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REGISTERED NUMBER: SC287794 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2024

for

Pastdue Credit Solutions Limited

Pastdue Credit Solutions Limited (Registered number: SC287794)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Pastdue Credit Solutions Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: C A Grant
P Grant
J A Seroka
J Anthony





SECRETARY: J Anthony





REGISTERED OFFICE: 1 Blair Court, North Avenue
Clydebank Business Park
Clydebank
Glasgow
G81 2LA





REGISTERED NUMBER: SC287794 (Scotland)





AUDITORS: Bell Barr & Company, Statutory Auditor
2 Stewart Street
Milngavie
Glasgow
G62 6BW

Pastdue Credit Solutions Limited (Registered number: SC287794)

Strategic Report
for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The business reports its best ever results in 2024 with a 41% increase in turnover on 2023 and pre-tax profits of 20% achieved.

The business continues to grow with a further 8 new contracts secured in 2025 with turnover forecast to increase by at least 25% against last year.

We continue to invest in all areas, Collections, White Label and Technology to maximise opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES
The most significant risk to the business is reputational as a result of regulatory/compliance failure.

To mitigate this the business has in place a risk, audit and compliance framework which monitors all areas of the business to ensure we are compliant with all of our legal, regulatory and contractual obligations.

KEY PERFORMANCE INDICATORS
To measure the performance of the business we use KPIs to measure Turnover, profitability and volumes of work received at a Client and Company level.

EMPLOYEE ENGAGEMENT
We see our people as our greatest asset and we consider employee engagement central to our success. We have always operated a promote from within policy which has seen most of our Senior Team and our Managers come from within the business.

We are committed to providing equal opportunities throughout our business and to eliminating discrimination on any grounds.

ON BEHALF OF THE BOARD:





P Grant - Director


22 May 2025

Pastdue Credit Solutions Limited (Registered number: SC287794)

Report of the Directors
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITIES
The principal activities of the Company in the year under review are the provision of Business Outsource Solutions, Debt Recovery related services and Technology Solutions. We work for the Government and for the UK's market leading companies in Utilities, Telecoms & Financial Services.

The Company is authorised and regulated by the Financial Conduct Authority and is a registered member of the Credit Services Association.

Our business has the following ISO Accreditations: - ISO27001, ISO9001, ISO14001, OHSAS18001 & BSI18477: Inclusive Service Provision.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £ 3,112,234 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

C A Grant
P Grant
J A Seroka
J Anthony

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pastdue Credit Solutions Limited (Registered number: SC287794)

Report of the Directors
for the Year Ended 31 October 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P Grant - Director


22 May 2025

Report of the Independent Auditors to the Members of
Pastdue Credit Solutions Limited

Opinion
We have audited the financial statements of Pastdue Credit Solutions Limited (the 'company') for the year ended 31 October 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pastdue Credit Solutions Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the nature of the industry and the company's control environment. We focused on specific laws and regulations which we consider may have a direct material impact on the financial statements such as the Companies Act 2006, taxation legislation, employment legislation and FCA regulations. We assessed the extent of compliance with laws and regulations through making enquiries of management, inspecting regulatory information available in the public domain and reviewing correspondence.

We considered management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management bias and override of controls. To address these risks we tested balances to supporting documentation, performed analytical procedures, tested journal entries and made assessments of whether judgements and assumptions made in determining accounting estimates were indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve collusion or deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pastdue Credit Solutions Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jennifer Irvine (Senior Statutory Auditor)
for and on behalf of Bell Barr & Company, Statutory Auditor
2 Stewart Street
Milngavie
Glasgow
G62 6BW

23 May 2025

Pastdue Credit Solutions Limited (Registered number: SC287794)

Profit and Loss Account
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

TURNOVER 16,898,436 11,959,224

Cost of sales 9,804,751 7,551,627
GROSS PROFIT 7,093,685 4,407,597

Administrative expenses 3,828,802 3,741,799
3,264,883 665,798

Other operating income 136,551 271,184
OPERATING PROFIT 4 3,401,434 936,982

Interest receivable and similar income 56,093 35,587
3,457,527 972,569

Interest payable and similar expenses 5 - 338
PROFIT BEFORE TAXATION 3,457,527 972,231

Tax on profit 6 796,640 58,724
PROFIT FOR THE FINANCIAL YEAR 2,660,887 913,507

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,660,887

913,507

Pastdue Credit Solutions Limited (Registered number: SC287794)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 174,522 198,387
Tangible assets 9 188,709 117,856
363,231 316,243

