REGISTERED NUMBER: |
Collections Marketing Centre UK Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Collections Marketing Centre UK Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Collections Marketing Centre UK Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 Bankside Court |
Stationfields |
Kidlington |
Oxford |
OX5 1JE |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Collections Marketing Centre UK Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Collections Marketing Centre UK Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Collections Marketing Centre UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Collections Marketing Centre UK Limited and state those matters that we have agreed to state to the Board of Directors of Collections Marketing Centre UK Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Collections Marketing Centre UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Collections Marketing Centre UK Limited. You consider that Collections Marketing Centre UK Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Collections Marketing Centre UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
30 Bankside Court |
Stationfields |
Kidlington |
Oxford |
OX5 1JE |
Date: ............................................. |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | ( |
) | ( |
) |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Balance Sheet - continued |
31 December 2023 |
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 |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Collections Marketing Centre UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in $USD, which is the functional currency of the company. They are presented in £GBP |
The exchange rates used are as follows: |
- For the profit and loss items an average yearly exchange rate of 1USD : 0.804 GBP |
- For the balance sheet items the exchange rate as at 31.12.23 of 1USD: 0.785 GBP |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contact is measuring by comparing the hours incurred for work performed to date to the total estimated contract hours. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
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. |
Going concern |
The accounts have been prepared on the going concern basis. Although the balance sheet shows a net deficit at year end, this is considered appropriate on the basis of continued support from the parent company, |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Collections Marketing Centre UK Limited (Registered number: 06673842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
Collections Marketing Center, Inc. |
31/12/23 | 31/12/22 |
Parent Company | £ | £ |
Re-charge of costs incurred on behalf of the company. The amount includes various labour and other administrative costs involved. |
41,956 |
145,814 |
Interest charge on average outstanding account balance at 10.5% (2022: 7.5%). |
427,840 |
310,246 |
Amount due to the related party | 3,390,747 | 3,027,632 |
Collections Marketing Center, Australia |
Subsidiary to the Parent Company |
Re-charge of costs incurred on behalf of the company. The amount includes various labour and other administrative costs involved. |
NIL |
NIL |
Amount due to the related party | 230,255 | 240,846 |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This company was incorporated in the United States of America. |
The company is dependent upon the continuing financial support of the parent company during the initial opening years of trading. The parent company has confirmed its intention to continue its financial support and this is monitored by the local director on a regular basis. |