Collar Factory Ltd - Period Ending 2021-07-31

Collar Factory Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 6

Collar Factory Ltd

Company Information

Director

G R Eddy

Registered office

The Old Church School Butts Hill Frome Somerset BA11 1HR

Accountants

Burton Sweet Limited Cooper House Lower Charlton Estate Shepton Mallet Somerset BA4 5QE

Collar Factory Ltd

(Registration number: 06966752)
Balance Sheet
31 July 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,123,414	529,089
Current assets
Debtors	5	34,121	5,812
Cash at bank and in hand		3,202	7,223
		37,323	13,035
Creditors: Amounts falling due within one year	6	(1,039,106)	(502,091)
Net current liabilities		(1,001,783)	(489,056)
Total assets less current liabilities		121,631	40,033
Creditors: Amounts falling due after more than one year	6	(48,000)	-
Net assets		73,631	40,033
Capital and reserves
Called up share capital		125,001	125,001
Profit and loss account		(51,370)	(84,968)
Total equity		73,631	40,033

Collar Factory Ltd

(Registration number: 06966752)
Balance Sheet
31 July 2021

For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 March 2022
 

G R Eddy
Director

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

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:
The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

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
Buildings	Zero rate
Plant and machinery	25% Reducing balance

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

4	Tangible assets

	Land and buildings £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2020	527,214	2,500	529,714
Additions	594,794	-	594,794
At 31 July 2021	1,122,008	2,500	1,124,508
Depreciation
At 1 August 2020	-	625	625
Charge for the year	-	469	469
At 31 July 2021	-	1,094	1,094
Carrying amount
At 31 July 2021	1,122,008	1,406	1,123,414
At 31 July 2020	527,214	1,875	529,089

Included within the net book value of land and buildings above is £1,122,008 (2020 - £527,214) in respect of freehold land and buildings .
 

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2021

5

Debtors

	2021 £	2020 £
Other debtors	34,121	5,812
	34,121	5,812

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Bank loans and overdrafts	7	2,000	-
Trade creditors		26	26
Accruals and deferred income		305	290
Other creditors		1,036,775	501,775
		1,039,106	502,091

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	48,000	-

Included in other creditors is £450,775 is due to the director. It has been provided as a long term, interest free loan.

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	48,000	-

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	2,000	-