REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
COMMERCIAL COLLECTION SERVICES LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
COMMERCIAL COLLECTION SERVICES LIMITED |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
COMMERCIAL COLLECTION SERVICES LIMITED |
Company Information |
for the year ended 30 April 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Share premium |
Retained earnings |
Shareholders' funds |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
Commercial Collection Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The basis is considered appropriate by the directors. |
The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. This assessment takes into consideration debt repayments post year end in relation to the CBIL loan taken out. |
Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate. |
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. |
Commercial Collection Services Limited has had its accounts consolidated into the consolidated accounts of the parent company CCS Group Holdings Limited. Those accounts can be obtained from the Registered Office; Norfolk House (3rd Floor), Wellesley Road, Croydon, CR0 1GR. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when debt is collected on behalf of the customer. |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Client funds |
Client funds are not recognised as an asset of the company. Client funds are held in separate designated client trust bank accounts and are disclosed by way of note detailing the amount of funds held and associated liability. |
Government grants |
Grant income is recognised under the accrual model of Financial Reporting Standard 102. |
Grant income is recognised in the profit and loss account on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate. |
3. | Employees and directors |
The average number of employees during the year was |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
4. | Intangible fixed assets |
Bought |
debt |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Amortisation |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 167,782 | 100,724 |
Other creditors |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans |
Shawbrook Bank PLC holds a floating and fixed charge over all the property or undertakings of CCS Group Holdings Limited and Commercial Collection Services Limited. |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
11. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Accelerated capital allowances | 1,354 |
Balance at 30 April 2024 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 11,113 | 11,113 |
13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | Pension commitments |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £70,082 (2023: £73,154). |
15. | Related party disclosures |
During the year, a total of key management personnel compensation of £85,748 (2023: £84,575) was paid. |
16. | Ultimate controlling party |
The controlling party is CCS Group Holdings Limited. |
There is no ultimate controlling party of CCS Group holdings Ltd. |
17. | Client funds |
Client funds are not recognised as an asset of the company. Client funds are held in separate designated client trust bank accounts and are disclosed below; |
2024 | 2023 |
£ | £ |
Client bank accounts | 2,743,315 | 2,407,365 |
Client balances | (2,743,315 | ) | (2,407,365 | ) |
- | - |
COMMERCIAL COLLECTION SERVICES LIMITED (REGISTERED NUMBER: 02326104) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
18. | Cash flow statement |
The company qualifies as a small company under the Companies Act 2006. The directors have elected to take advantage of the exemption under the Financial Reporting Standard 102 section 1A not to prepare a cash flow statement. |