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Financial Statements |
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for the Year Ended 30 November 2019 |
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for |
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Advancis Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 November 2019 |
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for |
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Advancis Limited |
Advancis Limited (Registered number: 08089541) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Advancis Limited |
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Company Information |
for the Year Ended 30 November 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Advancis Limited (Registered number: 08089541) |
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Balance Sheet |
30 November 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 | 7 |
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NET LIABILITIES |
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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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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2019 |
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1. | STATUTORY INFORMATION |
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Advancis Limited is a
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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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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with |
wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In applying the company's accounting policies, the director is required to make judgements, estimates and |
assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and |
assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and |
are based on historical experience and other factors that are considered to be applicable. Due to the inherent |
subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may |
differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are |
recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of |
the revision and future periods, if the revision affects both current and future periods. |
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Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant |
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year |
are disclosed below. |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external |
and internal sources of information such as market conditions and experience of recoverability. |
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Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. |
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of |
factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance |
programmes are taken into account. Residual value assessments consider issues such as future market conditions, the |
remaining life of the asset and projected disposal values. |
Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Revenue comprises interest income on amounts receivable from loans to customers for the year under review |
measured at fair value. |
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The principle activity of the company is to provide individuals with guarantor loans. |
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The Company treats the borrower and the guarantor as having equal responsibilities and performs separate credit and |
affordability assessments on both. This dual borrower nature is key in determining he recoverability of the financial |
asset. |
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In determining whether the credit risk (i.e. risk of default) on a financial instrument has increased significantly since |
initial recognition, the Company considers reasonable and supportable information that is relevant and available |
including both quantitative and qualitative information and analysis. Under FRS 102 Sections 11 and 12, the |
Company uses a forward thinking expected credit loss model where a provision is to be recognised on origination of |
a loan to reflect the probability that they will default within the next twelve months. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained |
Earnings, 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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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. |
Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company's financial statements for the year ended 30 November 2019 have been prepared on a going concern |
basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. |
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The company is reliant on the continued financial support of its parent company Advancis Holdings Limited and the |
company's lenders who have all indicated their willingness to continue their support for the foreseeable future. |
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Administrative expenses |
Some administrative expenses including direct and indirect costs are recognised on an effective interest rate basis i.e. |
cost spread over the lifetime of the loan and not included as an expense at the time the loan originated. |
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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. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 December 2018 |
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Additions |
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At 30 November 2019 |
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DEPRECIATION |
At 1 December 2018 |
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Charge for year |
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At 30 November 2019 |
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NET BOOK VALUE |
At 30 November 2019 |
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At 30 November 2018 |
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5. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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5. | DEBTORS - continued |
2019 | 2018 |
£ | £ |
Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Other creditors | 16,648,023 | 8,941,771 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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11. | CONTINGENT LIABILITIES |
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The company has guaranteed the loans of group companies which at 30 November 2019 amounted to £22,856,476 |
(2018: £20,515,445). |
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12. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent undertaking at the balance sheet date is Peregrine Investments SARL, a company |
incorporated and registered in Luxembourg. Copies of the financial statements of Advancis Holdings Limited, the |
parent undertaking registered in England & Wales, can be obtained from the registered office of this company. |