Lendwise Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 10466048 (England and Wales)
Lendwise Ltd
Company Information
Directors
C Panayiotou
R Zaveri
Secretary
Norose Company Secretarial Services Limited
Company number
10466048
Registered office
3 More London Riverside
London
United Kingdom
SE1 2AQ
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Lendwise Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Lendwise Ltd
Balance Sheet
As at 31 December 2019
Page 1
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,209
4,634
Current assets
Debtors
4
116,954
44,081
Cash at bank and in hand
91,339
296,046
208,293
340,127
Creditors: amounts falling due within one year
5
(196,974)
(28,206)
Net current assets
11,319
311,921
Total assets less current liabilities
15,528
316,555
Capital and reserves
Called up share capital
6
914,948
500,000
Profit and loss reserves
(899,420)
(183,445)
Total equity
15,528
316,555
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 24 June 2020 and are signed on its behalf by:
R Zaveri
Director
Company Registration No. 10466048
Lendwise Ltd
Notes to the Financial Statements
For the year ended 31 December 2019
Page 2
1
Accounting policies
Company information
Lendwise Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 More London Riverside, London, United Kingdom, SE1 2AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is in its growth phase and is currently incurring losses, it is therefore reliant on external investment to fund its working capital needs, this includes the issue of share capital. A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, being at least one year from the date of approval of the financial statements, so not to jeopardise the going concern status of the company nor to prejudice the interests of creditors
. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Arrangement fees earned from borrowers are recognised on initiation of the loan. Loan servicing fees are recognised on
a cash
basis over the term
as loans are repaid
.
All turnover is recognised on the basis that the company acts as an agent to the transaction rather than the principal.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 year straight line
Computers
3 year straight line
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
.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Clients assets in the form of loans and client money are not recognised in the financial statements
.
Lendwise Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial
instruments or
basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
Lendwise Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
5,314
Additions
1,421
At 31 December 2019
6,735
Depreciation and impairment
At 1 January 2019
680
Depreciation charged in the year
1,846
At 31 December 2019
2,526
Carrying amount
At 31 December 2019
4,209
At 31 December 2018
4,634
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
116,954
44,081
5
Creditors: amounts falling due within one year
2019
2018
as restated
£
£
Trade creditors
107,380
20,086
Other taxation and social security
72,414
-
Other creditors
17,180
8,120
196,974
28,206
Lendwise Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 5
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
914,948 Ordinary shares of £1 each
914,948
500,000
914,948
500,000
During the year 414,948 ordinary shares of £1 were issued at par for cash.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
56,304
27,540
8
Prior period adjustment
In the prior year an equal and opposite amount was included in cash at bank and in hand and in other creditors in respect of client money held in a segregated bank account. A prior year adjustment has been made to remove these client balances from the company’s balance sheet
Changes to the balance sheet
At 31 December 2018
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Loans and overdrafts
194,244
(194,244)
-
Other creditors
(222,450)
194,244
(28,206)
Net assets
316,555
-
316,555