BILLING FINANCE LIMITED

• ⚠

  Material uncertainty over going concern

  However, as stated in note 20, there is a possible economic outflow related to the commission disclosure cases which are currently progressing through the Supreme Court appeals process. The new source of funding is anticipated to help cover some or all of these potential commission disclosure outflows. However, given the timing and extent of the contingent liabilities is currently uncertain and the new funding has not yet been finalised at the time of approving the financial statements, the Directors consider a material uncertainty related to going concern exists.

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. BILLING FINANCE LIMITED 1983-05-23 → present
2. CALMACUTTER LIMITED 1983-01-21 → 1983-05-23

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, as stated in note 20, there is a possible economic outflow related to the commission disclosure cases which are currently progressing through the Supreme Court appeals process. The new source of funding is anticipated to help cover some or all of these potential commission disclosure outflows. However, given the timing and extent of the contingent liabilities is currently uncertain and the new funding has not yet been finalised at the time of approving the financial statements, the Directors consider a material uncertainty related to going concern exists.”

Significant events

• “On 25th October 2024 the Court of Appeal handed down judgement in the cases of Hopcraft, Wrench and Johnson. The judgement redefined legal duties of dealers acting as credit brokers, requiring clear disclosure and consent to, the existence, nature and amount of any commission paid. The cases in question are undergoing the appeals process to the Supreme Court and one or more could be overturned, partially upheld or fully upheld and therefore the outcome and timings of the outcome are uncertain. Management has assessed the accounting requirements as at 31 October 2024 and has concluded that no amounts should be recognised as a provision as, although it is possible there will be an economic outflow, there remains significant uncertainty as to the outcome of the Supreme Court appeal, any further judicial or regulatory intervention and other mitigating factors which would need to be considered to reliably measure any provision required under the accounting standards.”
• “Billing Finance has not ever paid discretionary commissions on our products and therefore makes no provision or contingent liability in relation to this review.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

15

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +2.3%

  £20,980,395 → £21,453,792

• Cash

  -11%

  £545,184 → £485,079

  lowest in 3 filed years

• Net assets

  -5.2%

  £27,571,369 → £26,137,562

  lowest in 3 filed years

• Employees

  -8.3%

  120 → 110

• Operating profit

  -31.6%

  £5,725,780 → £3,915,538

• Profit before tax

  -432.2%

  £570,217 → -£1,894,441

  lowest in 3 filed years

• Wages

  -13.9%

  £4,720,316 → £4,063,099

  lowest in 3 filed years

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers