COLLECT2 LTD


Director	Jeff Lawson


Registered Address	Warehouse 2 Frances Industrial Estate, Wemyss Road
	Dysart
	Kirkcaldy
	KY1 2XZ


Registered Number	SC361603 (Scotland)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		118,246		89,306
Tangible assets	4		393,833		412,632
			512,079		501,938
Current assets
Stocks		1,156		1,103
Debtors	5	331,813		341,653
Cash at bank and on hand		12,758		3,272
		345,727		346,028
Creditors amounts falling due within one year	6	(434,424)		(470,477)
Net current assets (liabilities)			(88,697)		(124,449)
Total assets less current liabilities			423,382		377,489
Creditors amounts falling due after one year	7		(203,007)		(241,620)
Provisions for liabilities			(74,828)		(78,400)
Net assets			145,547		57,469
Capital and reserves
Called up share capital			4		4
Other reserves			34,486		34,486
Profit and loss account			111,057		22,979
Shareholders' funds			145,547		57,469

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 30 September 2025, and are signed on its behalf by:

Jeff Lawson
Director
Registered Company No. SC361603

COLLECT2 LTD

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the director who has confirmed he will continue to support the company when required.

	Turnover policy
	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 sale of goods and from the rendering of services.

	Employee benefits
	The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Intangible assets are initially measured at cost, after initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Software Development costs are not being amortised.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	20	-
Vehicles	25	-
Office Equipment	25	3

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

	Stocks and work in progress
	Stock and work in progress are valued at the lower of cost and net realisable value.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	17		20

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	89,306	89,306
Additions	28,940	28,940
At 31 December 24	118,246	118,246
Net book value
At 31 December 24	118,246	118,246
At 31 December 23	89,306	89,306

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	36,707	661,826	38,960	737,493
Additions	21,893	71,635	-	93,528
At 31 December 24	58,600	733,461	38,960	831,021
Depreciation and impairment
At 01 January 24	20,594	275,305	28,962	324,861
Charge for year	3,540	104,539	4,248	112,327
At 31 December 24	24,134	379,844	33,210	437,188
Net book value
At 31 December 24	34,466	353,617	5,750	393,833
At 31 December 23	16,113	386,521	9,998	412,632

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	305,800	296,532
Other debtors	648	18,276
Prepayments and accrued income	25,365	26,845
Total	331,813	341,653

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	198,063	201,201
Bank borrowings and overdrafts	10,000	43,078
Taxation and social security	72,349	80,192
Finance lease and HP contracts	106,892	107,709
Other creditors	3,564	252
Accrued liabilities and deferred income	43,556	38,045
Total	434,424	470,477

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	5,754	15,754
Other creditors	197,253	225,866
Total	203,007	241,620

8.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	178,551		225,866