Company registration number SC764788 (Scotland)
PROTEUS PIER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 15 MONTHS ENDED 30 JUNE 2024
PROTEUS PIER LIMITED
COMPANY INFORMATION
Director
P Flynn
Company number
SC764788
Registered office
70 West Regent Street
Glasgow
Scotland
G2 2QZ
Auditor
Xeinadin Audit Limited
100 Barbirolli Square
Manchester
Greater Manchester
United Kingdom
M2 3BD
PROTEUS PIER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 19
PROTEUS PIER LIMITED
STRATEGIC REPORT
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the 15 months ended 30th June 2024.

Review of the business

The principal activity of Proteus Pier Limited (“The Company”) is that of acquiring and holding personal insolvency case fee assets. The company was incorporated on 3rd April 2023 and commenced trading from the same date.

The Company purchases Individual Voluntary Arrangements, Trust Deed and Debt Arrangement Scheme case fee assets and receives the fees over the life of the cases.

The key financial and other performance indicators during the period were as follows:

30 June 2024

£

Revenue 16,725,966

EBITDA (5,164,108)

Profit/(Loss) after tax (4,748,495)

Closing case volume 19,648

During the company’s first period of trading, it generated revenue of £16.7m and, following the initial recognition of case acquisition and servicing costs, reported a negative EBITDA and a loss for the year after tax.

Revenue is entirely comprised of case fee income received during the period.

The loss in the period is in line with expectations as the initial stages of acquiring and growing the case book require a front-loaded outlay to acquire the case. The Company ceased acquiring new case assets in February 2025. As the existing case book matures, acquisition costs are no longer being incurred and revenue will continue to be recognised over the remaining life of the cases.

Principal risks and uncertainties

The Company recognises certain risk factors that are both external and internal. The directors consider the principal risks and uncertainties to which the Company is exposed are intrinsic to the business and its operations. The following highlights some of the particular risks affecting the Company. It is not intended to be an extensive analysis of all risks that may affect the business and its operations.

Cash flow risk

The Company manages its cash flow with the preparation and review of forecasts, as well as ensuring a minimum cash level is maintained so that its liabilities are met as they fall due.

Credit Risk

The Company is exposed to credit risk on the non-repayment of amounts due from related party debt. In order to ensure that sufficient funds are available to fund ongoing operations and future developments, management regularly reviews the cash flow forecasts of the outstanding cases and case book under management to monitor recoverability issues or the presence of indicators of impairment. There have been no specific cases of this in the year to disclose and all credit has been recovered.

Liquidity Risk

The Company has delivered a strong trading performance in terms of revenue, generating cash received from acquired case assets. Despite an overall loss in this first year of trading, the book of cases will continue to grow until February 2025. From that point onwards, case acquisition costs will no longer be incurred, while revenue will continue to be recognised. The Director continue s to monitor liquidity through regular forecasting.

PROTEUS PIER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 2 -

Business Continuity

The Company maintains a continuity plan for each area of its operations. If the unexpected should happen, there is a plan in place to recover the operation with as little disruption as possible.

On behalf of the board

P Flynn
Director
31 March 2026
PROTEUS PIER LIMITED
DIRECTOR'S REPORT
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 3 -

The director presents his report with the financial statements of the company for the 15 months ended 30th June 2024.

Principal activities

The principal activity of The Company is that of acquiring and holding personal insolvency case fee assets.

Results and dividends

The results for the 15 month period are set out in the Statement of Comprehensive Income.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The directors who have held office during the period from 27th October 2023 to the date of this report are as follows:

P Flynn
N Reid
(Resigned 3 June 2024)
Auditor

Xeinadin Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PROTEUS PIER LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 4 -
Going concern

The financial statements have been prepared on a going concern basis.

The Company incurred a loss during the period ended 30 June 2024. This reflects the front-loaded nature of the Company’s business model, whereby significant acquisition costs are incurred in building the case portfolio, with revenue generated over the life of the underlying arrangements.

Management ha ve prepared cash flow forecasts covering the period to 31 March 2027. These forecasts reflect the cessation of new case acquisitions in February 2025 and the continued realisation of revenue from the existing case portfolio. In preparing these forecasts, the Director has considered expected case performance, portfolio maturity and associated cost profiles. Overall, the forecast cash flows demonstrate that the Company is able to meet its liabilities as they fall due from its own cash generation. While there was an initial period of reliance on related party support, this has reduced over time, with the Company now generating sufficient cash to repay outstanding balances.

