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Registration number: 04358908

CCI Credit Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

CCI Credit Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

CCI Credit Management Limited

Company Information

Directors

Mr Paul Hackman

Mr Carl Hackman

Mrs Rebecca Davies

Mr Craig Hackman

Registered office

Stanhope House
Mark Rake
Wirral
Merseyside
CH62 2DN

 

Accountants

Pennington Williams Limited
Chartered Certified Accountant
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

CCI Credit Management Limited

(Registration number: 04358908)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,406

Tangible assets

5

804,866

503,855

 

804,866

505,261

Current assets

 

Debtors

6

2,029,952

1,584,392

Cash at bank and in hand

 

492,710

551,173

 

2,522,662

2,135,565

Creditors: Amounts falling due within one year

7

(2,339,614)

(1,973,468)

Net current assets

 

183,048

162,097

Total assets less current liabilities

 

987,914

667,358

Creditors: Amounts falling due after more than one year

7

(214,025)

(229,912)

Provisions for liabilities

(94,686)

(478)

Net assets

 

679,203

436,968

Capital and reserves

 

Called up share capital

8

101

101

Revaluation reserve

251,935

77,457

Retained earnings

427,167

359,410

Shareholders' funds

 

679,203

436,968

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

CCI Credit Management Limited

(Registration number: 04358908)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................

Mrs Rebecca Davies
Director

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:

Stanhope House
Mark Rake
Wirral
Merseyside
CH62 2DN
United Kingdom

The principal place of business is:

The CCI Centre
Snowdonia Business Park
Porthmadog
Gwynedd
LL48 6LD
Wales

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to expenditure are credited to the profit and loss account
when the expenditure is charged to the profit and loss.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible fixed assets, with the exception of freehold property, are measured using the cost model. These 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.

Freehold land and buildings, all of which are located in the UK, are measured using the revaluation model. These assets are stated at fair value on the date of the latest revaluation less subsequent accumulated depreciation and any impairment losses, where applicable. Valuations are made on annual basis so that the carrying amount of these asset does not differ materially from its fair value.

Any revaluation surplus is recognised in other comprehensive income, net of the related tax impact, and accumulated in equity

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

over life of lease

Fixture & Fittings

25% Reducing Balance

Office Equipment

25% Reducing Balance

Motor vechicles

25% Reducing Balance

Merger accounting

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 58 (2022 - 66).

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

56,147

56,147

At 30 September 2023

56,147

56,147

Amortisation

At 1 October 2022

54,741

54,741

Amortisation charge

1,406

1,406

At 30 September 2023

56,147

56,147

Carrying amount

At 30 September 2023

-

-

At 30 September 2022

1,406

1,406

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

502,543

378,174

21,000

901,717

Revaluations

258,457

-

-

258,457

Additions

59,000

2,437

-

61,437

At 30 September 2023

820,000

380,611

21,000

1,221,611

Depreciation

At 1 October 2022

41,518

342,972

13,372

397,862

Charge for the year

7,567

9,409

1,907

18,883

At 30 September 2023

49,085

352,381

15,279

416,745

Carrying amount

At 30 September 2023

770,915

28,230

5,721

804,866

At 30 September 2022

461,025

35,202

7,628

503,855

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Revaluation

The fair value of the company's Land and Buildings has been revauled since purchase by £335914 as at 30 September 2023).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £484,086 (2022 - £484,085).

 

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,294,512

897,236

Prepayments

121,335

119,952

Other debtors

614,105

567,204

 

2,029,952

1,584,392

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

19,667

29,316

Trade creditors

 

1,764,400

1,236,015

Taxation and social security

 

224,012

322,133

Accruals and deferred income

 

18,089

15,509

Other creditors

 

313,446

370,495

 

2,339,614

1,973,468

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

214,025

229,912

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

101

101

101

101

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

174,478

174,478

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

214,025

229,912

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,667

29,316

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £15,000).

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £233,692 (2022 - £259,228). On the 16 September 2008 Barclays Bank Plc registered a legal charge over the leasehold property known as 5 Snowdonia Business Park, Minffordd, Penrhyderdraeth, Gwynedd to secure all monies due or to become due from the company to the chargee on any account whatsoever.

The commercial mortgage is secured by a legal charge over the leasehold property and assets of the company.

On the 28th October 2019 Barclays Bank Plc registered a legal charge over the land and other assets of the company on any account whatsoever.

 

CCI Credit Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

12

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr Carl Hackman

Interest charged at 2.5% on the outstanding balance

222,350

63,746

(49,006)

237,090

         
       

Mr Craig Hackman

Interest charged at 2.5% on the outstanding balance

2,784

23,526

(37,822)

(11,512)

         
       

Mr Paul Hackman

Interest charged at 2.5% on the outstanding balance

150,068

25,637

(15,358)

160,347

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr Carl Hackman

Interest charged at 2.5% on the outstanding balance

213,784

48,566

(40,000)

222,350

         
       

Mr Craig Hackman

Interest charged at 2.5% on the outstanding balance

-

42,584

(39,800)

2,784

         
       

Mr Paul Hackman

Interest charged at 2.5% on the outstanding balance

123,494

41,574

(15,000)

150,068