Company registration number 06855136 (England and Wales)
FRESH START UK DEBT MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FRESH START UK DEBT MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FRESH START UK DEBT MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,494
33,131
Current assets
Debtors
5
280,406
48,775
Cash at bank and in hand
57,294
248,078
337,700
296,853
Creditors: amounts falling due within one year
6
(182,921)
(170,972)
Net current assets
154,779
125,881
Total assets less current liabilities
172,273
159,012
Provisions for liabilities
(4,467)
(8,396)
Net assets
167,806
150,616
Capital and reserves
Called up share capital
7
30,000
30,000
Profit and loss reserves
137,806
120,616
Total equity
167,806
150,616

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

 

For the financial year ended 31 March 2025 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 member has 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.

FRESH START UK DEBT MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
G Butler
Director
Company Registration No. 06855136
The notes on pages 3 - 7 form part of these financial statements
FRESH START UK DEBT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Fresh Start UK Debt Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 48-50 Lowgate, Hull, HU1 1EN.

1.1
Accounting convention

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of debt management services to individuals experiencing debt problems, and is shown net of VAT and other sales related taxes.

 

Revenue is recognised in the period in which the services are provided.

 

1.3
Tangible fixed assets

Fixtures and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is charged so as to write off the cost of assets to their residual values over their estimated useful lives, using the straight-line method, on the following bases:

Leasehold fixtures
Over the life of the relevant lease
Fixtures and equipment
10%-30%
IT equipment
Over three years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FRESH START UK DEBT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Trade and other debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Trade and other creditors and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

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.

1.7
Taxation

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

Current tax

The tax currently payable is based on the taxable profit for the year. The company’s liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

 

Deferred tax assets and liabilities are measured at the tax rate that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

FRESH START UK DEBT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit plans are charged as an expense as they fall due.

1.11
Leases

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the accounting policies above relating to depreciation and amortisation of fixed assets, and recognition of provisions for reducing amounts recoverable on contracts to their recoverable value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 26 (2024: 25).

FRESH START UK DEBT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
78,188
Additions
2,310
Disposals
(40,085)
At 31 March 2025
40,413
Depreciation and impairment
At 1 April 2024
45,057
Depreciation charged in the year
17,946
Eliminated in respect of disposals
(40,084)
At 31 March 2025
22,919
Carrying amount
At 31 March 2025
17,494
At 31 March 2024
33,131
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
229,620
500
Other debtors
36,000
36,000
Prepayments and accrued income
14,786
12,275
280,406
48,775
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
23,330
15,641
Corporation tax
96,418
99,817
Other taxation and social security
19,149
13,138
Accruals and deferred income
44,024
42,376
182,921
170,972

The directors consider that the carrying amount of trade payables approximates to their fair value.

FRESH START UK DEBT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000
30,000
30,000

The company has one class of ordinary shares. The shareholders are entitled to receive dividends as and when declared and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

8
Related party transactions

The company has taken advantage of the exemption available under FRS 102 Chapter 33, not to disclose transactions or balances with its Parent company.

9
Controlling party

The immediate parent company is Porterfield Financial Holdings Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Kingswood Property Finance Limited Partnership incorporated in England and Wales with its registered office at 3 Coldbath Square, London, EC1R 5HL.

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