Given the information stated in the question, we can derive the two following equations:
Step 1: Write out the information in form of mathematical equation.

Step 2: We solve the simultaneous linear equations to get the number of sheep and chickens:

Step 3: We get the number of chicken by substituting 7 for s in equation 1:

Hence, there are 7 sheep and 14 chickens on Farmer Colin's farm.