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COMPANY REGISTRATION NUMBER: 06843986
CLAIMS.CO.UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
CLAIMS.CO.UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
29,375
193,756
Tangible assets
6
10,375
6,858
--------
---------
39,750
200,614
Current assets
Debtors
7
509,004
467,765
Cash at bank and in hand
111,393
70,354
---------
---------
620,397
538,119
Creditors: amounts falling due within one year
8
360,382
490,158
---------
---------
Net current assets
260,015
47,961
---------
---------
Total assets less current liabilities
299,765
248,575
Creditors: amounts falling due after more than one year
9
8,327
18,395
---------
---------
Net assets
291,438
230,180
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
291,338
230,080
---------
---------
Shareholders funds
291,438
230,180
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CLAIMS.CO.UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr J M Quail
Director
Company registration number: 06843986
CLAIMS.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 New House, 67-68 Hatton Garden, London, England, EC1N 8JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
25% straight line
-
25 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Development costs
£
Cost
At 1 November 2023
193,756
Additions
Disposals
( 164,381)
---------
At 31 October 2024
29,375
---------
Amortisation
At 1 November 2023 and 31 October 2024
---------
Carrying amount
At 31 October 2024
29,375
---------
At 31 October 2023
193,756
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2023
24,519
12,340
36,859
Additions
7,127
1,773
8,900
Disposals
( 257)
( 257)
--------
--------
--------
At 31 October 2024
31,646
13,856
45,502
--------
--------
--------
Depreciation
At 1 November 2023
20,634
9,367
30,001
Charge for the year
3,332
1,892
5,224
Disposals
( 98)
( 98)
--------
--------
--------
At 31 October 2024
23,966
11,161
35,127
--------
--------
--------
Carrying amount
At 31 October 2024
7,680
2,695
10,375
--------
--------
--------
At 31 October 2023
3,885
2,973
6,858
--------
--------
--------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings
216,070
456,890
Other debtors
292,934
10,875
---------
---------
509,004
467,765
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
47
Trade creditors
39,104
3,101
Amounts owed to group undertakings
174,442
314,757
Corporation tax
38,394
41,728
Social security and other taxes
94,903
95,341
Bounce back loan < 1 year
10,039
10,010
Other creditors
3,500
25,174
---------
---------
360,382
490,158
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,327
18,395
-------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Related party transactions
Mr J M Quail is the sole director of Colour Ventures Limited. During the year, the company repaid net loans of £140,315. At the balance sheet date, £174,442 remained owing to Colour Ventures Limited (2023: £314,757). Mr Quail's is the sole director of Colour Investments Limited (Formerly Oceanic Investments Limited). During the year, the company received net loans of £258,754. At the balance sheet date, £NIL remained owing to the company (2023: £258,754). Mr Quail is the sole director of Colour Money Limited. During the year the company advanced net loans to Colour Money Limited of £18,000. At the balance sheet date, £216,070 remained owing to the company (2023: £198,070).