IRIS Accounts Production v22.2.0.402 07259189 director 1.7.20 30.6.21 30.6.21 0 0 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure072591892020-06-30072591892021-06-30072591892020-07-012021-06-30072591892019-06-30072591892019-07-012020-06-30072591892020-06-3007259189ns16:EnglandWales2020-07-012021-06-3007259189ns15:PoundSterling2020-07-012021-06-3007259189ns11:Director12020-07-012021-06-3007259189ns11:PrivateLimitedCompanyLtd2020-07-012021-06-3007259189ns11:SmallEntities2020-07-012021-06-3007259189ns11:AuditExempt-NoAccountantsReport2020-07-012021-06-3007259189ns11:SmallCompaniesRegimeForDirectorsReport2020-07-012021-06-3007259189ns11:SmallCompaniesRegimeForAccounts2020-07-012021-06-3007259189ns11:AbridgedAccounts2020-07-012021-06-300725918912020-07-012021-06-3007259189ns11:RegisteredOffice2020-07-012021-06-3007259189ns6:CurrentFinancialInstruments2021-06-3007259189ns6:CurrentFinancialInstruments2020-06-3007259189ns6:Non-currentFinancialInstruments2021-06-3007259189ns6:Non-currentFinancialInstruments2020-06-3007259189ns6:ShareCapital2021-06-3007259189ns6:ShareCapital2020-06-3007259189ns6:RetainedEarningsAccumulatedLosses2021-06-3007259189ns6:RetainedEarningsAccumulatedLosses2020-06-3007259189ns6:IntangibleAssetsOtherThanGoodwill2020-07-012021-06-3007259189ns6:Secured2021-06-3007259189ns6:Secured2020-06-3007259189ns11:Director112020-06-3007259189ns11:Director112019-06-3007259189ns11:Director112020-07-012021-06-3007259189ns11:Director112019-07-012020-06-3007259189ns11:Director112021-06-3007259189ns11:Director112020-06-30
REGISTERED NUMBER: 07259189 (England and Wales)















Abridged Financial Statements for the Year Ended 30 June 2021

for

Creditas Financial Solutions
(Scotland) Limited

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)






Contents of the Financial Statements
for the Year Ended 30 June 2021




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Creditas Financial Solutions
(Scotland) Limited

Company Information
for the Year Ended 30 June 2021







DIRECTOR: K Robertson





REGISTERED OFFICE: 72 Otley Road
Guiseley
West Yorkshire
LS20 8BN





REGISTERED NUMBER: 07259189 (England and Wales)





ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Abridged Statement of Financial Position
30 June 2021

30.6.21 30.6.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,834 4,253
2,834 4,253

CURRENT ASSETS
Stocks 46,850 -
Debtors 87,888 31,768
Cash at bank 9,783 -
144,521 31,768
CREDITORS
Amounts falling due within one year 168,259 90,371
NET CURRENT LIABILITIES (23,738 ) (58,603 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(20,904

)

(54,350

)

CREDITORS
Amounts falling due after more than one year 58,021 -
NET LIABILITIES (78,925 ) (54,350 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (79,025 ) (54,450 )
SHAREHOLDERS' FUNDS (78,925 ) (54,350 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Abridged Statement of Financial Position - continued
30 June 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 September 2022 and were signed by:





K Robertson - Director


Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Notes to the Financial Statements
for the Year Ended 30 June 2021

1. STATUTORY INFORMATION

Creditas Financial Solutions (Scotland) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of car and general finance brokers and the provision of an independent financial advisory service.

Intangible assets
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
Amortisation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the intangible assets, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Office Equipment33%Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and payables, loans from banks and other third
parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been had the impairment not previously been recognised.
The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to
another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities
are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,
cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2020
and 30 June 2021 22,657
AMORTISATION
At 1 July 2020
and 30 June 2021 22,657
NET BOOK VALUE

At 30 June 2021 -
At 30 June 2020 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2020
and 30 June 2021 22,080
DEPRECIATION
At 1 July 2020 17,827
Charge for year 1,419
At 30 June 2021 19,246
NET BOOK VALUE
At 30 June 2021 2,834
At 30 June 2020 4,253

6. SECURED DEBTS

The following secured debts are included within creditors:

30.6.21 30.6.20
£    £   
Bank overdrafts - 60,303

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30.6.21 30.6.20
£    £   
K Robertson
Balance outstanding at start of year 12,522 8,534
Amounts advanced 27,934 17,746
Amounts repaid (29,202 ) (13,758 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,254 12,522

Creditas Financial Solutions
(Scotland) Limited (Registered number: 07259189)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

8. RELATED PARTY DISCLOSURES

The company was due £7,343 to Credit Connect (Edinburgh) Ltd as at 30 June 2020. Keith Robertson, director and shareholder, is a director and shareholder in Credit Connect (Edinburgh) Ltd.

The company was advanced £109,498 by Citi Pro Ltd, a company in which Keith Robertson is a director and shareholder. At the year end the company was due £109,498 (2020: Nil).

The company was advanced £16,300 by Credit Connect Properties, a business in which Keith Robertson is a partner. At the year end the company was due £16,300 (2020: £nil).