3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,880 1,503 6,383 1,258 1,281 2,539 3,844 3,622 10 6 16 16 10 xbrli:pure xbrli:shares iso4217:GBP 12388866 2023-04-01 2024-03-31 12388866 2024-03-31 12388866 2023-03-31 12388866 2022-04-01 2023-03-31 12388866 2023-03-31 12388866 2022-03-31 12388866 bus:Director1 2023-04-01 2024-03-31 12388866 bus:Director2 2023-04-01 2024-03-31 12388866 core:WithinOneYear 2024-03-31 12388866 core:WithinOneYear 2023-03-31 12388866 core:AfterOneYear 2024-03-31 12388866 core:AfterOneYear 2023-03-31 12388866 core:ShareCapital 2024-03-31 12388866 core:ShareCapital 2023-03-31 12388866 core:RetainedEarningsAccumulatedLosses 2024-03-31 12388866 core:RetainedEarningsAccumulatedLosses 2023-03-31 12388866 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 12388866 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 12388866 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 12388866 core:Non-currentFinancialInstruments 2024-03-31 12388866 core:Non-currentFinancialInstruments 2023-03-31 12388866 bus:SmallEntities 2023-04-01 2024-03-31 12388866 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12388866 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12388866 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12388866 bus:FullAccounts 2023-04-01 2024-03-31 12388866 core:ComputerEquipment 2023-04-01 2024-03-31 12388866 core:ComputerEquipment 2023-03-31 12388866 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 12388866
CREDIT RISK TRANSFER SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CREDIT RISK TRANSFER SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,844
3,622
Investments
6
16
10
-------
-------
3,860
3,632
Current assets
Debtors
7
422,115
215,060
Cash at bank and in hand
320,140
80,749
----------
----------
742,255
295,809
Creditors: amounts falling due within one year
8
695,256
104,692
----------
----------
Net current assets
46,999
191,117
---------
----------
Total assets less current liabilities
50,859
194,749
Creditors: amounts falling due after more than one year
9
32,327
38,082
---------
----------
Net assets
18,532
156,667
---------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
18,432
156,567
---------
----------
Shareholders funds
18,532
156,667
---------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CREDIT RISK TRANSFER SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr A J Garston
Mr T Oehl
Director
Director
Company registration number: 12388866
CREDIT RISK TRANSFER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023
4,880
Additions
1,503
-------
At 31 March 2024
6,383
-------
Depreciation
At 1 April 2023
1,258
Charge for the year
1,281
-------
At 31 March 2024
2,539
-------
Carrying amount
At 31 March 2024
3,844
-------
At 31 March 2023
3,622
-------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
10
Additions
6
----
At 31 March 2024
16
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
16
----
At 31 March 2023
10
----
7. Debtors
2024
2023
£
£
Trade debtors
8,493
Other debtors
413,622
215,060
----------
----------
422,115
215,060
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,750
564
Corporation tax
28,490
94,581
Social security and other taxes
3,178
3,547
Other creditors
657,838
6,000
----------
----------
695,256
104,692
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
32,327
38,082
---------
---------
10. Directors' advances, credits and guarantees
At the year end, the directors owed the company £403,022 (2023: £197,804) for the following interest-free loans:
Year ended 31/03/2024 Year ended 31/03/2023
£ £
Opening balance 197,804 150,892
Loans made in year (advances) 435,218 317,912
Dividend declared in year (230,000) (271,000)
---------- ----------
Closing balance 403,022 197,804
---------- ----------
These interest-free loans are repayable to the company by 31 December 2024. Before the year end, the board of directors agreed bonuses for the year ended 31st March 2024 of £408,537 for A Garston and £166,463 for T Oehl. These director bonuses totalling £575,000, together with the associated employers national insurance contributions, have been provided as other creditors at the year end.
11. Related party transactions
The directors were paid £12,000 for use of home offices during the year (2023: £12,000).