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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 April 2017 to 31 December 2017 |
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for |
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Loanpad Limited |
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Previously known as |
Loanbook Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 April 2017 to 31 December 2017 |
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for |
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Loanpad Limited |
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Previously known as |
Loanbook Limited |
Loanpad Limited (Registered number: 09479658) |
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Contents of the Financial Statements |
for the Period 1 April 2017 to 31 December 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Loanpad Limited |
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Company Information |
for the Period 1 April 2017 to 31 December 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Technology Park |
Colindeep Lane |
Colindale |
London |
NW9 6BX |
Loanpad Limited (Registered number: 09479658) |
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Statement of Financial Position |
31 December 2017 |
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2017 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Loanpad Limited (Registered number: 09479658) |
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Notes to the Financial Statements |
for the Period 1 April 2017 to 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Loanpad Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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On 5 February 2018, Loanbook Limited achieved authorisation from the Financial Conduct Authority (FCA) to |
operate an electronic system in relation to lending. To date, Loanbook Limited has been privately funded. Since |
the year end, Loanbook Limited has raised equity funding from a range of third parties to ensure it is in a strong |
position to commence trading in the first half of 2018 and capitalise on the market opportunities that it has |
identified within the Peer to Peer market. |
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Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at transaction price.. |
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Taxation |
Taxation for the year comprises current and deferred tax. Taxation is recognised in the Income Statement, except |
to the extent that it relates to items recognised in other comprehensive income, or directly in equity. |
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Current taxation is recognised as the amount of tax payable, using the tax rates and laws that that have been |
enacted or substantively enacted by the Statement of Financial Position date. |
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Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated, but not reversed by |
the Statement of Financial Position date, except that: |
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- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
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- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have |
been met. |
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Deferred tax is determined using tax rates and laws that have been enacted, or substantively enacted by the |
Statement of Financial Position date. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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Loanpad Limited (Registered number: 09479658) |
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Notes to the Financial Statements - continued |
for the Period 1 April 2017 to 31 December 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2017 |
£ | £ |
Taxation recoverable | 10,163 | 12,608 |
Amounts due from group company | - | 2,389 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2017 |
£ | £ |
Other loans |
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Trade creditors |
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Amounts owed to group undertakings |
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Director's current account | 28,432 | 50,000 |
Accruals |
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6. | RELATED PARTY DISCLOSURES |
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Amounts owed to the parent company are interest free and repayable on demand. |
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7. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Loanbook Holdings Limited, a non-trading company incorporated in England & |
Wales. |