REGISTERED NUMBER: 08709329 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Special Debt Situations Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J F Cizain

REGISTERED OFFICE:

Office 17 Access House

c/o DRS Tax & Business Advisors

Manor Road

West Ealing

W13 0AS

REGISTERED NUMBER:

08709329 (England and Wales)

FIXED ASSETS

Tangible assets

4

30,450

40,432

CURRENT ASSETS

Debtors

5

1,109,111

893,785

Cash at bank

745,516

259,642

1,854,627

1,153,427

CREDITORS

Amounts falling due within one year

6

372,693

71,462

NET CURRENT ASSETS

1,481,934

1,081,965

TOTAL ASSETS LESS CURRENT LIABILITIES

1,512,384

1,122,397

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

8

(79,007

)

(79,007

)

Retained earnings

8

1,591,291

1,201,304

SHAREHOLDERS' FUNDS

1,512,384

1,122,397

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

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

The financial statements were approved by the director and authorised for issue on 3 September 2025 and were signed by:

J F Cizain - Director

1.	STATUTORY INFORMATION

Special Debt Situations Limited is a private company, limited by shares , registered in England and Wales. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

68,990

25,156

94,146

Additions

-

1,245

1,245

At 31 December 2024

68,990

26,401

95,391

DEPRECIATION

At 1 January 2024

30,183

23,531

53,714

Charge for year

9,702

1,525

11,227

At 31 December 2024

39,885

25,056

64,941

NET BOOK VALUE

At 31 December 2024

29,105

1,345

30,450

At 31 December 2023

38,807

1,625

40,432

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

890,073

590,635

Other debtors

219,038

303,150

1,109,111

893,785

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

41,538

406

Taxation and social security

316,155

46,056

Other creditors

15,000

25,000

372,693

71,462

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

ORDINARY SHARES

1

100

100

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2024

1,201,304

(79,007

)

1,122,297

Profit for the year

650,791

650,791

Dividends

(260,804

)

(260,804

)

At 31 December 2024

1,591,291

(79,007

)

1,512,284