Collar Factory Ltd - Period Ending 2023-07-31

Collar Factory Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

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 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	17,302	1,054
Investment property	5	2,342,057	2,218,835
		2,359,359	2,219,889
Current assets
Debtors	6	-	21,670
Cash at bank and in hand		2,455	705
		2,455	22,375
Creditors: Amounts falling due within one year	7	(928,553)	(826,756)
Net current liabilities		(926,098)	(804,381)
Total assets less current liabilities		1,433,261	1,415,508
Creditors: Amounts falling due after more than one year	7	(1,357,963)	(1,373,732)
Net assets		75,298	41,776
Capital and reserves
Called up share capital		125,001	125,001
Retained earnings		(49,703)	(83,225)
Shareholders' funds		75,298	41,776

Collar Factory Ltd

(Registration number: 06966752)
Balance Sheet
31 July 2023

For the financial year ending 31 July 2023 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 22 April 2024
 

G R Eddy Director

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

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

These financial statements were authorised for issue by the director on 22 April 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	25% Reducing balance
Office equipment	20% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 (2022 - 0).

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

4	Tangible assets

	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 August 2022	2,500	-	2,500
Additions	-	20,640	20,640
At 31 July 2023	2,500	20,640	23,140
Depreciation
At 1 August 2022	1,446	-	1,446
Charge for the year	264	4,128	4,392
At 31 July 2023	1,710	4,128	5,838
Carrying amount
At 31 July 2023	790	16,512	17,302
At 31 July 2022	1,054	-	1,054

5	Investment properties

	2023 £
At 1 August	2,218,835
Additions	123,222
At 31 July	2,342,057

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2023 £	2022 £
Other debtors	-	21,670
	-	21,670

Collar Factory Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Loans and borrowings	26,489	37,328
Trade creditors	34	29
Taxation and social security	3,731	-
Other creditors	898,299	789,399
	928,553	826,756
Due after one year
Loans and borrowings	846,188	861,957
Other creditors	511,775	511,775
	1,357,963	1,373,732

Creditors include bank loans and overdrafts which are secured of £21,161 (2022 - £37,328)

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £807,679 (2022 - £861,957).

Creditors include bank loans repayable by instalments of £824,876 (2022 - £840,645) due after more than five years.

Included in other creditors is £511,775 is due to the director. It has been provided as a long term, interest free loan.