Collins Autosport Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Collins Autosport Limited

(Registration number: 03386879)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	71,713	74,444
Investments	5	-	2
		71,713	74,446
Current assets
Debtors	6	181,301	209,900
Cash at bank and in hand		860,212	1,099,772
		1,041,513	1,309,672
Creditors: Amounts falling due within one year	7	(10,313)	(27,283)
Net current assets		1,031,200	1,282,389
Net assets		1,102,913	1,356,835
Capital and reserves
Called up share capital	8	1,100	200,100
Profit and loss account		1,101,813	1,156,735
Shareholders' funds		1,102,913	1,356,835

Collins Autosport Limited

(Registration number: 03386879)
Statement of Financial Position as at 31 December 2024 (continued)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

B L Collins Director

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of sporting entertainment.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost basis except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Collins Autosport Limited is the parent under taking, registered at C/O Westcotts, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon PL6 8LT.

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Prior period errors

The comparative figures for the year ended 31 December 2023 have been restated to correct an error in the corporation tax charge previously recognised. The corporation tax liability included in the prior year financial statements was overstated by £24,382.

As a result, the corporation tax creditor has been reduced by £24,382 and the taxation charge in the profit and loss account has been reduced by the same amount.

The adjustment has no impact on the current year results or net assets as at 31 December 2024.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% straight line
Motor vehicles	25% reducing balance
Computer equipment	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently recorded at cost less accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recorded in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the current reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recorded in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at present value of the amount required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period that is arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	5,039	5,027	7,319	159,980	177,365
Additions	2,833	-	8,239	12,902	23,974
At 31 December 2024	7,872	5,027	15,558	172,882	201,339
Depreciation
At 1 January 2024	2,553	2,196	4,819	93,353	102,921
Charge for the year	1,739	708	4,375	19,883	26,705
At 31 December 2024	4,292	2,904	9,194	113,236	129,626
Carrying amount
At 31 December 2024	3,580	2,123	6,364	59,646	71,713
At 31 December 2023	2,486	2,831	2,500	66,627	74,444

5	Investments

	Shares in group undertakings £	Total £
Non-current investments
Cost
At 1 January 2024	2	2
Disposals	(2)	(2)
At 31 December 2024	-	-
Impairment
Carrying amount
At 31 December 2024	-	-

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

	Note	2024 £	(As restated) 2023 £
Other debtors		162,250	207,987
Prepayments		3,095	1,913
Income tax asset		15,956	-
		181,301	209,900

7

Creditors

Creditors: amounts falling due within one year

	2024 £	(As restated) 2023 £
Trade creditors	174	-
Taxation and social security	5,640	20,738
Accruals and deferred income	2,180	2,000
Other creditors	2,319	4,545
	10,313	27,283

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100
Ordinary B shares of £1 each	1,000	1,000	200,000	200,000
	1,100	1,100	200,100	200,100

During the year, the company reduced its issued share capital from £200,100 to £1,100 by means of a capital reduction approved by special resolution and in accordance with the provisions of the Companies Act 2006.

Collins Autosport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Related party transactions

Transactions with directors

During the year the company entered into the following transactions with directors:

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Directors	204,600	406,812	(449,162)	162,250

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Directors	31,517	202,477	(29,394)	204,600

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.