REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE DEBT ADVISOR LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
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 |
Disposals | ( |
) |
At 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Eliminated on disposal | ( |
) |
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 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Impairments | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Other debtors |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A Shares | £0.10 | 3,334 | 7,000 |
Ordinary B Shares | £0.10 | 3,333 | 3,000 |
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. |