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REGISTERED NUMBER: 12536163 (England and Wales)















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: Miss R Maplethorpe
Miss L Pickering





SECRETARY:





REGISTERED OFFICE: 71a Winchester Street
Pimlico
London
SW1V 4NU





REGISTERED NUMBER: 12536163 (England and Wales)






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.

Miss R Maplethorpe
Miss L Pickering

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:





Miss L Pickering - Director


29th September 2023

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 275,470 -

Cost of sales (162,655 ) -
GROSS PROFIT 112,815 -

Administrative expenses (74,950 ) -
OPERATING PROFIT 4 37,865 -

Interest receivable and similar income 524 -
38,389 -

Interest payable and similar expenses (8,881 ) -
PROFIT BEFORE TAXATION 29,508 -

Tax on profit (6,741 ) -
PROFIT FOR THE FINANCIAL YEAR 22,767 -

Polonius Debt Purchase Limited (Registered number: 12536163)

Balance Sheet
31st December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 5 784,626 -

CURRENT ASSETS
Debtors 6 77,178 1
Investments 7 40,000 -
Cash at bank 12,615 -
129,793 1
CREDITORS
Amounts falling due within one year 8 (187,431 ) -
NET CURRENT (LIABILITIES)/ASSETS (57,638 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

726,988

1

CREDITORS
Amounts falling due after more than one
year

9

(630,000

)

-
NET ASSETS 96,988 1

CAPITAL AND RESERVES
Called up share capital 10,500 1
Share premium 63,721 -
Retained earnings 22,767 -
96,988 1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2023 and were signed on its behalf by:





Miss L Pickering - Director


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 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.

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.

Debt book is being amortised evenly over its estimated useful life of three years.

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 124,476 -

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 (68,889 )
Reclassification/transfer 1,720,124
At 31st December 2022 1,651,235
AMORTISATION
Charge for year 124,476
Eliminated on disposal (68,889 )
Reclassification/transfer 811,022
At 31st December 2022 866,609
NET BOOK VALUE
At 31st December 2022 784,626

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 77,178 1

7. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Loans 40,000 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 17,883 -
Taxation and social security 8,344 -
Other creditors 161,204 -
187,431 -

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 630,000 -

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 Mr G P D Rann and Mrs L E Rann.