Collerino Developments Ltd Filleted accounts for Companies House (small and micro)

COLLERINO DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12035901

Collerino Developments Ltd

Filleted Unaudited Financial Statements

30 June 2023

Collerino Developments Ltd

Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Current assets

Stocks		3,478,801	2,060,157
Debtors	5	30,922	7,845
Cash at bank and in hand		9,320	80,620
		------------	------------
		3,519,043	2,148,622

Creditors: amounts falling due within one year	6	( 3,682,964)		( 1,560,946)
		------------		------------
Net current (liabilities)/assets			( 163,921)	587,676
			---------	---------
Total assets less current liabilities			( 163,921)	587,676

Creditors: amounts falling due after more than one year	7	–	( 617,688)
		---------	---------
Net liabilities		( 163,921)	( 30,012)
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 163,922)	( 30,013)
	---------	--------
Shareholders deficit	( 163,921)	( 30,012)
	---------	--------

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 income and retained earnings has not been delivered.

For the year ending 30 June 2023 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 .

Collerino Developments Ltd

Statement of Financial Position (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 25 March 2024 , and are signed on behalf of the board by:

Mr G P Losi	Mr M J Losi
Director	Director

Company registration number: 12035901

Collerino Developments Ltd

Notes to the Financial Statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.

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.

Going concern

The directors will continue to provide financial support to the company so that the company will have adequate resources to continue in operational existence for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis is appropriate for the preparation of the financial statements.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by management is the valuation of stocks, which has been measured at the lower of cost and estimated selling price less costs to complete and sell.

Revenue recognition

Revenue is recognised on the exchange of contracts for the sale of properties developed and the sale can be reasonably assured and the proceeds guaranteed.

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.

Government grants

Government grants are recognised using the accrual 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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year was Nil.

5. Debtors

	2023	2022
	£	£
Prepayments and accrued income	1,746	–
Other debtors	29,176	7,845
	--------	-------
	30,922	7,845
	--------	-------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	2,396,754	448,914
Trade creditors	88,768	77,855
Amounts owed to group undertakings	667,049	–
Accruals and deferred income	7,193	2,293
Director loan accounts	150,252	145,335
Other creditors	372,948	886,549
	------------	------------
	3,682,964	1,560,946
	------------	------------

Included in creditors falling due within one year is a bank loan of £1,721,125 (2022: £448,914) which is secured by a fixed charge over the company's development property. Also included is a Coronavirus Business Interruption Loan of £675,629 (2022: due over one year £617,688), which is 80% guaranteed by the government.

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

	2023	2022
	£	£
Bank loans and overdrafts	–	617,688
	----	---------

Included under creditors falling due after more than one year is an amount of £Nil (2022: £617,688)-Coronavirus Business Interruption Loan. The loan is 80% guaranteed by the government.

8. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2023	2022
	£	£

Recognised in other operating income:

Government grants recognised directly in income	10,316	8,664
	--------	-------

9. Related party transactions

Included in creditors due within one year is a loan of £150,252 (2022: £145,335) from a director who is also a shareholder of the company. The loan is interest-free and has no fixed repayment term. The director has given a guarantee in respect of the borrowings of company bank loans, which amounted to £513,000 (2022: £513,000).