Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr S McCann 05/08/2011 30 August 2024 The principal activity of the Company continued to be that of the provision of back office and administrative services. SC404848 2023-08-31 SC404848 bus:Director1 2023-08-31 SC404848 2022-08-31 SC404848 core:CurrentFinancialInstruments 2023-08-31 SC404848 core:CurrentFinancialInstruments 2022-08-31 SC404848 core:ShareCapital 2023-08-31 SC404848 core:ShareCapital 2022-08-31 SC404848 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC404848 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC404848 core:Vehicles 2022-08-31 SC404848 core:OfficeEquipment 2022-08-31 SC404848 core:Vehicles 2023-08-31 SC404848 core:OfficeEquipment 2023-08-31 SC404848 2022-09-01 2023-08-31 SC404848 bus:FilletedAccounts 2022-09-01 2023-08-31 SC404848 bus:SmallEntities 2022-09-01 2023-08-31 SC404848 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC404848 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC404848 bus:Director1 2022-09-01 2023-08-31 SC404848 core:Vehicles core:TopRangeValue 2022-09-01 2023-08-31 SC404848 core:OfficeEquipment core:TopRangeValue 2022-09-01 2023-08-31 SC404848 2021-09-01 2022-08-31 SC404848 core:Vehicles 2022-09-01 2023-08-31 SC404848 core:OfficeEquipment 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: SC404848 (Scotland)

PAYMENT PROTECTION SERVICES LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

PAYMENT PROTECTION SERVICES LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

PAYMENT PROTECTION SERVICES LTD.

BALANCE SHEET

AS AT 31 AUGUST 2023
PAYMENT PROTECTION SERVICES LTD.

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 6,556
0 6,556
Current assets
Debtors 4 6,935,421 7,064,645
Cash at bank and in hand 35,987 51,562
6,971,408 7,116,207
Creditors: amounts falling due within one year 5 ( 6,619,850) ( 6,471,654)
Net current assets 351,558 644,553
Total assets less current liabilities 351,558 651,109
Provision for liabilities 6 ( 1,640) ( 1,640)
Net assets 349,918 649,469
Capital and reserves
Called-up share capital 1 1
Profit and loss account 349,917 649,468
Total shareholder's funds 349,918 649,469

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Payment Protection Services Ltd. (registered number: SC404848) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Mr S McCann
Director
PAYMENT PROTECTION SERVICES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAYMENT PROTECTION SERVICES LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Payment Protection Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 272 Bath Street, Glasgow, G2 4JR, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed asset, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 September 2022 25,593 22,779 48,372
Disposals ( 25,593) ( 22,779) ( 48,372)
At 31 August 2023 0 0 0
Accumulated depreciation
At 01 September 2022 25,593 16,223 41,816
Disposals ( 25,593) ( 16,223) ( 41,816)
At 31 August 2023 0 0 0
Net book value
At 31 August 2023 0 0 0
At 31 August 2022 0 6,556 6,556

4. Debtors

2023 2022
£ £
Other debtors 6,935,421 7,064,645

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,337 24,287
Corporation tax 0 4,218
Other taxation and social security 7,529 6,203
Other creditors 6,603,984 6,436,946
6,619,850 6,471,654

6. Provision for liabilities

2023 2022
£ £
Deferred tax 1,640 1,640

7. Financial commitments

Other financial commitments

2023 2022
£ £
Operating lease commitments 0 5,040

8. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due to related parties (6,597,684) (6,564,651)
Amounts due from related parties 6,889,910 7,009,644

All loans with related parties are unsecured, interest free and have no fixed terms of repayment.