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COMPANY REGISTRATION NUMBER: 01033890

Colin Sykes Limited

Filleted Unaudited Financial Statements

30 December 2024

Colin Sykes Limited

Statement of Financial Position

30 December 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Intangible assets | 5 |  | 1,235 | 2,470
Tangible assets | 6 |  | 42,177 | 456,377
|  | -------- | ---------
|  | 43,412 | 458,847

Current assets

Stocks | 120,172 |  | 154,667
Debtors | 7 | 311,136 |  | 373,172
Cash at bank and in hand | 72,555 |  | 20,268
| --------- |  | ---------
| 503,863 |  | 548,107

Creditors: amounts falling due within one year | 8 | 775,510 |  | 829,881
| --------- |  | ---------
Net current liabilities |  | 271,647 | 281,774
|  | --------- | ---------
Total assets less current liabilities |  | ( 228,235) | 177,073

Creditors: amounts falling due after more than one year | 9 |  | 168,634 | 257,909

Provisions

Taxation including deferred tax |  | 7,908 | 82,097
|  | --------- | ---------
Net liabilities |  | ( 404,777) | ( 162,933)
|  | --------- | ---------

Capital and reserves

Called up share capital |  | 1,002 | 1,002
Revaluation reserve |  | – | 285,302
Profit and loss account |  | ( 405,779) | ( 449,237)
|  | --------- | ---------
Shareholders deficit |  | ( 404,777) | ( 162,933)
|  | --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Colin Sykes Limited

Statement of Financial Position (continued)

30 December 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2026 , and are signed on behalf of the board by:

Mr P Sykes
Director

Company registration number: 01033890

Colin Sykes Limited

Notes to the Financial Statements

Year ended 30 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clifton Hall, Cholmondeley Road, Clifton, Runcorn, WA7 4XW, Cheshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net liabilities at 30 December 2024 however the financial statements have been prepared on a going concern basis which the Directors believe remains appropriate. The accounts do not include the adjustments that would be necessary if the company was unable to continue as a going concern.
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 .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Websites | - | 5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fixtures & Fittings | - | 10% to 33% Straight Line
| Motor Vehicles | - | 25% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 25 ).
5. Intangible assets

| Websites
| £
Cost |
At 1 January 2024 and 30 December 2024 | 6,176
| -------
Amortisation |
At 1 January 2024 | 3,706
Charge for the year | 1,235
| -------
At 30 December 2024 | 4,941
| -------
Carrying amount |
At 30 December 2024 | 1,235
| -------
At 31 December 2023 | 2,470
| -------

6. Tangible assets

| Investment Property | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2024 | 375,000 | 306,400 | 73,263 | 754,663
Additions | – | 2,179 | – | 2,179
Disposals | ( 22,775) | – | ( 35,991) | ( 58,766)
Other movements | ( 352,225) | – | – | ( 352,225)
| --------- | --------- | -------- | ---------
At 30 December 2024 | – | 308,579 | 37,272 | 345,851
| --------- | --------- | -------- | ---------
Depreciation |  |  |  |
At 1 January 2024 | – | 250,231 | 48,055 | 298,286
Charge for the year | – | 17,258 | 5,312 | 22,570
Disposals | – | – | ( 17,182) | ( 17,182)
| --------- | --------- | -------- | ---------
At 30 December 2024 | – | 267,489 | 36,185 | 303,674
| --------- | --------- | -------- | ---------
Carrying amount |  |  |  |
At 30 December 2024 | – | 41,090 | 1,087 | 42,177
| --------- | --------- | -------- | ---------
At 31 December 2023 | 375,000 | 56,169 | 25,208 | 456,377
| --------- | --------- | -------- | ---------

7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 30,032 | 36,673
Prepayments and accrued income | 14,506 | 8,813
Directors loan account | 154,500 | 212,307
Other debtors | 112,098 | 115,379
| --------- | ---------
| 311,136 | 373,172
| --------- | ---------

As at 31 December 2024 the Directors loan account was overdrawn by £154,500. The maximum amount by which the loan account was overdrawn in the year was £212,307.
8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 388,639 | 262,171
Trade creditors | 243,500 | 410,432
Accruals and deferred income | 14,458 | 25,664
Corporation tax | 55,368 | 51,773
Social security and other taxes | 26,112 | 21,343
Obligations under finance leases and hire purchase contracts | – | 6,042
Other loans | 46,880 | 48,280
Other creditors | 553 | 4,176
| --------- | ---------
| 775,510 | 829,881
| --------- | ---------

9. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 163,085 | 230,790
Accruals and deferred income | 5,549 | 7,739
Obligations under finance leases and hire purchase contracts | – | 19,380
| --------- | ---------
| 168,634 | 257,909
| --------- | ---------

Interest is charged on the Bounce Back loan at 2.5% and it is repayable over 5 years commencing June 2021.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:

| 2024
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr P Sykes | 212,307 | 209,106 | ( 266,913) | 154,500
|  | --------- | --------- | --------- | ---------

| 2023
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr P Sykes | 93,591 | 210,555 | ( 91,839) | 212,307
|  | -------- | --------- | -------- | ---------

11. Related party transactions
The directors consider the controlling party of the company to be Mr Peter Sykes and Mrs Kelly Sykes.