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 2022 |
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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 2022 |
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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 2022 |
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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 | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Pastdue Credit Solutions Limited |
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Company Information |
for the Year Ended 31 October 2022 |
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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 2022 |
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The directors present their strategic report for the year ended 31 October 2022. |
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REVIEW OF BUSINESS |
We have seen business return to normal following the previous 2 years of challenging conditions through the pandemic. |
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We finished the year strongly with growth in turnover of 17.3% and profit before tax increased by 263.7% on the previous year. Comparing pre pandemic (2019) results turnover is up 39.2% and profit before tax up 63.3%. |
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The business is in a strong position moving forward with lots of new opportunities across all areas in which we operate with improved margins. |
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On Debt Recovery we now see 60% of customers engaging through our online Customer Portal as a result of adding improvements and new features. |
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We also engage with more customers through Digital Channels as we see a move away from the phone and giving customers more choice in how they engage. |
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We continue to add new modules to our Fintech product DAAS (Digital Affordability Assessment Solution) with interest from across all sectors to deploy a fully automated product to engage with customers and provide up to date information on their current financial position and affordability. |
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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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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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EMPLOYEE ENGAGEMENT |
We see our people as our greatest asset and we consider employee engagement central to our success. We have always operated a promote from within policy which has seen most of our Senior Team and our Managers come from within the business. |
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We are committed to providing equal opportunities throughout our business and to eliminating discrimination on any grounds. |
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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 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 October 2022. |
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PRINCIPAL ACTIVITIES |
The principal activities of the Company in the year under review are the provision of Business Outsource Solutions, Debt Recovery related services and Technology Solutions. We work for the Government and for the UK's market leading companies in Utilities, Telecoms & Financial Services. |
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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 has the following ISO Accreditations: - ISO27001, ISO9001, ISO14001, OHSAS18001 & BSI18477: Inclusive Service Provision. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 October 2022 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2021 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 2022 |
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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 2022 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 2022 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the nature of the industry and the company's control environment. We focused on specific laws and regulations which we consider may have a direct material impact on the financial statements such as the Companies Act 2006, taxation legislation, employment legislation and FCA regulations. We assessed the extent of compliance with laws and regulations through making enquiries of management, inspecting regulatory information available in the public domain and reviewing correspondence. |
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We considered management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management bias and override of controls. To address these risks we tested balances to supporting documentation, performed analytical procedures, tested journal entries and made assessments of whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. |
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Material misstatement that arise due to fraud can be more difficult to detect than those that arise from error as they may involve collusion or deliberate concealment. |
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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. |
Report of the Independent Auditors to the Members of |
Pastdue Credit Solutions Limited |
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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 2022 |
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31.10.22 | 31.10.21 |
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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1,828,404 | 444,009 |
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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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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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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 2022 |
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31.10.22 | 31.10.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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Investment property | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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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 |
12 |
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PROVISIONS FOR LIABILITIES | 14 | ( |
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ACCRUALS AND DEFERRED INCOME | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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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 2022 |
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Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 November 2020 |
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Changes in equity |
Profit for the year | - | 576,397 | - | 576,397 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 October 2021 |
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Changes in equity |
Profit for the year | - | 1,727,030 | - | 1,727,030 |
Other comprehensive income | - | 19,618 | ( |
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Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 October 2022 |
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Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Cash Flow Statement |
for the Year Ended 31 October 2022 |
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31.10.22 | 31.10.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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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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Sale of investment property |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year |
