The Collins Collection Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—7

1. General Information

The Collins Collection Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02235613 . The registered office is 17 Bulstrode Street, London, W1U 2JH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

The company's turnover is derived from the following sources.

Consultancy fees relating to property related transactions, recognised on completion;
Income from short term hire and functions, recognised once the stay or event is complete; and
Shop and Tearoom takings, recognised at the point of sale.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model are measured at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property	Fair value
Short-term leasehold property	Straight line over the lease term
Furniture, fixtures and equipment	10% per annum on the reducing balance
Classic car	5% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement on a straight-line basis over the lease term.

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The Collins Collection Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.9. Borrowing Costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2024: 8)

4. Tangible Assets

	Land & Property
	Freehold property	Furniture, fixtures and equipment	Classic car	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2024	7,750,000	1,378,045	72,000	9,200,045
Additions	-	44,603	-	44,603
Revaluation	250,000	-	-	250,000

As at 31 March 2025	8,000,000	1,422,648	72,000	9,494,648

...CONTINUED

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The Collins Collection Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	-	479,927	21,600	501,527
Provided during the period	-	98,492	3,600	102,092

As at 31 March 2025	-	578,419	25,200	603,619

Net Book Value
As at 31 March 2025	8,000,000	844,229	46,800	8,891,029

As at 1 April 2024	7,750,000	898,118	50,400	8,698,518

If the property was included at historical cost the amount would be £5,525,546 (2024 : £5,525,546).

5. Stocks

	2025	2024
	£	£
Finished goods	15,000	2,000

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	114,501	134,279
Prepayments and accrued income	82,106	61,021
Other debtors	4,176,262	4,085,371
Other taxes and social security	2,957	-

	4,375,826	4,280,671

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	115,201	138,868
Other taxes and social security	-	7,173
VAT	42,914	23,003
Other creditors	3,792,012	3,783,974
Accruals and deferred income	2,257,093	1,958,435
Director's loan account	2,683,603	2,514,821

	8,890,823	8,426,274

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	3,600,000	3,600,000

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The Collins Collection Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Secured Creditors

At the reporting date there was a fixed and floating charge in favour of Weatherbys Bank Limited as security for the bank loan.

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	3,600,000		3,600,000

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	219,325	232,642
Revaluation of property, plant and equipment	932,491	869,991
Tax losses carried forward	(876,254 )	(778,768 )

	275,562	323,865

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	323,865	323,865
Reversals	(48,303 )	(48,303)

Balance at 31 March 2025	275,562	275,562

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	13,000	13,000
Later than one year and not later than five years	7,583	20,583

	20,583	33,583

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The Collins Collection Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Reserves

	Revaluation Reserve
	£
As at 1 April 2024	2,318,205
Surplus on revaluation	250,000

As at 31 March 2025	2,568,205

The reserve comprises the unrealised surplus on the revaluation of freehold property, net of deferred tax.

15. Related Party Transactions

At the balance sheet date, £3,790,853 (2024: £3,782,943) was owed to companies where S R Collins is a director and has a participating interest. No interest is charged on the loans which are all repayable on demand.

At the balance sheet date, £4,188,628 (2024: £4,085,371) was owed by companies where S R Collins is a director and has a participating interest. No interest is charged on the loans which are all repayable on demand.

At the balance sheet date, included in accruals is £1,573,639 (2024: £1,573,639) owed to a related party under a joint venture arrangement. S R Collins is a director and has a participating interest in the company.

At the balance sheet date, S R Collins was owed £2,683,603 (2024: £2,514,821). Interest of £nil (2023: £7,152) was charged in the year.

S R Collins has given a personal guarantee in support of the company's bank loan.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		8,891,029		8,698,518

			8,891,029		8,698,518
CURRENT ASSETS
Stocks	5	15,000		2,000
Debtors	6	4,375,826		4,280,671
Cash at bank and in hand		71,468		82,461

		4,462,294		4,365,132
Creditors: Amounts Falling Due Within One Year	7	(8,890,823 )		(8,426,274 )

NET CURRENT ASSETS (LIABILITIES)			(4,428,529 )		(4,061,142 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,462,500		4,637,376

Creditors: Amounts Falling Due After More Than One Year	8		(3,600,000 )		(3,600,000 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(275,562 )		(323,865 )

NET ASSETS			586,938		713,511

CAPITAL AND RESERVES
Called up share capital	12		100		100
Revaluation reserve	14		2,568,205		2,318,205
Income Statement			(1,981,367 )		(1,604,794 )

SHAREHOLDERS' FUNDS			586,938		713,511