Payment Protection Services Ltd. - Abbreviated accounts 16.3

REGISTERED NUMBER: SC404848 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Payment Protection Services Ltd.

Previously known as

Payment Protection Scotland Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

S McCann

REGISTERED OFFICE:

272 Bath Street

Glasgow

G2 4JR

REGISTERED NUMBER:

SC404848 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

Chartered Accountants

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

FIXED ASSETS

Tangible assets

2

14,678

5,197

CURRENT ASSETS

Debtors

1,669,551

1,569,363

Cash at bank and in hand

3,065,110

1,506,035

4,734,661

3,075,398

CREDITORS

Amounts falling due within one year

845,948

639,128

NET CURRENT ASSETS

3,888,713

2,436,270

TOTAL ASSETS LESS CURRENT LIABILITIES

3,903,391

2,441,467

PROVISIONS FOR LIABILITIES

2,936

1,025

NET ASSETS

3,900,455

2,440,442

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

3,900,454

2,440,441

SHAREHOLDERS' FUNDS

3,900,455

2,440,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 February 2017 and were signed by:

S McCann - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net commissions earned during the period exclusive of VAT.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Deferred tax

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

34,382

Additions

16,284

At 31 August 2016

50,666

DEPRECIATION

At 1 September 2015

29,185

Charge for year

6,803

At 31 August 2016

35,988

NET BOOK VALUE

At 31 August 2016

14,678

At 31 August 2015

5,197

3.	CALLED UP SHARE CAPITAL

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary Shares

0.50

-

1

9600

Ordinary Shares

0.0001

0.96

-

1

Ordinary 'B' Shares

0.01

0.01

-

1

Ordinary 'C' Shares

0.01

0.01

-

2

Ordinary 'D' Shares

0.01

0.02

-

1

1

On 1 December 2015 the 2 Ordinary Shares of 0.50p each were subdivided into 100 Ordinary Shares

of 0.01p.

Subsequently on the same date 3 Ordinary Shares of 0.01p were converted into 1 Ordinary B Share of

0.01p, 1 Ordinary C Share of 0.01p and 1 Ordinary D Share of 0.01p.

On 11 March 2016 the remaining 96 Ordinary Shares of 0.01p were subdivided to 9600 Ordinary

Shares of 0.0001p.