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Amount introduced by directors | - | (530 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of
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2 |
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4,161,453 |
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Cash and cash equivalents at end of year | 2 | 5,383,294 | 3,539,799 |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 October 2022 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.10.22 | 31.10.21 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Government grants | ( |
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Finance income | (1,971 | ) | (557 | ) |
2,027,021 | 634,249 |
(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) 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 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 5,383,294 | 3,539,799 |
Year ended 31 October 2021 |
31.10.21 | 1.11.20 |
£ | £ |
Cash and cash equivalents | 3,539,799 | 4,161,453 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.11.21 | Cash flow | At 31.10.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,539,799 | 1,843,495 | 5,383,294 |
3,539,799 |
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5,383,294 |
Total | 3,539,799 | 1,843,495 | 5,383,294 |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
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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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Development costs that meet the recognition criteria of FRS 102 are capitalised and amortised over an estimated useful economic life of 12 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 2022 |
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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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Research and development |
Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off in the same way unless certain strict criteria are met for capitalisation. Before expenditure on the development of an asset can be capitalised the directors must be satisfied that the asset is separately identifiable, technically, commercially and financially feasible and that the asset will generate probable future economic benefits. |
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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 |
31.10.22 | 31.10.21 |
£ | £ |
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: |
31.10.22 | 31.10.21 |
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Directors | 4 | 4 |
Ancillary | 35 | 36 |
Operations | 252 | 287 |
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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 2022 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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31.10.22 | 31.10.21 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Information regarding the highest paid director is as follows: |
31.10.22 | 31.10.21 |
£ | £ |
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/(crediting): |
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31.10.22 | 31.10.21 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Software licences amortisation |
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Development costs amortisation |
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Auditors' remuneration |
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Fees payable to the company's auditors for non audit services provided during the year amount to £11,210. |
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5. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.10.22 | 31.10.21 |
£ | £ |
Current tax: |
UK corporation tax |
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( |
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Deferred tax |
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( |
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Tax on profit |
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( |
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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 2022 |
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5. | TAXATION - continued |
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Reconciliation of total tax charge/(credit) 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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31.10.22 | 31.10.21 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2021 - |
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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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Capital allowances in excess of depreciation | ( |
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Utilisation of tax losses | ( |
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Research and Development Tax Credits | (165,707 | ) | (141,879 | ) |
Other deductible expenses not in accounts | (4,750 | ) | - |
Increase in rate applied to deferred tax provision | 20,954 | - |
Total tax charge/(credit) | 220,894 | (40,810 | ) |
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6. | DIVIDENDS |
31.10.22 | 31.10.21 |
£ | £ |
Interim |
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7. | INTANGIBLE FIXED ASSETS |
Software | Website | Development |
licences | domains | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2021 |
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Additions |
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At 31 October 2022 |
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AMORTISATION |
At 1 November 2021 |
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Amortisation for year |
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At 31 October 2022 |
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NET BOOK VALUE |
At 31 October 2022 |
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At 31 October 2021 |
|
|
|
|
Pastdue Credit Solutions Limited (Registered number: SC287794) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2021 |
|
|
|
|
Additions |
|
|
|
|
At 31 October 2022 |
|
|
|
|
DEPRECIATION |
At 1 November 2021 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 October 2022 |
|
|
|
|
NET BOOK VALUE |
At 31 October 2022 |
|
|
|
|
At 31 October 2021 |
|
|
|
|
|
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2021 |
|
Disposals | ( |
) |
At 31 October 2022 |
|
NET BOOK VALUE |
At 31 October 2022 |
|
At 31 October 2021 |
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Trade debtors |
|
|
Amounts recoverable on contract |
|
|
Other debtors |
|
|
Tax |
|
|
Prepayments |
|
|
|
|
Pastdue Credit Solutions Limited (Registered number: SC287794) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Other loan | 1,380 | 1,380 |
Accrued expenses |
|
|
|
|
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Other loan |
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.22 | 31.10.21 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
14. | PROVISIONS FOR LIABILITIES |
31.10.22 | 31.10.21 |
£ | £ |
Deferred tax | 87,300 | 49,053 |
|
Deferred |
tax |
£ |
Balance at 1 November 2021 |
|
Provided during year |
|
Balance at 31 October 2022 |
|
|
15. | ACCRUALS AND DEFERRED INCOME |
31.10.22 | 31.10.21 |
£ | £ |
Deferred government grants | - | 832 |
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.22 | 31.10.21 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
Pastdue Credit Solutions Limited (Registered number: SC287794) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
|
17. | PENSION COMMITMENTS |
|
The company operates defined contribution pension schemes for employees and directors. Contributions during the year amounted to £114,560 (2021 - £114,474). Contributions of £22,042 were outstanding at the year end. |
|
18. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is P Grant and C Grant. |