CURRENT ASSETS
Debtors 10 3,591,361 2,420,306
Cash at bank and in hand 6,540,327 6,469,289
10,131,688 8,889,595
CREDITORS
Amounts falling due within one year 11 5,843,077 4,103,973
NET CURRENT ASSETS 4,288,611 4,785,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,651,842

5,101,865

CREDITORS
Amounts falling due after more than one
year

12

(1,725

)

(3,105

)

PROVISIONS FOR LIABILITIES 14 (73,786 ) (71,082 )
NET ASSETS 4,576,331 5,027,678

CAPITAL AND RESERVES
Called up share capital 15 20,000 20,000
Retained earnings 4,556,331 5,007,678
SHAREHOLDERS' FUNDS 4,576,331 5,027,678

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





C A Grant - Director


Pastdue Credit Solutions Limited (Registered number: SC287794)

Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 20,000 4,849,490 4,869,490

Changes in equity
Profit for the year - 913,507 913,507
Total comprehensive income - 913,507 913,507
Dividends - (755,319 ) (755,319 )
Balance at 31 October 2023 20,000 5,007,678 5,027,678

Changes in equity
Profit for the year - 2,660,887 2,660,887
Total comprehensive income - 2,660,887 2,660,887
Dividends - (3,112,234 ) (3,112,234 )
Balance at 31 October 2024 20,000 4,556,331 4,576,331

Pastdue Credit Solutions Limited (Registered number: SC287794)

Cash Flow Statement
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,955,298 2,455,572
Finance costs paid - (338 )
Tax paid (74,973 ) (182,647 )
Net cash from operating activities 2,880,325 2,272,587

Cash flows from investing activities
Purchase of tangible fixed assets (139,665 ) (3,342 )
Interest received 56,093 35,587
Net cash from investing activities (83,572 ) 32,245

Cash flows from financing activities
Amount introduced by directors 463,519 -
Amount withdrawn by directors (77,000 ) (463,518 )
Equity dividends paid (3,112,234 ) (755,319 )
Net cash from financing activities (2,725,715 ) (1,218,837 )

Increase in cash and cash equivalents 71,038 1,085,995
Cash and cash equivalents at beginning of
year

2

6,469,289

5,383,294

Cash and cash equivalents at end of year 2 6,540,327 6,469,289

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.10.24 31.10.23
£    £   
Profit before taxation 3,457,527 972,231
Depreciation charges 92,676 75,081
Finance costs - 338
Finance income (56,093 ) (35,587 )
3,494,110 1,012,063
(Increase)/decrease in trade and other debtors (1,557,573 ) 292,558
Increase in trade and other creditors 1,018,761 1,150,951
Cash generated from operations 2,955,298 2,455,572

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 6,540,327 6,469,289
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 6,469,289 5,383,294


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 6,469,289 71,038 6,540,327
6,469,289 71,038 6,540,327
Total 6,469,289 71,038 6,540,327

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Pastdue Credit Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have reviewed the company's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the company has sufficient resources to enable it to continue to trade. The directors therefore continue to adopt the going concern basis of preparing the financial statements.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 may require the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The director is of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover represents amounts earned for sales of services, excluding value added tax.

Intangible assets
Software licences are amortised on a straight line basis over an estimated useful economic life of 12 years.

Website domains are amortised on a straight line basis over an estimated useful economic life of 5 years.

Development costs that meet the recognition criteria of FRS 102 are capitalised and amortised over an estimated useful economic life of 12 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Fixtures and fittings - 20% on reducing balance and 12.5% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.


Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 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 is written off in the year in which it is incurred. Development expenditure is written off in the same way unless certain strict criteria are met for capitalisation. Before expenditure on the development of an asset can be capitalised the directors must be satisfied that the asset is separately identifiable, technically, commercially and financially feasible and that the asset will generate probable future economic benefits.

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.

Government grants
Government grants of a revenue nature are credited to the profit and loss account in the period of receipt unless any conditions have not been met. In this case, income is deferred until such time as conditions have been met. Capital grants, if material, are treated as deferred grants and released to the profit and loss account over the life of the related asset.

