Company No: 06324774 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	37,000		35,000
Tangible assets	4	19,864		13,281
		56,864		48,281
Current assets
Debtors	5	1,135,911		764,336
Cash at bank and in hand		415,993		467,754
		1,551,904		1,232,090
Creditors
Amounts falling due within one year	6	( 201,255)		( 203,230)
Net current assets		1,350,649		1,028,860
Total assets less current liabilities		1,407,513		1,077,141
Provision for liabilities		( 8,470)		( 5,117)
Net assets		1,399,043		1,072,024
Capital and reserves
Called-up share capital	7	10		10
Profit and loss account		1,399,033		1,072,014
Total shareholders' funds		1,399,043		1,072,024

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Corporate Recovery Specialists Limited (registered number: 06324774) were approved and authorised for issue by the Director on 15 December 2022. They were signed on its behalf by:

Mr C Parkman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Corporate Recovery Specialists Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 4 Portfolio House, 3 Princes Street, Dorchester, DT1 1TP, England, United Kingdom. The principal place of business is 5a Kernick Industrial Estate, Penryn, Nr Falmouth, Cornwall, TR10 9EP.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Development costs	not amortised

Research and development

Amortisation will be charged so as to write off the cost of assets, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life.

Land and buildings	20 years straight line
Fixtures and fittings	6.5 years straight line
Office equipment	6.5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	11		9

3. Intangible assets

	Goodwill		Development costs		Total
	£		£		£
Cost
At 01 April 2021	250,791		35,000		285,791
Additions	0		2,000		2,000
At 31 March 2022	250,791		37,000		287,791
Accumulated amortisation
At 01 April 2021	250,791		0		250,791
At 31 March 2022	250,791		0		250,791
Net book value
At 31 March 2022	0		37,000		37,000
At 31 March 2021	0		35,000		35,000

4. Tangible assets

	Land and buildings		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2021	8,258		38,302		100,373		146,933
Additions	3,508		1,118		4,528		9,154
At 31 March 2022	11,766		39,420		104,901		156,087
Accumulated depreciation
At 01 April 2021	1,432		38,301		93,919		133,652
Charge for the financial year	519		51		2,001		2,571
At 31 March 2022	1,951		38,352		95,920		136,223
Net book value
At 31 March 2022	9,815		1,068		8,981		19,864
At 31 March 2021	6,826		1		6,454		13,281

5. Debtors

	2022		2021
	£		£
Trade debtors	231,630		148,713
Amounts recoverable on contracts	330,475		299,567
Prepayments	7,334		15,888
Other debtors	566,472		300,168
	1,135,911		764,336

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	5,392		0
Amounts owed to director	22,366		53,487
Accruals	2,745		4,100
Corporation tax	111,660		95,937
Other taxation and social security	58,741		45,609
Other creditors	351		4,097
	201,255		203,230

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
6 Ordinary A shares of £ 1.00 each	6		6
2 Ordinary B shares of £ 1.00 each	2		2
1 Ordinary C share of £ 1.00	1		1
1 Ordinary D share of £ 1.00	1		1
	10		10

8. Related party transactions

Other related party transactions

	2022		2021
	£		£
Parkmans Property Limited	561,515		296,002

The company has lent funds to other related parties. There are no formal agreements regarding the loan and as a result it is classified as receivable within 1 year. Interest is accruing on the loan balance.