REGISTERED NUMBER: |
Directors' Report and |
Unaudited Financial Statements for the Year Ended 31st December 2022 |
for |
Polonius Debt Purchase Limited |
REGISTERED NUMBER: |
Directors' Report and |
Unaudited Financial Statements for the Year Ended 31st December 2022 |
for |
Polonius Debt Purchase Limited |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Contents of the Financial Statements |
for the year ended 31st December 2022 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Polonius Debt Purchase Limited |
Company Information |
for the year ended 31st December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Directors' Report |
for the year ended 31st December 2022 |
The directors present their report with the financial statements of the company for the year ended 31st December 2022. |
COMMENCEMENT OF TRADING |
The company acquired an existing debt recovery business on 12 September 2022 in exchange for shares. |
From this date the principal activity of the company is the purchase and recovery of distressed debt from third parties. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made no political donations in the year. |
GOING CONCERN |
The directors have considered the appropriateness of adopting the going concern basis in preparation of these financial statements. |
Having considered the risks and uncertainties to which the company is subject, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. |
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Income Statement |
for the year ended 31st December 2022 |
Period |
1/4/21 |
Year Ended | to |
31/12/22 | 31/12/21 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
38,389 | - |
Interest payable and similar expenses | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Balance Sheet |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The directors acknowledge their 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. |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Balance Sheet - continued |
31st December 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Notes to the Financial Statements |
for the year ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Polonius Debt Purchase Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the appropriateness of adopting the going concern basis in preparation of these financial statements. |
Having considered the risks and uncertainties to which the company is subject, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. |
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover arises from the recovery of distressed debt acquired from third party loan companies. Distressed debt relates to individuals that are subject to Individual Voluntary Arrangements and Debt Management Plans. Income is recognised at the point cash is received. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Financial assets |
Financial assets including trade debtors, are initially recognised at transaction cost which is considered to be fair value and subsequently held at amortised cost. At each statement of financial position date, the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing an impairment loss provision. Impairment loss provisions are maintained at the level that management deems sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment. |
Financial liabilities |
Financial liabilities are presented as such in the Statement of Financial Position. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities and held at amortised cost. Finance costs and gains or losses relating to financial liabilities are included in the Income Statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Dividends and distributions relating to equity instruments are debited directly to equity. |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1/4/21 |
Year Ended | to |
31/12/22 | 31/12/21 |
£ | £ |
Debt book amortisation |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2022 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Disposals | ( |
) |
Reclassification/transfer |
At 31st December 2022 |
AMORTISATION |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
The debt book was transferred from an existing debt recovery business during the year. The assets were transferred at original cost less amortisation up to the transfer date. The company has included these original cost and amortisation values in these financial statements as the useful economic lives of the assets are based on the original purchase dates and amortisation since the transfer is based on the original cost. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Loans |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
Polonius Debt Purchase Limited (Registered number: 12536163) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2022 |
10. | RELATED PARTY DISCLOSURES |
The company has made an interest free loan of £50,000 to a shareholder. |
Included in other creditors is a loan of £142,686 owed to a company controlled by several of the company's shareholders. The rate of interest charged on this loan is 1% per annum. Interest of £493 was charged during the year in relation to this loan. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are |