REGISTERED NUMBER: 08238752 (England and Wales)

Director's Report and

Unaudited Financial Statements for the Year Ended 31st December 2024

for

Credo Claims Limited

Page

Company Information

1

Director's Report

2

Statement of Income and Retained Earnings

3

Statement of Financial Position

4

Notes to the Financial Statements

5

DIRECTOR:

Mr P C Merritt

SECRETARY:

Mr S M Pickard

REGISTERED OFFICE:

Greystones

Winsford

Minehead

TA24 7JQ

REGISTERED NUMBER:

08238752 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The company's principal activity was the provision of assistance to individuals to claim back money on mis-sold Payment Protection Insurance (PPI). No new PPI claims are being made but the company has received commission on completed claims.

DIRECTOR

Mr P C Merritt held office during the whole of the period from 1st January 2024 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

APPROVED AND SIGNED ON BEHALF OF THE BOARD:

Mr P C Merritt - Director

22nd September 2025

TURNOVER

4,458

13,877

Cost of sales

-

208,918

GROSS PROFIT

4,458

222,795

Administrative expenses

18,269

(5,206

)

OPERATING PROFIT

22,727

217,589

Waiver of loan from group company

4

-

1,747,559

22,727

1,965,148

Interest receivable and similar income

31,132

30,225

Interest payable and similar expenses

(2,019

)

(13,322

)

PROFIT BEFORE TAXATION

5

51,840

1,982,051

Tax on profit

(34,381

)

-

PROFIT FOR THE FINANCIAL YEAR

17,459

1,982,051

Retained earnings at beginning of year

919,120

(1,062,931

)

RETAINED EARNINGS AT END OF YEAR

936,579

919,120

FIXED ASSETS

Investments

6

-

-

CURRENT ASSETS

Debtors

7

1,069,176

1,038,922

Cash at bank

422

316

1,069,598

1,039,238

CREDITORS

Amounts falling due within one year

8

(132,019

)

(119,118

)

NET CURRENT ASSETS

937,579

920,120

TOTAL ASSETS LESS CURRENT LIABILITIES

937,579

920,120

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

936,579

919,120

937,579

920,120

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 22nd September 2025 and were signed by:

Mr P C Merritt - Director

1.	STATUTORY INFORMATION

Credo Claims 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Group accounts

The financial statements contain information about Credo Claims Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The director believes 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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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

Basic financial assets, which include 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

De-recognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities 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, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Operating leases

Rental charge from operating leases is recognised on a straight line basis over the term of the relevant lease.

Pension costs and other post-retirement benefits

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

3.	EMPLOYEES AND DIRECTORS

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

4.	EXCEPTIONAL ITEMS

2024

2023

£

£

Waiver of loan from group company

-

1,747,559

During the previous year, a loan and accrued interest owed to a group company was waived by the lender.

5.	PROFIT BEFORE TAXATION

The profit is stated after charging:

2024

2023

£

£

Other operating leases

1,500

3,600

6.	FIXED ASSET INVESTMENTS

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

325

Other debtors

1,069,176

1,038,597

1,069,176

1,038,922

Provision in full of £1,801,866 (2023: £1,830,116) has been made on amounts due from group undertakings.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,616

517

Taxation and social security

34,787

121

Other creditors

95,616

118,480

132,019

119,118

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms Lydia Frances Strawson.