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REGISTERED NUMBER: 06248441 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

THE DEBT ADVISOR LIMITED

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE DEBT ADVISOR LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: Mr A M Hayes
Mr M Smith





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 06248441 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,105 3,628
Investments 6 - 2
2,105 3,630

CURRENT ASSETS
Debtors 7 890,041 335,736
Cash at bank and in hand 11,360 53,584
901,401 389,320
CREDITORS
Amounts falling due within one year 8 492,503 262,054
NET CURRENT ASSETS 408,898 127,266
TOTAL ASSETS LESS CURRENT LIABILITIES 411,003 130,896

CREDITORS
Amounts falling due after more than one year 9 (218,007 ) (10,000 )

PROVISIONS FOR LIABILITIES (526 ) (400 )
NET ASSETS 192,470 120,496

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Share premium 90,000 90,000
Retained earnings 92,470 20,496
SHAREHOLDERS' FUNDS 192,470 120,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

BALANCE SHEET - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





Mr A M Hayes - Director


THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

The Debt Advisor Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06248441. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is 18-22 Lloyd St, Manchester M2 5WA.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition - stage of completion
In determining the revenue and costs to be recognised in relation to work completed on long term contracts management must make judgements regarding the stage of completion of the work being undertaken. This judgement is based around the level of costs incurred on a particular job, in comparison to the total expected costs to complete the work. A significant deviation in the estimated costs to complete could have a significant impact on the level of revenue recognised.

Turnover
Turnover represents amounts recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of income relating to the provision of IVA and debt management services which are recognised based on the stage of completion of the arrangement.

Revenue from contracts for the provision of consultancy services is recognised by reference to the stage of completion of the voluntary arrangement. Amounts are billed on a fixed fee basis. Where the outcome cannot be estimated reliably, revenue is recognised only to the extant of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Office equipment-25% reducing balance
Computer equipment-33% straight line

Tangible fixed assets are depreciated from the date they are utilised in generating income.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds of the carrying value of the asset, and is credited or charged to profit and loss.

Investments in subsidiaries
Investments in subsidiaries are measured at transaction price excluding transaction costs. Transaction costs are expensed to profit or loss as incurred. Any changes in fair value would be recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and losses are recognised in profit and loss.


THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued
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.

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.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023 403,028
Disposals (403,028 )
At 30 June 2024 -
AMORTISATION
At 1 July 2023 403,028
Eliminated on disposal (403,028 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 41,721
DEPRECIATION
At 1 July 2023 38,093
Charge for year 1,523
At 30 June 2024 39,616
NET BOOK VALUE
At 30 June 2024 2,105
At 30 June 2023 3,628

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 2
Impairments (2 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 2

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


6. FIXED ASSET INVESTMENTS - continued

Details of the investments in which the company holds 100% of the nominal value of share capital are as follows:

Subsidiary undertakings:
DA Marketing Services Limited
The Business Debt Advisor Limited

Both subsidiary undertakings remained dormant during the period and have been dissolved post year-end.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,497 2,653
Other debtors 884,544 333,083
890,041 335,736

Included in Other debtors are amounts recoverable on contracts amounting to £830,265 (2023: £300,647). This balance was reflected as stock in the financial statements for the year ended 30 June 2023. The comparative figures have been restated to reflect this change in presentation.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 19,895
Trade creditors 18,553 3,938
Taxation and social security 22,333 18,979
Other creditors 441,617 219,242
492,503 262,054

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 9,885 10,000
Other creditors 208,122 -
218,007 10,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
33,334 Ordinary A Shares £0.10 3,334 7,000
33,333 Ordinary B Shares £0.10 3,333 3,000
33,333 Ordinary C Shares £0.10 3,333 -
10,000 10,000

On 21st August 2023, a resolution was passed to alter the share capital of the business, as follows:

-33,333 A ordinary £0.10 shares were re-designated as 33,333 B ordinary £0.10 shares
-3,333 A ordinary £0.10 shares were re-designated as 3,333 C ordinary £0.10 shares
-30,000 B ordinary £0.10 shares were re-designated as 30,000 C ordinary £0.10 shares

THE DEBT ADVISOR LIMITED (REGISTERED NUMBER: 06248441)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024


11. RELATED PARTY DISCLOSURES

Included in Other creditors is a balance of £371,402 (2023: £177,455) owed to a company under common control. This balance represents an interest free loan, repayable on demand.