| The company has also entered into a multilateral company guarantee dated 24 June 2004 in favour of HSBC in respect of Scarletrain Limited. |
| 13. | OFF-BALANCE SHEET ARRANGEMENTS |
| Under an arrangement dated 21 June 2006 the company entered into a non-recourse debt factoring arrangement in respect of debts at that date and future debts with HSBC Invoice Finance (UK) Ltd. The trade debtors balance includes £793,531 (2023 - £619,635) representing debts assigned against which funds are advanced subject to the terms of the agreement. The amount subject to non-recourse at the year end was £779,531 (2023: £602,556). |
| 14. | RELATED PARTY DISCLOSURES |
| Management charges of £588,000 were made to Chemiserve Limited by Collinda Limited in the year ended 31 December 2024 for services provided. At the year end the company owed £58,800 to Chemiserve Limited. |
| 15. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Scarletrain Limited. |
| The ultimate controlling party is |