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Abridged Financial Statements |
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for the Year Ended 30 June 2018 |
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for |
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Creditas Financial Solutions |
(Scotland) Limited |
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REGISTERED NUMBER:
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Abridged Financial Statements |
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for the Year Ended 30 June 2018 |
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for |
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Creditas Financial Solutions |
(Scotland) Limited |
Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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Page |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Creditas Financial Solutions |
(Scotland) Limited |
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Company Information |
for the Year Ended 30 June 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
14 Rutland Square |
Edinburgh |
Midlothian |
EH1 2BD |
Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Abridged Statement of Financial Position |
30 June 2018 |
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30.6.18 | 30.6.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Creditas Financial Solutions (Scotland) Limited is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. Turnover is attributable to the company's principal activity of car and |
general finance brokers and the provision of an independent financial advisory service. |
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Intangible assets |
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at |
cost less any accumulated depreciation and any accumulated impairment losses. |
Amortisation and impairment losses are charged to the Statement of Comprehensive Income within |
administrative expenses. |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value |
of the intangible assets, the amortisation is revised prospectively to reflect the new expectation. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the |
location and condition necessary for it to be capable of operating in the manner intended by management |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
lives, using either a straight line or reducing balance method, as indicated below. |
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Office Equipment | 33% | Reducing balance |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Income Statement. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and payables, loans from banks and other third |
parties. |
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At the end of each reporting period, financial assets that are measured at cost are assessed for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the |
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been had the impairment not previously been recognised. |
The impairment reversal is recognised in the Income Statement. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire |
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to |
another party, or (c) control of the asset has been transferred to another party. |
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Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities |
are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
cancelled or expires. |
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Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
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AMORTISATION |
At 1 July 2017 |
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Amortisation for year |
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At 30 June 2018 |
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NET BOOK VALUE |
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At 30 June 2018 |
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At 30 June 2017 |
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Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.18 | 30.6.17 |
£ | £ |
Bank overdrafts |
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7. | PROVISIONS FOR LIABILITIES |
30.6.18 | 30.6.17 |
£ | £ |
Deferred tax | 1,182 | 1,802 |
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Deferred |
tax |
£ |
Balance at 1 July 2017 |
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Credit to Income Statement during year | ( |
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Balance at 30 June 2018 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2018 and |
30 June 2017: |
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30.6.18 | 30.6.17 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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( |
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9. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £27,000 (2017 - £11,000) were paid to the directors . |
Creditas Financial Solutions |
(Scotland) Limited (Registered number: 07259189) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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9. | RELATED PARTY DISCLOSURES - continued |
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Keith Robertson, director and shareholder, is a director and shareholder in Credit Connect (Edinburgh) Ltd. The |
company was due £7,343 to Credit Connect (Edinburgh) Ltd as at 30 June 2018. |
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Keith Robertson is also a partner in the partnership Credit (Connect) Properties. During the year the company |
paid rental charges of £4,000 to Credit Connect Properties. |