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REGISTERED NUMBER: 07242638 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Accident Credit Group Ltd

Accident Credit Group Ltd (Registered number: 07242638)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Accident Credit Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: K Dearling
Ms D J Nowell
R G Graham
P Bass
I Budsworth





REGISTERED OFFICE: ACG House
620 Birchwood Boulevard
Birchwood
Warrington
Cheshire
WA3 7QU





REGISTERED NUMBER: 07242638 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Accident Credit Group Ltd (Registered number: 07242638)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

K Dearling
Ms D J Nowell
R G Graham
P Bass
I Budsworth

Other changes in directors holding office are as follows:

Y Guan - resigned 2 May 2023

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

ON BEHALF OF THE BOARD:





I Budsworth - Director


5 September 2024

Accident Credit Group Ltd (Registered number: 07242638)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 11,467,448 9,410,003

Cost of sales 5,576,421 5,060,513
GROSS PROFIT 5,891,027 4,349,490

Administrative expenses 3,291,511 2,498,730
2,599,516 1,850,760

Other operating income 23,353 15,981
OPERATING PROFIT 4 2,622,869 1,866,741

Interest receivable and similar income 82,050 83,231
2,704,919 1,949,972

Interest payable and similar expenses 1,076,546 662,457
PROFIT BEFORE TAXATION 1,628,373 1,287,515

Tax on profit 425,559 263,783
PROFIT FOR THE FINANCIAL YEAR 1,202,814 1,023,732

Accident Credit Group Ltd (Registered number: 07242638)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 14,955 -
Tangible assets 6 56,400 34,485
71,355 34,485

CURRENT ASSETS
Debtors 7 21,629,731 17,609,045
Cash at bank and in hand 501,473 91,096
22,131,204 17,700,141
CREDITORS
Amounts falling due within one year 8 20,102,969 15,961,362
NET CURRENT ASSETS 2,028,235 1,738,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,099,590

1,773,264

PROVISIONS FOR LIABILITIES 10,716 6,552
NET ASSETS 2,088,874 1,766,712

CAPITAL AND RESERVES
Called up share capital 564 564
Capital redemption reserve (45,740 ) (45,740 )
Retained earnings 2,134,050 1,811,888
SHAREHOLDERS' FUNDS 2,088,874 1,766,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Accident Credit Group Ltd (Registered number: 07242638)

Balance Sheet - continued
31 March 2024


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 Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





I Budsworth - Director


Accident Credit Group Ltd (Registered number: 07242638)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Accident Credit Group Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable on the value of case management and early payment fees in respect of accident credit repair funding to bodyshops in the motor trade, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point of payment advance to the bodyshop.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on cost

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.


Accident Credit Group Ltd (Registered number: 07242638)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 46 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 19,176 19,204
Computer software amortisation 680 -

Accident Credit Group Ltd (Registered number: 07242638)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 15,635
At 31 March 2024 15,635
AMORTISATION
Charge for year 680
At 31 March 2024 680
NET BOOK VALUE
At 31 March 2024 14,955

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 54,601 79,863 134,464
Additions 1,419 39,672 41,091
At 31 March 2024 56,020 119,535 175,555
DEPRECIATION
At 1 April 2023 51,009 48,970 99,979
Charge for year 2,355 16,821 19,176
At 31 March 2024 53,364 65,791 119,155
NET BOOK VALUE
At 31 March 2024 2,656 53,744 56,400
At 31 March 2023 3,592 30,893 34,485

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 20,455,882 16,451,301
Other debtors 1,173,849 1,157,744
21,629,731 17,609,045

Accident Credit Group Ltd (Registered number: 07242638)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,639,588 842,502
Taxation and social security 610,326 443,101
Other creditors 17,853,055 14,675,759
20,102,969 15,961,362

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 143,638 107,036
Between one and five years 473,331 19,696
616,969 126,732

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Funding creditors 2,949,800 2,999,800
Discounting creditor 13,986,895 10,041,393
16,936,695 13,041,193

The funding creditor to the value of £2,449,800 is secured by debentures dated 19 April 2023, and the balance of £450,000, by an indemnity dated 21 March 2021.

The discounting creditor is secured by a charge over the book debts.