Debts Solved Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06391280 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Debts Solved Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs A Canning

REGISTERED OFFICE:

95 Chorley Road

Swinton

Manchester

M27 4AA

REGISTERED NUMBER:

06391280 (England and Wales)

ACCOUNTANTS:

Bennett Brooks & Co Ltd

t/a Northline Business Consultants

Chartered Accountants

3-4 Wharfside

The Boatyard

Worsley

Manchester

Greater Manchester

M28 2WN

FIXED ASSETS

Intangible assets

4

242,000

215,000

Tangible assets

5

6,251

7,354

248,251

222,354

CURRENT ASSETS

Debtors

6

62,513

70,223

Cash at bank and in hand

42,291

31,621

104,804

101,844

CREDITORS

Amounts falling due within one year

7

(39,602

)

(34,196

)

NET CURRENT ASSETS

65,202

67,648

TOTAL ASSETS LESS CURRENT LIABILITIES

313,453

290,002

CREDITORS

Amounts falling due after more than one year

8

(26,213

)

-

NET ASSETS

287,240

290,002

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

287,140

289,902

287,240

290,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2021 and were signed by:

Mrs A Canning - Director

1.	STATUTORY INFORMATION

Debts Solved 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

Government grants

Government grants in respect of the Coronavirus Small Business Grant Fund and the Coronavirus Job Retention Scheme are recognised within the Income Statement on an accruals basis.

Financial instruments

The company has elected to apply the provisions of Section 'Basic Financial Instruments' and Section 'Other Financial Instruments Issues' of FRS to all of its financial statements.

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 includes 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 transactions, where the transaction is measured at 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 accordingly 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 instruments

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transactions price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts 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 rate method.

Cash and cash equivalents are basic financial instruments 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. Bank overdrafts are shown within borrowings in current liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

215,000

Additions

70,000

At 31 March 2021

285,000

AMORTISATION

Charge for year

43,000

At 31 March 2021

43,000

NET BOOK VALUE

At 31 March 2021

242,000

At 31 March 2020

215,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

26,696

DEPRECIATION

At 1 April 2020

19,342

Charge for year

1,103

At 31 March 2021

20,445

NET BOOK VALUE

At 31 March 2021

6,251

At 31 March 2020

7,354

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

334

1,956

Amounts owed by group undertakings

60,618

60,618

Other debtors

1,561

7,649

62,513

70,223

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

3,787

-

Trade creditors

4,007

12,337

Amounts owed to group undertakings

1,535

1,535

Taxation and social security

20,271

19,081

Other creditors

10,002

1,243

39,602

34,196

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

26,213

-

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is an amount owed to the director from the company of £546.28 (2020: £708.97 due to the the director from the company).

10.	RELATED PARTY DISCLOSURES

Included within Debtors is an amount of £60,618 due from a company under common control.

Included within Creditors is an amount of £1,535 due to a company under common control.