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Registered number: 03659431 Martin Collins Enterprises Limited Directors' report and financial statements For the year ended 31 July 2025
Martin Collins Enterprises Limited Company Information
Director | R Sanders
Company secretary | R Wells
Registered number | 03659431
Registered office | Cuckoo Copse
| Lambourn Woodlands
| Hungerford
| Berkshire
| RG17 7TJ
Independent auditors | Kreston Reeves Audit LLP
| Statutory Auditor
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Martin Collins Enterprises Limited Contents
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Balance sheet | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 20
Martin Collins Enterprises Limited Directors' report For the year ended 31 July 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.
Principal activity
The principal activity of the company continued to be that of manufacture of synthetic riding surfaces, construction of equestrian properties, equestrian tracks, gallops and arenas.
Directors
The directors who served during the year were:
N Collins (resigned 5 March 2025)
R Sanders
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 1
Martin Collins Enterprises Limited Directors' report (continued) For the year ended 31 July 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R Sanders Director
Date: 5 February 2026
Page 2
Martin Collins Enterprises Limited Independent auditors' report to the members of Martin Collins Enterprises Limited
Opinion
We have audited the financial statements of Martin Collins Enterprises Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 July 2025 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 for 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 United Kingdom, including the Financial Reporting Council's Ethical Standard 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 3
Martin Collins Enterprises Limited Independent auditors' report to the members of Martin Collins Enterprises Limited (continued)
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
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 Directors' report. We have nothing to report in respect of the following matters in relation to which 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' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is 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. Page 4
Martin Collins Enterprises Limited Independent auditors' report to the members of Martin Collins Enterprises Limited (continued)
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 an Auditors' report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and ∙Assessment of identified fraud risk factors: and ∙Testing of internal controls procedures relating to expenditure potentially more susceptible to fraud and other irregula rities including cash, payroll and credit card expenditure; and ∙Performing analytical procedures to icentify any unusual or unexpected relationships, including related party transacti ons, that may indicate risks of material misstaterent due to fraud; and ∙Confirmation of related parties with management and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 5
Martin Collins Enterprises Limited Independent auditors' report to the members of Martin Collins Enterprises Limited (continued) As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an Auditors' report 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. Christopher Gregory BA(Hons) ACA (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor Canterbury 6 February 2026 Page 6
Martin Collins Enterprises Limited Statement of comprehensive income For the year ended 31 July 2025
| 2025 | 2024
| £ | £
Turnover |  | 8,102,769 | 6,555,197
Cost of sales |  | (5,487,009) | (4,413,604)
Gross profit |  | 2,615,760 | 2,141,593
Administrative expenses |  | (1,713,130) | (2,317,185)
Other operating income |  | 21,146 | -
Operating profit/(loss) |  | 923,776 | (175,592)
Interest receivable and similar income |  | 20,602 | 13,915
Interest payable and similar expenses |  | - | (760)
Profit/(loss) before tax |  | 944,378 | (162,437)
Tax on profit/(loss) |  | 148,799 | (32,361)
Profit/(loss) for the financial year |  | 1,093,177 | (194,798)
The profit and loss account has been prepared on the basis that alloperations are continuing operations.
The notes on pages 10 to 20 form part of these financial statements.
Page 7
Martin Collins Enterprises Limited Registered number: 03659431 Balance sheet As at 31 July 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 472,732 |  | 370,483
|  |  | 472,732 |  | 370,483
Current assets |  |  |  |  |
Stocks |  | 556,515 |  | 95,609 |
Debtors: amounts falling due within one year | 6 | 2,235,800 |  | 5,711,447 |
Cash at bank and in hand | 7 | 1,495,078 |  | 1,290,667 |
|  | 4,287,393 |  | 7,097,723 |
Creditors: amounts falling due within one year | 8 | (1,375,970) |  | (1,658,133) |
Net current assets |  |  | 2,911,423 |  | 5,439,590
Total assets less current liabilities |  |  | 3,384,155 |  | 5,810,073
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (68,498) |  | (87,593) |
|  |  | (68,498) |  | (87,593)
Net assets |  |  | 3,315,657 |  | 5,722,480
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account |  |  | 3,315,557 |  | 5,722,380
|  |  | 3,315,657 |  | 5,722,480
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Sanders
Director
Date: 5 February 2026
The notes on pages 10 to 20 form part of these financial statements. Page 8
Martin Collins Enterprises Limited Statement of changes in equity For the year ended 31 July 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2023 | 100 | 5,917,178 | 5,917,278
Comprehensive income for the year |  |  |
Loss for the year | - | (194,798) | (194,798)
At 1 August 2024 | 100 | 5,722,380 | 5,722,480
Comprehensive income for the year |  |  |
Profit for the year | - | 1,093,177 | 1,093,177
Dividends: Equity capital | - | (3,500,000) | (3,500,000)
At 31 July 2025 | 100 | 3,315,557 | 3,315,657
| The notes on pages 10 to 20 form part of these financial statements.