Based on this assessment, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
P Flynn
Director
31 March 2026
PROTEUS PIER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROTEUS PIER LIMITED
- 5 -
Opinion

We have audited the financial statements of Proteus Pier Limited (the 'company') for the 15 months ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the 15 months then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial 15 months for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

PROTEUS PIER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROTEUS PIER LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance including the company's remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;

- Results of the enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

  - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

  - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

  - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

PROTEUS PIER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROTEUS PIER LIMITED (CONTINUED)
- 7 -

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PROTEUS PIER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROTEUS PIER LIMITED (CONTINUED)
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Lloyd BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
100 Barbirolli Square
Manchester
Greater Manchester
M2 3BD
United Kingdom
31 March 2026
PROTEUS PIER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 9 -
Period
ended
30 June
2024
Notes
£
Turnover
3
16,725,966
Cost of sales
(16,749,661)
Gross (loss)/profit
(23,695)
Administrative expenses
(5,140,413)
Loss before taxation
(5,164,108)
Tax on loss
6
415,613
Loss for the financial 15 months
(4,748,495)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROTEUS PIER LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
Notes
£
£
Current assets
Debtors falling due after more than one year
7
19,237,723
Debtors falling due within one year
7
6,578,412
Cash at bank and in hand
48,520
25,864,655
Creditors: amounts falling due within one year
8
(30,612,950)
Net current liabilities
(4,748,295)
Capital and reserves
Called up share capital
11
200
Profit and loss reserves
(4,748,495)
Total equity
(4,748,295)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 March 2026 and are signed on its behalf by:
P Flynn
Director
Company registration number SC764788 (Scotland)
PROTEUS PIER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 June 2024:
Loss and total comprehensive income
-
(4,748,495)
(4,748,495)
Issue of share capital
11
200
-
200
Balance at 30 June 2024
200
(4,748,495)
(4,748,295)
PROTEUS PIER LIMITED
STATEMENT OF CASH FLOWS
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 12 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
15
(10,222,622)
Financing activities
Proceeds from issue of shares
200
Repayment of borrowings
10,270,942
Net cash generated from financing activities
10,271,142
Net increase in cash and cash equivalents
48,520
Cash and cash equivalents at beginning of 15 months
-
0
Cash and cash equivalents at end of 15 months
48,520
PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Proteus Pier Limited is a private company limited by share capital, incorporated in Scotland, registration number SC764788. The address of the registered office and the principal place of business is 70 West Regent Street, Glasgow, Scotland, G2 2QZ.

1.1
Reporting period

The financial statements have been prepared for the period from 3 April 2023 (date of incorporation) to 30 June 2024. This represents the Company’s first period of trading and accordingly covers a period of fifteen months.

As these are the first financial statements of the Company, no comparative figures are presented.

1.2
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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis.true

The Company incurred a loss during the period ended 30 June 2024. This reflects the front-loaded nature of the Company’s business model, whereby significant acquisition costs are incurred in building the case portfolio, with revenue generated over the life of the underlying arrangements.

Management ha ve prepared cash flow forecasts covering the period to 31 March 2027. These forecasts reflect the cessation of new case acquisitions in February 2025 and the continued realisation of revenue from the existing case portfolio. In preparing these forecasts, the Director has considered expected case performance, portfolio maturity and associated cost profiles. Overall, the forecast cash flows demonstrate that the Company is able to meet its liabilities as they fall due from its own cash generation. While there was an initial period of reliance on related party support, this has reduced over time, with the Company now generating sufficient cash to repay outstanding balances.

Based on this assessment, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

1.4
Turnover

Turnover represents amounts received in respect of insolvency case fee income arising from a portfolio of insolvency cases acquired by the Company.

The Company acquires the rights to future fee income from insolvency cases and is entitled to receive revenue generated over the remaining life of those cases.

Revenue is recognised when cash is received in respect of those cases, as this represents the point at which the Company becomes unconditionally entitled to the consideration and the amount can be measured reliably.

PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.5
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.

1.6
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

Basic financial assets, which include debtors 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.

