Clayton Euro Risk Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03345660 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

CLAYTON EURO RISK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L Schwarz

M Apostolidis

V Myller Igknay

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Bristol

BS1 6HL

REGISTERED NUMBER:

03345660 (England and Wales)

ACCOUNTANTS:

Haines Watts Accountants (Bristol) Limited

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

-

1,593

Investments

5

16,956

-

16,956

1,593

CURRENT ASSETS

Debtors

6

1,140,158

886,871

Cash at bank and in hand

2,446,528

2,496,424

3,586,686

3,383,295

CREDITORS

Amounts falling due within one year

7

(953,027

)

(701,402

)

NET CURRENT ASSETS

2,633,659

2,681,893

TOTAL ASSETS LESS CURRENT LIABILITIES

2,650,615

2,683,486

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

2,650,515

2,683,386

SHAREHOLDERS' FUNDS

2,650,615

2,683,486

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

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

The directors acknowledge their 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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 25 January 2023 and were signed on its behalf by:

M Apostolidis - Director

1.	COMPANY INFORMATION

Clayton Euro Risk 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 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 amounts in these financial statements are rounded to the nearest £.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents income from the supply of specialist consultancy business focused on credit and risk encompassing all branches of consumer finance, excluding value added tax. Income is recognised as the contract activity progresses to reflect the company's partial performance of its contractual obligations. Unbilled revenue is shown within debtors as accrued income.

Tangible fixed assets

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

Improvements to property - Straight line until lease review date

Office equipment - Straight line over 5 years

Fixtures and fittings - Straight line over 7 years

Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes those directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2021

and 31 December 2021

5,869

43,337

203,737

252,943

DEPRECIATION

At 1 January 2021

5,869

42,066

203,415

251,350

Charge for year

-

1,271

322

1,593

At 31 December 2021

5,869

43,337

203,737

252,943

NET BOOK VALUE

At 31 December 2021

-

-

-

-

At 31 December 2020

-

1,271

322

1,593

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

16,956

At 31 December 2021

16,956

NET BOOK VALUE

At 31 December 2021

16,956

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

308,102

198,466

Amounts owed by group undertakings

515,121

513,634

Other debtors

152,849

4,968

S455 tax recoverable

164,044

164,044

VAT

42

4,604

Prepayments & accrued income

-

1,155

1,140,158

886,871

Within amounts owed to the company by group undertakings is a loan of £500,798 to Hellenic Holdings LLC, the ultimate parent of the Company. This loan is interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other loans

385,332

-

Trade creditors

60,344

102,389

Corporation tax

32,626

127,972

Accrued expenses

474,725

471,041

953,027

701,402

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

9.	CONTROLLING PARTY

The company is controlled by Clayton Holdings UK Limited, whose ultimate controlling party is Hellenic Holdings LLC, a limited liability company incorporated in the USA.