REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 October 2020 |
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Pastdue Credit Solutions Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 October 2020 |
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for |
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Pastdue Credit Solutions Limited |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Profit and Loss Account | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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Pastdue Credit Solutions Limited |
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Company Information |
for the Year Ended 31 October 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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2 Stewart Street |
Milngavie |
Glasgow |
G62 6BW |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Strategic Report |
for the Year Ended 31 October 2020 |
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The directors present their strategic report for the year ended 31 October 2020. |
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REVIEW OF BUSINESS |
This has been a challenging year due to the pandemic. However, significant investment in market leading technology over a number of years allowed the Company to rapidly deploy a full digital pandemic solution, supported by homeworkers, which allowed customers to continue to engage throughout lockdown. This has enabled the business to post satisfactory results for the year. |
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Over the next 12 months we will continue to develop our in-house technology solutions to support the services we offer and expect to see a growth in business from both existing clients and new opportunities. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The most significant risk to the business is reputational as a result of regulatory/compliance failure. |
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To mitigate this the business has in place a risk, audit and compliance framework which monitors all areas of the business to ensure we are compliant with all of our legal, regulatory and contractual obligations. |
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Over the coming 12 months there are uncertainties as the effects of Covid-19 will continue to impact the wider economy and bring about changes in our market. |
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KEY PERFORMANCE INDICATORS |
To measure the performance of the business we use KPIs to measure Turnover, profitability and volumes of work received at a Client and Company level. |
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ON BEHALF OF THE BOARD: |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Report of the Directors |
for the Year Ended 31 October 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2020. |
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PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of are the provision of Business Outsource Solutions and Debt Recovery related services. We work for the UK's market leading companies in the Utility, Telecoms, Government and Financial Services Sectors. |
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The Company is authorised and regulated by the Financial Conduct Authority and is a registered member of the Credit Services Association. |
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Our business operates to the following standards: - Investors In People: Gold - ISO9001:2015 - ISO14001:2015 - OHSAS18001:2007 - ISO27001:2013 and is in the final stages of accreditation to BSI 18477.2010 Inclusive Service Provision, which is expected during March 2021. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 October 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2019 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Report of the Directors |
for the Year Ended 31 October 2020 |
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AUDITORS |
The auditors, Bell Barr & Company, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Pastdue Credit Solutions Limited |
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Opinion |
We have audited the financial statements of Pastdue Credit Solutions Limited (the 'company') for the year ended 31 October 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Pastdue Credit Solutions Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Other matters |
The comparative amounts in the financial statements are unaudited. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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2 Stewart Street |
Milngavie |
Glasgow |
G62 6BW |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Profit and Loss Account |
for the Year Ended 31 October 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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155,359 | 1,053,983 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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971,016 | 1,193,263 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Balance Sheet |
31 October 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investment property | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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ACCRUALS AND DEFERRED INCOME | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Statement of Changes in Equity |
for the Year Ended 31 October 2020 |
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Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 November 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 October 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 October 2020 |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Cash Flow Statement |
for the Year Ended 31 October 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid |
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Finance costs paid | - | (211 | ) |
Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Equity dividends paid | ( |
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Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
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2,558,543 |
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Cash and cash equivalents at end of year | 2 | 4,161,453 | 3,034,592 |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 October 2020 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.10.20 | 31.10.19 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Impairments | 263,021 | - |
Government grants | ( |
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Finance costs | - | 231 |
Finance income | (2,943 | ) | (1,888 | ) |
1,361,564 | 1,306,515 |
Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 October 2020 |
31.10.20 | 1.11.19 |
£ | £ |
Cash and cash equivalents | 4,161,453 | 3,034,592 |
Year ended 31 October 2019 |
31.10.19 | 1.11.18 |
£ | £ |
Cash and cash equivalents | 3,034,592 | 2,558,543 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.11.19 | Cash flow | At 31.10.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,034,592 | 1,126,861 | 4,161,453 |
3,034,592 |
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4,161,453 |
Debt |
Debts falling due within 1 year | - | (75,757 | ) | (75,757 | ) |
Debts falling due after 1 year | - | (424,243 | ) | (424,243 | ) |
- | (500,000 | ) | (500,000 | ) |
Total | 3,034,592 | 626,861 | 3,661,453 |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Pastdue Credit Solutions Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have reviewed the company's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the company is a going concern. |
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Turnover |
Turnover represents amounts earned for sales of services, excluding value added tax. |
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Intangible assets |
Software licences are amortised on a straight line basis over an estimated useful economic life of 12 years. |
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Website domains are amortised on a straight line basis over an estimated useful economic life of 5 years. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 profit or loss 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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Government grants |
Government grants of a revenue nature are credited to the profit and loss account in the period of receipt unless any conditions have not been met. In this case, income is deferred until such time as conditions have been met. Capital grants, if material, are treated as deferred grants and released to the profit and loss account over the life of the related asset. |
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Cash at bank |
Cash at bank and in hand included cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account. |
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3. | EMPLOYEES AND DIRECTORS |
31.10.20 | 31.10.19 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.10.20 | 31.10.19 |
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Directors | 4 | 4 |
Ancillary | 28 | 25 |
Operations | 258 | 212 |
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31.10.20 | 31.10.19 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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Information regarding the highest paid director is as follows: |
31.10.20 | 31.10.19 |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.10.20 | 31.10.19 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Software licences amortisation |
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Auditors' remuneration |
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Amounts paid or payable to the auditors for non audit services during the year amount to £12,717. |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.20 | 31.10.19 |
£ | £ |
Bank interest |
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Interest on PAYE |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.10.20 | 31.10.19 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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31.10.20 | 31.10.19 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
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Adjustments to tax charge in respect of previous periods |
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Research and Development Tax Credits | (133,879 | ) | (116,291 | ) |
Total tax charge | 52,631 | 112,973 |
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7. | DIVIDENDS |
31.10.20 | 31.10.19 |
£ | £ |
Interim |
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8. | INTANGIBLE FIXED ASSETS |
Software | Website |
licences | domains | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
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Additions |
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At 31 October 2020 |
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AMORTISATION |
At 1 November 2019 |
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Amortisation for year |
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Impairments |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2019 |
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Additions |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2019 |
and 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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Fair value at 31 October 2020 is represented by: |
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£ |
Valuation in 2014 | 12,380 |
Valuation in 2018 | 10,000 |
Cost | 72,620 |
95,000 |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Prepayments |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans and overdrafts (see note 14) |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
|
|
Other loan | 1,380 | 1,380 |
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans (see note 14) |
|
|
Other loan |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.10.20 | 31.10.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 60,606 | - |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.20 | 31.10.19 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
Pastdue Credit Solutions Limited (Registered number: SC287794) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
|
16. | PROVISIONS FOR LIABILITIES |
31.10.20 | 31.10.19 |
£ | £ |
Deferred tax | 51,017 | 90,673 |
|
Deferred |
tax |
£ |
Balance at 1 November 2019 |
|
Movement in timing differences | (39,656 | ) |
Balance at 31 October 2020 |
|
|
17. | ACCRUALS AND DEFERRED INCOME |
31.10.20 | 31.10.19 |
£ | £ |
Deferred government grants | 2,032 | 3,232 |
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
|
19. | PENSION COMMITMENTS |
|
The company operates defined contribution pension schemes for employees and directors. Contributions during the year amounted to £88,727 (2019 - £65,265). Contributions of £17,295 were outstanding at the year end. |