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REGISTERED NUMBER: 12256735 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

ABBOTTS INSOLVENCY LIMITED

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABBOTTS INSOLVENCY LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2022







DIRECTORS: Mr S D Alcock
Mr B S M Flynn





REGISTERED OFFICE: Sandfold House
Sandfold Lane
Levenshulme
Greater Manchester
M19 3BJ





REGISTERED NUMBER: 12256735 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

BALANCE SHEET
31st December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 14,626 34,914

CURRENT ASSETS
Debtors 5 1,116,378 1,073,795
Cash at bank 46,954 76,206
1,163,332 1,150,001
CREDITORS
Amounts falling due within one year 6 (4,327,926 ) (3,144,982 )
NET CURRENT LIABILITIES (3,164,594 ) (1,994,981 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,149,968 ) (1,960,067 )

CREDITORS
Amounts falling due after more than one year 7 (20,834 ) (70,833 )
NET LIABILITIES (3,170,802 ) (2,030,900 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,170,902 ) (2,031,000 )
SHAREHOLDERS' FUNDS (3,170,802 ) (2,030,900 )

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.

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

BALANCE SHEET - continued
31st December 2022


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th November 2023 and were signed on its behalf by:





Mr B S M Flynn - Director


ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022


1. STATUTORY INFORMATION

Abbotts Insolvency Limited is a private company, limited by shares, registered in England and Wales, registration number 12256735. The address of the registered office and principal place of business is Sandfold House, Sandfold Lane, Levenshulme, Manchester, England, M19 3BJ.

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.

At the reporting date the company has a deficiency of £3,170,802 (2021: £2,030,900) on it's balance sheet. The company will continue to be supported by loans from a company under common control.

Turnover
Turnover represents amounts in respect of the provision of financial solutions to individuals experiencing personal debt problems and is recognised as set out below.

Turnover is recognised during the life of the IVA.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and Fittings-20% reducing balance
Computer Equipment-33.33% on cost

At each balance sheet date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

Current 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.

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

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.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2021 - 24 ) .

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2022 70,364
Additions 1,948
At 31st December 2022 72,312
DEPRECIATION
At 1st January 2022 35,450
Charge for year 22,236
At 31st December 2022 57,686
NET BOOK VALUE
At 31st December 2022 14,626
At 31st December 2021 34,914

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 3,475
Other debtors 1,116,378 1,070,320
1,116,378 1,073,795

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 50,000 50,000
Trade creditors 30,024 77,529
Taxation and social security 30,166 26,210
Other creditors 4,217,736 2,991,243
4,327,926 3,144,982

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 20,834 70,833

ABBOTTS INSOLVENCY LIMITED (REGISTERED NUMBER: 12256735)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


8. RELATED PARTY DISCLOSURES

Included within Other Debtors is an amount of £55,842 (2021: £19,388) due from companies under common control. These amounts are interest free and due on demand.

Included within Other Creditors is an amount of £4,213,878 (2021: £2,987,872) due to companies under common control. These amounts are interest free and due on demand.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr B S M Flynn.