REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INITIAL FINANCE LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INITIAL FINANCE LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
|
|
|
|
|
INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
INITIAL FINANCE LIMITED |
|
COMPANY INFORMATION |
for the year ended 30 September 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Vernon House |
40 New North Road |
Huddersfield |
West Yorkshire |
HD1 5LS |
INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168) |
|
BALANCE SHEET |
30 September 2020 |
|
2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168) |
|
BALANCE SHEET - continued |
30 September 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Initial Finance Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends on the continuing support of the company's finance providers. The financial statements do not include any adjustments that would result if the support did not continue. |
|
Turnover |
Turnover represents interest and fees receivable on loans, excluding value added tax, recorded when the company becomes entitled to the income on a monthly basis. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2019 - NIL). |
|
4. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by associates |
|
|
Other debtors |
|
|
|
|
|
Amounts falling due after more than one year: |
Trade debtors |
|
|
|
Aggregate amounts |
|
|
INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2020 |
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Amounts owed to associates | - | 66,556 |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans | 1,389 | - |
|
7. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
|
Bank loans are secured by the Government backed Bounce Back Loan Scheme. |
|
8. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|