Company No:
Contents
Note | 31.12.2021 | 31.12.2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
37,624 | 106,750 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
(
|
||
925,638 | 733,065 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 42,856 | 242,051 | ||
Total assets less current liabilities | 80,480 | 348,801 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Click Loans Limited (registered number:
I Johnson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Click Loans Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Beckwith House, 1 Wellington Road North, Stockport, SK4 1AF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £41,313 (2020: £303,801). The Company is supported through loans from the Parent Company and a bank loan. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of invoices raised in respect of procuration and broker fees, net of discounts and excluding value added tax, and is recognised on the commencement date of the loan.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Leasehold improvements | depreciated over the life of the lease |
Office equipment |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Year ended 31.12.2021 |
Period from 01.05.2020 to 31.12.2020 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
The company was recharged salary costs by a fellow subsidiary company in respect of their services to the company.
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2021 |
|
|
|
At 31 December 2021 |
|
|
|
Accumulated amortisation | |||
At 01 January 2021 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2021 |
|
|
|
Net book value | |||
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
Leasehold improve- ments |
Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2021 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 31 December 2021 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 January 2021 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 31 December 2021 |
|
|
|
|
|||
Net book value | |||||||
At 31 December 2021 |
|
|
|
|
|||
At 31 December 2020 |
|
|
|
|
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Prepayments |
|
|
|
Deferred tax asset |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
|
|
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans |
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
- within one year |
|
|
|
- between one and five years |
|
|
|
|
|
There is no overall controlling party of the group.