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REGISTERED NUMBER: 08238752 (England and Wales)















Director's Report and

Unaudited Financial Statements for the Year Ended 31st December 2023

for

Credo Claims Limited

Credo Claims Limited (Registered number: 08238752)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Director's Report 2

Statement of Income and Retained Earnings 3

Statement of Financial Position 4

Notes to the Financial Statements 5


Credo Claims Limited

Company Information
for the year ended 31st December 2023







DIRECTOR: Mr P C Merritt





SECRETARY: Mr S M Pickard





REGISTERED OFFICE: Greystones
Winsford
Minehead
TA24 7JQ





REGISTERED NUMBER: 08238752 (England and Wales)






Credo Claims Limited (Registered number: 08238752)

Director's Report
for the year ended 31st December 2023

The director presents his report with the financial statements of the company for the year ended 31st December 2023.

DIRECTOR
Mr P C Merritt held office during the whole of the period from 1st January 2023 to the date of this report.

GOING CONCERN
The director has considered the appropriateness of adopting the going concern basis in preparation of these financial statements.
Having considered the risks and uncertainties to which the company is subject, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements.
Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

APPROVED AND SIGNED ON BEHALF OF THE BOARD:





Mr P C Merritt - Director


10th September 2024

Credo Claims Limited (Registered number: 08238752)

Statement of Income and
Retained Earnings
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 13,877 (9,684 )

Cost of sales 208,918 39,911
GROSS PROFIT 222,795 30,227

Administrative expenses (5,206 ) (122,432 )
OPERATING PROFIT/(LOSS) 217,589 (92,205 )

Waiver of loan from group company 4 1,747,559 -
1,965,148 (92,205 )

Interest receivable and similar income 30,225 29,345
Interest payable and similar expenses (13,322 ) (15,557 )
PROFIT/(LOSS) BEFORE TAXATION 5 1,982,051 (78,417 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,982,051

(78,417

)

Retained earnings at beginning of year (1,062,931 ) (984,514 )

RETAINED EARNINGS AT END OF
YEAR

919,120

(1,062,931

)

Credo Claims Limited (Registered number: 08238752)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 6 - -

CURRENT ASSETS
Debtors 7 1,038,922 1,008,771
Cash at bank 316 637
1,039,238 1,009,408
CREDITORS
Amounts falling due within one year 8 (119,118 ) (2,071,339 )
NET CURRENT ASSETS/(LIABILITIES) 920,120 (1,061,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

920,120

(1,061,931

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 919,120 (1,062,931 )
920,120 (1,061,931 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 10th September 2024 and were signed by:





Mr P C Merritt - Director


Credo Claims Limited (Registered number: 08238752)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Credo Claims Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been prepared under the historical cost convention.

Going concern
The director has considered the appropriateness of adopting the going concern basis in preparation of these financial statements.
Having considered the risks and uncertainties to which the company is subject, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements.
Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Group accounts
The financial statements contain information about Credo Claims Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The director believes there are no critical judgements in applying the company's accounting policies and no key sources of estimation uncertainty which impact on the financial statements of the company.

Turnover
Turnover represents income, exclusive of Value Added Tax, generated from the rendering of services, all in the United Kingdom.

Credo Claims Limited (Registered number: 08238752)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

De-recognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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 liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Credo Claims Limited (Registered number: 08238752)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Operating leases
Rental charge from operating leases is recognised on a straight line basis over the term of the relevant lease.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. EXCEPTIONAL ITEMS
2023 2022
£    £   
Waiver of loan from group company 1,747,559 -

During the year, a loan and accrued interest owed to a group company was waived by the lender.

Credo Claims Limited (Registered number: 08238752)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

5. PROFIT/(LOSS) BEFORE TAXATION

The profit (2022 - loss) is stated after charging:

2023 2022
£    £   
Other operating leases 3,600 3,600

6. FIXED ASSET INVESTMENTS

The company owns 100% of the share capital of Stake Your Claim Limited. This investment has been fully
impaired.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325 337
Other debtors 1,038,597 1,008,434
1,038,922 1,008,771

Provision in full of £1,830,116 (2022: £1,836,866) has been made on amounts due from group undertakings.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 517 214,142
Amounts owed to group undertakings - 1,735,641
Taxation and social security 121 3,672
Other creditors 118,480 117,884
119,118 2,071,339

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms Lydia Frances Strawson.

The company's immediate parent company is Magical Numbers UK Limited and the ultimate parent company is
Magical Numbers Limited, a company incorporated in Guernsey..

Consolidated financial statements are not prepared as the group qualifies for the small group exemption from
preparing group accounts.