Company registration number 00217953 (England and Wales)
THE CREDIT PROTECTION ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
THE CREDIT PROTECTION ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
THE CREDIT PROTECTION ASSOCIATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
4
76,623
3,220,834
Investments
5
100,100
100,100
176,723
3,320,934
Current assets
Debtors
7
10,070,323
6,701,797
Cash at bank and in hand
96,682
420,382
10,167,005
7,122,179
Creditors: amounts falling due within one year
8
(1,007,429)
(1,011,011)
Net current assets
9,159,576
6,111,168
Total assets less current liabilities
9,336,299
9,432,102
Provisions for liabilities
-
(713,171)
Net assets
9,336,299
8,718,931
Capital and reserves
Called up share capital
9
113,954
113,954
Revaluation reserve
10
-
0
3,272,449
Profit and loss reserves
9,222,345
5,332,528
Total equity
9,336,299
8,718,931
THE CREDIT PROTECTION ASSOCIATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 4 December 2025 and are signed on its behalf by:
Mr D S Baber
Director
Company registration number 00217953 (England and Wales)
THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

The Credit Protection Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Sobell Rhodes LLP, Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, United Kingdom, WD6 4PJ. The trading office address is Suite C, Profile West, 950 Great West Road, Brentford, TW8 9ES.

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 a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Under the provisions of Companies Act 2006 the company is exempt from preparing group accounts and the accounts show results of the company as an individual entity. The subsidiary undertakings have not traded since 31 October 2009

1.2
Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

1.3
Going concern

The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following uncertainty over the current economic conditions due to worldwide increasing rates of inflation and interest. true

As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.

On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.

THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of debt recovery and ancillary services in the ordinary course of the company’s activities. Subscription income is accounted for over the duration of the agreement and litigation commission is accounted for once the customer has notified them of successful recovery. Turnover is shown net of value added tax, rebates and discounts.

The company recognised revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Property
2% straight line
Leasehold land and buildings
Over 60 months
Fixtures and fittings
20-33% straight line
Motor vehicles
20% straight line
1.6
Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

1.7
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, other creditors and l oans from fellow group companies t hat 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates 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 addressed below.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Valuation of Freehold Properties

Freehold properties have been disposed during the financial year.

(iii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. The carrying amount is £186,260 (20 24 £101,464 ).

3
Employees

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

2025
2024
Number
Number
Total
19
23
THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Tangible fixed assets
Freehold Property
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
3,170,000
-
0
389,815
155,794
3,715,609
Additions
-
0
24,747
18,941
-
0
43,688
Disposals
(3,170,000)
-
0
(289,975)
-
0
(3,459,975)
At 31 March 2025
-
0
24,747
118,781
155,794
299,322
Depreciation and impairment
At 1 April 2024
-
0
-
0
386,312
108,463
494,775
Depreciation charged in the year
-
0
825
5,241
11,833
17,899
Eliminated in respect of disposals
-
0
-
0
(289,975)
-
0
(289,975)
At 31 March 2025
-
0
825
101,578
120,296
222,699
Carrying amount
At 31 March 2025
-
0
23,922
17,203
35,498
76,623
At 31 March 2024
3,170,000
-
0
3,503
47,331
3,220,834

Included within the net book value of land and building above is £nil (202 4 - £3,1 70,000) in respect of freehold land and building.

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
100,100
100,100
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
CPA On-Line Limited
England & Wales
Dormant
Ordinary
100.00
CPA (Paid) Limited
England & Wales
Dormant
Ordinary
100.00
THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
186,260
101,464
Amounts owed by group undertakings
6,946,515
6,458,294
Other debtors
2,937,548
142,039
10,070,323
6,701,797

All these amounts are measured at amortised cost.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
4,139
17,013
Trade creditors
31,240
112,933
Amounts owed to group undertakings
100,100
102,706
Corporation tax
-
0
538
Other taxation and social security
68,901
79,724
Other creditors
803,049
698,097
1,007,429
1,011,011

All these amounts are measured at amortised cost.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 25p each
455,815
455,815
113,954
113,954
10
Revaluation reserve
2025
2024
£
£
At the beginning of the year
3,272,449
4,472,449
Revaluation deficit arising in the year
-
0
(1,200,000)
Other movements
(3,272,449)
-
At the end of the year
-
0
3,272,449
11
Operating lease commitments
As lessee
THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Operating lease commitments
(Continued)
- 9 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
222,884
-
0
12
Contingent liabilities

There are possible contingent liabilities under guarantees given to clients at the time of sale of debt collection units and concerning the recoverability of debts. It is not possible to quantity the possible liability relating to these debts.

13
Directors' transactions
Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D S Baber -
-
1,030
3,864
(2,971)
1,923
1,030
3,864
(2,971)
1,923
14
Parent company

The ultimate controlling party is Mr D S Baber.

15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

THE CREDIT PROTECTION ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Related party transactions
(Continued)
- 10 -

Summary of transactions with other related parties

Synergy Investments Limited

Mr D S Baber and Mrs C J Baber are directors and the ultimate controlling party of Synergy Investments Limited.

Included in debtors at year end is an amount of £6,946,339 (202 4: £6,458,294) owed by Synergy Investments Limited. The director Mr. D S Baber is also a director of Synergy Investments Limited. The loan is interest free and is repayable on demand

CPA (LPC) Recoveries Limited

Mr D S Baber and Mrs C J Baber are directors and the controlling party of CPA (LPC) Recoveries Limited.

Included in debtors at year end is and is an amount of £17 6 (202 4: £2,606 owed to) owed by CPA (LPC) Recoveries Limited. The director Mr. D S Baber is also a director of CPA (LPC) Recoveries Limited. The loan is interest free and is repayable on demand.

During the year, the company charged a management fee of £9,891 (20 24: £21,937) to CPA (LPC) Recoveries Limited.

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