| Claim-Smart Limited |
| Notes to the Accounts |
| for the period from 1 September 2023 to 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company has adopted pound sterling as the reporting currency. |
|
|
Consolidation |
|
The accounts present information relating to the company as an individual undertaking and not relating to the group. Group accounts have not been prepared as the company is entitled, for the year ended 31 December 2024, to the exemptions conferred by provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime, from the requirement to prepare Group accounts. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Work in progress & workflow |
|
Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date. It is valued at the lower of cost and net realisable value. Cost comprises expenditure directly related to the processing of claims, excluding any mark-up plus disbursements. Any non-recoverable work in progress is excluded. |
|
The company has 6,349 eligible claims currently being processed. The projected income from these claims is expected to be £2,133,264. |
|
|
Judgements and key sources of estimation uncertainty |
|
In the course of preparing the management accounts, no judgements have been made in the process of applying the company's accounting policies, other than those involving estimations that have had a significant effect on the amounts recognised in the accounts. 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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
Additions |
1 |
|
|
At 31 December 2024 |
1 |
|
|
The company holds 20% or more of the share capital of the following companies: |
|
|
Company |
Shares held |
Capital and reserves at 31 Dec 2024 |
|
Profit (loss) for the year to 31 Dec 2024 |
|
|
Class |
% |
£ |
£ |
|
Grove PCP Limited |
Ordinary |
100 |
|
1 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Other debtors |
54,802 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
3,594 |
|
- |
|
Other creditors |
1,000 |
|
- |
|
|
|
|
|
|
4,594 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
326,668 |
|
- |
|
Other creditors |
170,000 |
|
- |
|
|
|
|
|
|
496,668 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 7 |
Contingent liabilities |
|
|
The company has provided a guarantee for a loan taken by a subsidiary and is exposed to contingent liabilities amounting to a maximum of £350,000. The company has assigned 1,000 PCP claims to the subsidiary which the subsidiary has agreed to provide to the lender as security. |
|
|
| 8 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
M Lee (appointed 02/09/2024) |
|
Directors loan account |
- |
|
35,600 |
|
- |
|
35,600 |
|
|
|
- |
|
35,600 |
|
- |
|
35,600 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other information |
|
|
Claim-Smart Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Berkeley Square House |
|
Berkeley Square |
|
London |
|
W1J 6BD |
|
| 10 |
Corresponding period |
|
|
The corresponding amounts are for a period of 12 months. |