CUA Finance Limited - Accounts to registrar (filleted) - small 18.2
CUA Finance Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2019 |
| for |
| CUA Finance Limited |
| CUA Finance Limited (Registered number: 08866440) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| CUA Finance Limited |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 5 Technology Park |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| BANKERS: |
| 2 High Street |
| Chelmsford |
| Essex |
| CM1 1BG |
| CUA Finance Limited (Registered number: 08866440) |
| Statement of Financial Position |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CUA Finance Limited (Registered number: 08866440) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| CUA Finance Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents both interest received on finance agreements in relation to insurance policies and agreement arrangement fees. |
| Interest income is recognised at the point the interest is collected from the policy holder. |
| Arrangement fees are recognised when the agreement has been settled in full as the client is then no longer entitled to a refund on cancellation. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Debtors |
| Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, are recognised at transaction price. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
| CUA Finance Limited (Registered number: 08866440) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates. There are no material items in the financial statements where these judgements and estimates have been made. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Included within other debtors is £1,027,817 (2018: £1,347,389), being amounts owed by customers whom were refunded directly by the FSCS following the liquidation of the group's primary insurance company in May 2018. A bad debt provision has been recognised during the financial year against these balances. |
| CUA Finance Limited are pursuing customers for the outstanding debts, and have begun legal proceedings against a small number of individuals. The first court judgement, post year end, ruled in favour of the company. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Other creditors |
| Accrued expenses |
| There is a fixed and floating charge over all assets of the company from a trade creditor. The charge was registered on 17 December 2015. |
| CUA Finance Limited (Registered number: 08866440) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| Held within other debtors are balances owed to the company by individual customers who were refunded by the FSCS directly following the liquidation of the group's primary insurance provider in May 2018. The directors have made a provision against the balance, which is based on the outcome of historic county court judgements. The first judgement was returned in late 2020, in favour of the company. No further judgements have been returned. Whilst the directors believe that the remaining balance of £1,027,817 is recoverable, and there has been some further receipts to the date of this report, there remains significant uncertainties over the recovery of the entirety of this balance. |
| for and on behalf of |
| 7. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Capital Underwriting Agencies Group Limited. |
| The ultimate controllers are P Dodds and M Harris, by virtue of their holding of share capital of the parent company. |