Page 9
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
1. | General information
Martin Collins Enterprises Limited is a private Company, limited by shares, incorporated in England and Wales with the registration number 03659431. The Company's registered address is Cuckoo Copse, Lambourn Woodlands, Hungerford, Berkshire, RG17 7TJ. The principal activities of the Company are manufacture of synthetic riding surfaces, construction of equestrian properties, equestrian tracks, gallops and arenas. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The company's functional and presentational currency is Pounds Sterling. The financial statements are rounded to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 10
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025 2.Accounting policies (continued)
| 2.3 | Turnover (continued)
Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Interest income Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 20% on cost
|  |  |  | Plant and equipment | - | 20% on cost
|  |  |  | Motor vehicles | - | 20% on cost
|  |  |  | Fixtures and fittings | - | 20% on cost
|  |  |  | Computer equipment | - | 33.3% on cost
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. Page 11
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025 2.Accounting policies (continued)
| 2.5 | Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 12
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025 2.Accounting policies (continued)
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 13
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025 2.Accounting policies (continued)
| 2.11 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 14
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025 2.Accounting policies (continued)
| 2.14 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.16 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 15
Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the company's accounting policies the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the company's policies The directors do not consider there to be any critical judgements made in the process of applying the company's accounting policies. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Recoverability of debtors The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
4. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 13 | 15
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Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
5. | Tangible fixed assets
|  | Leasehold improvements | Plant and equipment | Fixtures and fittings | Computers | Motor vehicles
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 August 2024 | 219,151 | 1,000,170 | 113,029 | 25,475 | 40,674
| Additions | - | 186,949 | - | 3,591 | 66,486
| Disposals | - | (123,298) | - | - | -
| At 31 July 2025 | 219,151 | 1,063,821 | 113,029 | 29,066 | 107,160
| Depreciation |  |  |  |  |
| At 1 August 2024 | 181,520 | 704,709 | 101,579 | 21,459 | 18,749
| Charge for the year on owned assets | 18,982 | 116,658 | 4,124 | 2,479 | 12,534
| Disposals | - | (123,298) | - | - | -
| At 31 July 2025 | 200,502 | 698,069 | 105,703 | 23,938 | 31,283
| Net book value |  |  |  |  |
| At 31 July 2025 | 18,649 | 365,752 | 7,326 | 5,128 | 75,877
| At 31 July 2024 | 37,631 | 295,461 | 11,450 | 4,016 | 21,925
|  | Total
|  | £
| Cost or valuation |
| At 1 August 2024 | 1,398,499
| Additions | 257,026
| Disposals | (123,298)
| At 31 July 2025 | 1,532,227
| Depreciation |
| At 1 August 2024 | 1,028,016
| Charge for the year on owned assets | 154,777
| Disposals | (123,298)
| At 31 July 2025 | 1,059,495
| Net book value |
| At 31 July 2025 | 472,732
| At 31 July 2024 | 370,483
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Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 974,404 | 1,111,598
| Amounts owed by group undertakings | 814,894 | 4,464,426
| Amounts owed by related parties | 54,902 | 54,383
| Other debtors | 338,442 | 78,274
| Prepayments and accrued income | 53,158 | 2,766
|  | 2,235,800 | 5,711,447
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,495,078 | 1,290,667
|  | 1,495,078 | 1,290,667
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | - | 20,576
| Trade creditors | 896,837 | 749,551
| Amounts owed to group undertakings | 396,818 | 672,923
| Corporation tax | - | 129,704
| Other taxation and social security | 21,894 | 73,471
| Other creditors | 2,524 | 6,475
| Accruals and deferred income | 57,897 | 5,433
|  | 1,375,970 | 1,658,133
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 87,593
| Credited to profit or loss | 19,095
| At end of year | 68,498
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 68,498 | 87,593
|  | 68,498 | 87,593
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
11. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,784 (2024 - £12,441). Contributions totalling £2,524 (2024 - £2,794) were payable to the fund at the balance sheet date and are included in creditors.
12. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 209,102 | 37,936
| Later than 1 year and not later than 5 years | 271,380 | 13,816
|  | 480,482 | 51,752
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Martin Collins Enterprises Limited Notes to the financial statements For the year ended 31 July 2025
13. | Controlling party
The immediate parent Company is Martin Collins Enterprises (Holdings) Limited, a Company incorporated in England and Wales for which group accounts are prepared. Its registered address is Cuckoo Copse, Lambourn Woodlands, Hungerford, Berkshire, RG17 7TJ. The ultimate parent company and controlling party is Eurofip International GmbH, a Company incorporated in Germany. Its registered office address is Emabüren, Geschäftsanschrift, in Der Maate 15, Emsburen, 43488, Germany.
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