Cash at bank
Cash at bank and in hand included cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability on the balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. EMPLOYEES AND DIRECTORS
31.10.24 31.10.23
£    £   
Wages and salaries 7,772,856 6,284,698
Social security costs 653,318 509,632
Other pension costs 235,486 120,055
8,661,660 6,914,385

The average number of employees during the year was as follows:
31.10.24 31.10.23

Directors 4 4
Ancillary 39 45
Operations 279 218
322 267

31.10.24 31.10.23
£    £   
Directors' remuneration 428,478 499,274
Directors' pension contributions to money purchase schemes 109,582 12,902

Information regarding the highest paid director is as follows:
31.10.24 31.10.23
£    £   
Emoluments etc 120,000 144,826
Pension contributions to money purchase schemes 29,213 1,321

4. OPERATING PROFIT

The operating profit is stated after charging:

31.10.24 31.10.23
£    £   
Other operating leases 204,676 97,582
Depreciation - owned assets 68,812 48,966
Software licences amortisation 8,382 10,632
Development costs amortisation 15,483 15,484
Auditors' remuneration 5,413 5,215

Fees payable to the company's auditors for non audit services provided during the year amount to £13,029.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.24 31.10.23
£    £   
Interest on PAYE - 338

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.24 31.10.23
£    £   
Current tax:
UK corporation tax 793,936 74,942

Deferred tax 2,704 (16,218 )
Tax on profit 796,640 58,724

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.24 31.10.23
£    £   
Profit before tax 3,457,527 972,231
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.518%)

864,382

218,927

Effects of:
Expenses not deductible for tax purposes 6,045 20,053
Capital allowances in excess of depreciation - (1,660 )
Research and Development Tax Credits (73,787 ) (178,596 )
Total tax charge 796,640 58,724

7. DIVIDENDS
31.10.24 31.10.23
£    £   
Interim 3,112,234 755,319

8. INTANGIBLE FIXED ASSETS
Software Website Development
licences domains costs Totals
£    £    £    £   
COST
At 1 November 2023
and 31 October 2024 190,575 5,000 185,801 381,376
AMORTISATION
At 1 November 2023 147,022 5,000 30,967 182,989
Amortisation for year 8,382 - 15,483 23,865
At 31 October 2024 155,404 5,000 46,450 206,854
NET BOOK VALUE
At 31 October 2024 35,171 - 139,351 174,522
At 31 October 2023 43,553 - 154,834 198,387

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 75,772 228,664 - 465,918 770,354
Additions - 8,278 51,000 80,387 139,665
At 31 October 2024 75,772 236,942 51,000 546,305 910,019
DEPRECIATION
At 1 November 2023 73,138 181,389 - 397,971 652,498
Charge for year 2,634 11,108 12,750 42,320 68,812
At 31 October 2024 75,772 192,497 12,750 440,291 721,310
NET BOOK VALUE
At 31 October 2024 - 44,445 38,250 106,014 188,709
At 31 October 2023 2,634 47,275 - 67,947 117,856

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 3,258,539 1,809,172
Accrued income 166,081 105,234
Other debtors 25,315 -
Directors' current accounts 77,000 463,518
Prepayments 64,426 42,382
3,591,361 2,420,306

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 692,525 517,054
Tax 793,905 74,942
Social security and other taxes 779,569 582,381
Other creditors 3,534,718 2,822,289
Other loan 1,380 1,380
Accrued expenses 40,980 105,927
5,843,077 4,103,973

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Other loan 1,725 3,105

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.24 31.10.23
£    £   
Within one year 221,143 178,797
Between one and five years 393,723 405,511
614,866 584,308

14. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax 73,786 71,082

Deferred
tax
£   
Balance at 1 November 2023 71,082
Provided during year 2,704
Balance at 31 October 2024 73,786

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
20,000 Ordinary £1 20,000 20,000

16. PENSION COMMITMENTS

The company operates defined contribution pension schemes for employees and directors. Contributions during the year amounted to £235,486 (2023 - £120,054). Contributions of £25,712 were outstanding at the year end.

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24 31.10.23
£    £   
C A Grant
Balance outstanding at start of year 458,518 -
Amounts advanced 77,000 458,518
Amounts repaid (458,518 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 77,000 458,518

Pastdue Credit Solutions Limited (Registered number: SC287794)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

J A Seroka
Balance outstanding at start of year 5,000 -
Amounts advanced - 5,000
Amounts repaid (5,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,000

Loans to directors are interest free and are repayable on demand.

18. ULTIMATE CONTROLLING PARTY

The controlling party is P Grant and C Grant.