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 30 November 2023 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.

Independent Claims Recovery UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Millennium Court, Buntford Park Road, Bromsgrove, Worcestershire, England, B60 3DX.

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.

The financial accounts continue to be prepared on a 'going concern basis', because the directors remain confident that the company can continue to trade, and to meet its liabilities as and when they fall due. No provision has been made for the difference between asset values appearing in the balance sheet, and their realisable values should the company be wound up, nor for any costs of liquidation.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion reached, the costs incurred, and the costs required to complete, assuming these can all be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that it is probable it will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year, and is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

A bank loan of £35,000 (2021 - £45,000 is underwritten by HM Government under the Bounce Back Loans legislation.

Other loans of £27,690 (2021 - £8,998) are secured by the personal guarantee of a director.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company continued to provide current account facilities to a director, who withdrew amounts totalling £33,533 and made repayments totalling £40,072 during the year, leaving £650 owed by him at the year end (2022 - £7,189 owed by him). The loan is unsecured, interest-free, and carries no stipulation as to terms of repayment.