diff --git a/pallets/living-assets-ownership/src/functions.rs b/pallets/living-assets-ownership/src/functions.rs
index c9c8f39..c456b64 100644
--- a/pallets/living-assets-ownership/src/functions.rs
+++ b/pallets/living-assets-ownership/src/functions.rs
@@ -20,6 +20,12 @@ impl<T: Config> Pallet<T> {
 			collection_id.checked_add(One::one()).ok_or(Error::<T>::CollectionIdOverflow)?;
 		CollectionCounter::<T>::put(counter);
 
+		// Attempt to increment the collection counter by 1. If this operation
+		// would result in an overflow, return early with an error
+		let counter =
+			collection_id.checked_add(One::one()).ok_or(Error::<T>::CollectionIdOverflow)?;
+		CollectionCounter::<T>::put(counter);
+
 		Self::deposit_event(Event::CollectionCreated { collection_id, who });
 
 		Ok(collection_id)
diff --git a/pallets/living-assets-ownership/src/lib.rs b/pallets/living-assets-ownership/src/lib.rs
index c1b64e0..33c356e 100644
--- a/pallets/living-assets-ownership/src/lib.rs
+++ b/pallets/living-assets-ownership/src/lib.rs
@@ -5,7 +5,7 @@
 /// <https://docs.substrate.io/reference/frame-pallets/>
 pub use pallet::*;
 use parity_scale_codec::alloc::string::ToString;
-use sp_core::{H160, U256};
+use sp_core::H160;
 use sp_std::vec::Vec;
 
 mod functions;
@@ -21,6 +21,7 @@ pub mod pallet {
 		BoundedVec,
 	};
 	use frame_system::pallet_prelude::*;
+	use sp_core::{H160, U256};
 
 	/// Collection id type
 	pub type CollectionId = u64;
diff --git a/runtime/src/lib.rs b/runtime/src/lib.rs
index 20b8804..0e0fb97 100644
--- a/runtime/src/lib.rs
+++ b/runtime/src/lib.rs
@@ -211,7 +211,7 @@ pub const VERSION: RuntimeVersion = RuntimeVersion {
 	spec_name: create_runtime_str!("laos-parachain"),
 	impl_name: create_runtime_str!("laos-parachain"),
 	authoring_version: 1,
-	spec_version: 4,
+	spec_version: 5,
 	impl_version: 0,
 	apis: RUNTIME_API_VERSIONS,
 	transaction_version: 1,