IVAORG CIC

Company limited by guarantee

Company Registration Number:
08560305 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

IVAORG CIC

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

IVAORG CIC

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The purpose of the company is to assist individuals throughout the United Kingdom who are struggling with the problems associated with overburdening debt.The company is not established or conducted for private gain: any surplus or assets are used principally for the benefit of the community.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Elliot James Smith
Iain Michael David Wrenshall
Guy Antony Remond


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 September 2023

And signed on behalf of the board by:
Name: Elliot James Smith
Status: Director

IVAORG CIC

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 6,661 8,020
Investments: 4 1 1
Total fixed assets: 6,662 8,021
Current assets
Debtors: 5 234,822 274,404
Cash at bank and in hand: 22,389 3,263
Total current assets: 257,211 277,667
Creditors: amounts falling due within one year: 6 ( 136,466 ) ( 132,721 )
Net current assets (liabilities): 120,745 144,946
Total assets less current liabilities: 127,407 152,967
Creditors: amounts falling due after more than one year: 7 ( 250,379 ) ( 287,702 )
Total net assets (liabilities): (122,972) (134,735)
Members' funds
Profit and loss account: (122,972) ( 134,735)
Total members' funds: ( 122,972) (134,735)

The notes form part of these financial statements

IVAORG CIC

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 September 2023
and signed on behalf of the board by:

Name: Elliot James Smith
Status: Director

The notes form part of these financial statements

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover relates to net sales receivable for the provision of insolvency services recognised when the company obtains the right to consideration as follows:-Nominees Fees - upon approval of a clients Individual Voluntary Arrangement ('IVA') following a meeting of creditors. Supervisory / Case Management Fees - periodically over the life of an IVA. Other Fees - periodically as received. The Pledge - The company operates a policy for clients whose IVA fails to complete successfully through no fault of their own. Where it can be accurately determined a provision is made for refunds due under the pledge. Any fee refunds made will be used in the most efficient and ethical manner possible to help reduce clients debt to maximum effect and, where possible, help them to become totally debt free.

    Tangible fixed assets depreciation policy

    Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:Fixtures & fittings - 20% Straight LineComputer equipment - 25% Straight Line

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 10 9

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 11,368 11,426 22,794
Additions 2,783 2,783
Disposals
Revaluations
Transfers
At 31 December 2022 11,368 14,209 25,577
Depreciation
At 1 January 2022 6,795 7,979 14,774
Charge for year 2,273 1,869 4,142
On disposals
Other adjustments
At 31 December 2022 9,068 9,848 18,916
Net book value
At 31 December 2022 2,300 4,361 6,661
At 31 December 2021 4,573 3,447 8,020

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed assets investments note

The company's investments at the balance sheet date include £1 invested in 100% of the ordinary share capital of IVAORG Insolvency Limited Limited a company registered in England & Wales no. 09812540, whose registered office is at Craven Business Centre Suite 202, 5 Craven Court, Craven Road, Altrincham, Cheshire, United Kingdom, WA14 5DY. The subsidiary was dormant throughout the current and previous period.

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

2022 2021
£ £
Trade debtors 232,805 274,257
Prepayments and accrued income 2,017 147
Total 234,822 274,404

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 39,131 35,358
Trade creditors 19,084 26,340
Taxation and social security 8,656 7,426
Accruals and deferred income 2,000 4,000
Other creditors 67,595 59,597
Total 136,466 132,721

IVAORG CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Bank loans and overdrafts 50,379 87,702
Other creditors 200,000 200,000
Total 250,379 287,702

Other creditors falling due after more than one year relates to unsecured loans made to the company from directors.

COMMUNITY INTEREST ANNUAL REPORT

IVAORG CIC

Company Number: 08560305 (England and Wales)

Year Ending: 31 December 2022

Company activities and impact

IVAORG CIC is a Community Interest Company whose purpose is to assist individuals throughout the United Kingdom who are struggling with the problems associated with overburdening debt. During the year to 31 December 2022 we have provided the following services to the community :-Free financial counselling – We have helped many individuals establish the most practical method for them to deal with their financial problems. Freephone helpline – We have provided free advice to any individual seeking guidance on any general debt problems. Free insolvency support – We have provided free & ethical advice to individuals already engaged in a formal debt solution and, to those that aren’t, offer the advice necessary to help them determine whether entering into a formal debt solution is in their best interests. Personal insolvency services – implementation and administering of the Individual Voluntary Arrangement formal debt solution.Our primary purpose is to maximise the amount of social good we create, balanced against financial requirements and goals.We are currently providing advice and support to some of the UK’s most financial challenged individuals, assisting them to better understand the different debt solutions they have at their disposal. Through our counsel, individuals become empowered and, subsequently, better able make their own informed decision on how best they can tackle their debt problem.

Consultation with stakeholders

We continuously consult with all stakeholders including regulators, directors, funders, consumers & their creditors along with the wider community to ensure that the operations of the business are run professionally, efficiently and in line with its objects. During the current and previous years our consultations identified a clear requirement for a new approach to be adopted within the debt sector. The CIC continues to consult with all stakeholders to ensure we fully meet the complete needs of the community, by providing them with the help and support they require on a much fairer and more ethical basis.

Directors' remuneration

There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 September 2023

And signed on behalf of the board by:
Name: Elliot James Smith
Status: Director