Company No:
Contents
Note | 2022 | 2021 | ||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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1,197,353 | 935,012 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 762,238 | 612,163 | ||
Total assets less current liabilities | 762,238 | 612,163 | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Believe 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 year, unless otherwise stated.
Believe 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 1st Floor Barclays Bank, Heavens Walk, Doncaster, DN4 5HZ, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £638,238 (2021: £440,163). The Company is supported through Government backed loans. The directors have 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 enquires, the directors believe 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 loans.
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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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During the year, the company was recharged salary costs by a fellow subsidiary in respect of their services to the company.
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Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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Bank loans |
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Trade creditors |
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Accruals |
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Other taxation and social security |
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Payments received on account |
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Other creditors |
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Bank loans represent a government backed bank loan. The loan attracts interest at 3.19% per annum, is unsecured, and repayable monthly over a 5 year term.
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£ | £ | ||
Bank loans |
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Long term bank loans represent a government backed bank loan. The loan attracts interest at 3.19% per annum, is unsecured, and repayable monthly over a 5 year term.
There is no overall controlling party of the group.