Company registration number 03086602 (England and Wales)
ASSURED CREDIT MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ASSURED CREDIT MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASSURED CREDIT MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,098
Current assets
Stocks
-
1,225
Debtors
5
10,500
Cash at bank and in hand
4,314
1,648
14,814
2,873
Creditors: amounts falling due within one year
6
(221,603)
(190,111)
Net current liabilities
(206,789)
(187,238)
Total assets less current liabilities
(206,789)
(167,140)
Creditors: amounts falling due after more than one year
7
(38,550)
(48,631)
Net liabilities
(245,339)
(215,771)
Capital and reserves
Called up share capital
3,361
3,361
Share premium account
18,962
18,962
Profit and loss reserves
(267,662)
(238,094)
Total equity
(245,339)
(215,771)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASSURED CREDIT MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mrs J M Seale
Director
Company registration number 03086602 (England and Wales)
ASSURED CREDIT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Assured Credit Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful life of 4 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
period of the lease
Plant and machinery
25% per annum on net book value
Fixtures, fittings & equipment
25% per annum on net book value
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ASSURED CREDIT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
11
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
30,000
Disposals
(30,000)
At 31 March 2024
Amortisation and impairment
At 1 April 2023
30,000
Disposals
(30,000)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
ASSURED CREDIT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
31,559
108,430
139,989
Disposals
(31,559)
(108,430)
(139,989)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
26,194
93,697
119,891
Depreciation charged in the year
4,007
4,007
Eliminated in respect of disposals
(26,194)
(97,704)
(123,898)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
5,365
14,733
20,098
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,500
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,112
64,262
Obligations under finance leases
745
Other borrowings
2,468
12,027
Trade creditors
630
18,589
Taxation and social security
9,353
Other creditors
211,393
83,023
Accruals and deferred income
2,112
221,603
190,111
ASSURED CREDIT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
(Continued)
- 6 -
A bank overdraft of £Nil (2023 - £10,387) was secured by fixed charges on the assets of the company.
A bank loan of £Nil (2023 - £52,701) was secured secured by fixed charges over the assets of the company and by a personal guarantee from the directors.
A credit card balance of £Nil (2023 £9,729) was secured over the assets of the company.
Finance lease obligations were secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,550
46,163
Other borrowings
2,468
38,550
48,631
Bank loans include an amount of £Nil (2023 - £Nil) which was secured by a charge over the assets of the company and by a personal guarantee from the directors.
Finance lease obligations were secured by fixed charges on the assets concerned.
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,244
40,294
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
22,500