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

Basic financial liabilities, including 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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 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.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 assumptions which have significant risk of causing a material adjustment to the carrying value of assets and liabilities are as follows:

The Company recognises deferred case acquisition costs and releases these to the profit and loss account over the expected term of each insolvency case in proportion to income received from that case. The recoverability of deferred case acquisition costs is dependent upon the future performance of the underlying cases, including expected case completion rates and income realisation profiles.

A key source of estimation uncertainty arises in assessing the likelihood of cases becoming delinquent prior to completion. Where cases terminate early, the Company remains liable for the full acquisition cost but may not receive sufficient income to fully recover the associated deferred costs.

At the reporting date, the Director assessed the recoverability of deferred case acquisition costs and recognised:

- an impairment in respect of cases that had become delinquent; and

- an impairment reflecting the estimated likelihood of further cases becoming delinquent, determined using historical attrition data, portfolio age analysis and management’s assessment of current performance trends.

The estimation of future delinquency rates involves judgement and is inherently uncertain. Changes in assumed case completion or delinquency rates may result in material adjustments to the carrying value of deferred case acquisition costs in future periods.

At the reporting date, deferred case acquisition costs amounted to £25,024,466, this balance is stated after impairments totalling £6,438,526.

PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 16 -
3
Turnover
2024
£
Turnover analysed by class of business
Case fees
16,725,966
2024
£
Turnover analysed by geographical market
United Kingdom
16,725,966
4
Operating loss
2024
Operating loss for the period is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the 15 months was:

2024
Number
Total
0
6
Taxation
2024
£
Deferred tax
Origination and reversal of timing differences
(415,613)
PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
6
Taxation
(Continued)
- 17 -

The actual (credit)/charge for the 15 months can be reconciled to the expected credit for the 15 months based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(5,164,108)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(1,291,027)
Unutilised tax losses carried forward
875,414
Taxation credit for the period
(415,613)
7
Debtors
2024
Amounts falling due within one year:
£
Prepayments and accrued income
6,162,799
Deferred tax asset (note 10)
415,613
6,578,412
2024
Amounts falling due after more than one year:
£
Prepayments and accrued income
19,237,723
Total debtors
25,816,135
8
Creditors: amounts falling due within one year
2024
Notes
£
Other borrowings
9
10,270,942
Other creditors
20,319,508
Accruals and deferred income
22,500
30,612,950
PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 18 -
9
Loans and overdrafts
2024
£
Other loans
10,270,942
Payable within one year
10,270,942
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
2024
Balances:
£
Tax losses
415,613
2024
Movements in the 15 months:
£
Liability at 3 April 2023
-
Credit to profit or loss
(415,613)
Asset at 30 June 2024
(415,613)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

11
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
Ordinary B shares of £1 each
100
100
200
200

100 Ordinary shares of £1 each were issued at par, fully paid on incorporation. 100 Ordinary B shares of £1 each were issued at par, fully paid on 5 May 2023.

PROTEUS PIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 15 MONTHS ENDED 30 JUNE 2024
- 19 -
12
Related party transactions

The Company purchased insolvency cases during the period from companies under common control totalling £11,390,813.

The Company also incurred case servicing fees of £5,017,809 from companies under common control in respect of services provided during the period.

At the reporting date, the Company owed £20,314,639 to companies under common control. This balance is unsecured, interest free and repayable on demand.

Included in Other creditors is an amount owed to the director of £10,270,942. This amount is interest free and repayable on demand.

13
Ultimate controlling party

At 30 June 2024, the Company was wholly owned and controlled by P Flynn.

There was no ultimate parent undertaking at the reporting date.

14
Events after the reporting date

On 17 December 2024, the entire issued share capital of the Company was acquired by Proteus Holdings Limited. Proteus Holdings Limited is wholly owned by P Flynn, who was the sole shareholder of the Company prior to the transaction.

As a result, ultimate control of the Company has not changed.

15
Cash absorbed by operations
2024
£
Loss after taxation
(4,748,495)
Adjustments for:
Taxation credited
(415,613)
Movements in working capital:
Increase in debtors
(25,400,522)
Increase in creditors
20,342,008
Cash absorbed by operations
(10,222,622)
16
Analysis of changes in net debt
3 April 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
-
48,520
48,520
Borrowings excluding overdrafts
-
(10,270,942)
(10,270,942)
-
(10,222,422)
(10,222,422)
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