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REGISTERED NUMBER: SC606381 (Scotland)















Financial Statements for the Year Ended 31 August 2024

for

Fresh Start Insolvency Limited

Fresh Start Insolvency Limited (Registered number: SC606381)






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




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Fresh Start Insolvency Limited (Registered number: SC606381)

Abridged Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 8,958 3,298
Investments 5 852,955 -
Investment property 6 250,000 250,000
1,111,913 253,298

CURRENT ASSETS
Debtors 66,830 405,112
Cash at bank 13,356 16,918
80,186 422,030
CREDITORS
Amounts falling due within one year 1,043,945 536,758
NET CURRENT LIABILITIES (963,759 ) (114,728 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,154

138,570

PROVISIONS FOR LIABILITIES 2,239 -
NET ASSETS 145,915 138,570

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 145,815 138,470
145,915 138,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Fresh Start Insolvency Limited (Registered number: SC606381)

Abridged Balance Sheet - continued
31 August 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





M. Bennett - Director


Fresh Start Insolvency Limited (Registered number: SC606381)

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

1. STATUTORY INFORMATION

Fresh Start Insolvency Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC606381

Registered office: Buchanan Business Park Suite 12
Cumbernauld Road
Glasgow
G33 6HZ

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
The directors believe there are no critical judgements in applying the company's accounting policies and no key sources of estimation uncertainty which impact on the financial statements of the company.

Turnover
The turnover in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.

Nominee fees arising from Individual Voluntary Arrangements (IVA's) are recognised on completion of a successful creditors' meeting. Supervisor fees arising from IVA's are recognised at the point of recovery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fresh Start Insolvency Limited (Registered number: SC606381)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 it's liabilities.

Financial assets
Financial assets including trade debtors, are initially recognised at transaction cost which is considered to be fair value and subsequently held at amortised cost. At each statement of financial position date the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing as impairment loss provision. Impairment loss provisions are maintained at the level that management deemed sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment.

Financial liabilities
Financial liabilities are presented as such in the statement of financial position. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Dividends and distributions relating to equity instruments are debited directly to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Investments
Investments are included at fair value.

Rental income
Rental income is credited to the profit and loss account on the accruals basis.

Fresh Start Insolvency Limited (Registered number: SC606381)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 7,324
Additions 8,203
At 31 August 2024 15,527
DEPRECIATION
At 1 September 2023 4,026
Charge for year 2,543
At 31 August 2024 6,569
NET BOOK VALUE
At 31 August 2024 8,958
At 31 August 2023 3,298

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
Additions 852,955
At 31 August 2024 852,955
NET BOOK VALUE
At 31 August 2024 852,955

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 250,000
NET BOOK VALUE
At 31 August 2024 250,000
At 31 August 2023 250,000

Fresh Start Insolvency Limited (Registered number: SC606381)

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

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 17,940 -
Between one and five years 16,445 -
34,385 -

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company benefitted from an interest free loan from the directors. The balance at 31 August 2024 was £287,639 (2023 - £1,339).

9. ULTIMATE CONTROLLING PARTY

No one party can act in isolation by virtue of their shareholding.