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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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1PLUS1 LOANS LTD |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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1PLUS1 LOANS LTD |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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1PLUS1 LOANS LTD |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
The Old Tannery |
Eastgate |
Accrington |
Lancashire |
BB5 6PW |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET ASSETS |
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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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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 and authorised for issue on
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1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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1plus1 Loans Ltd is a
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and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually |
evaluated based on historical experience and other factors, including expectations of future events that are believed to be |
reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. |
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The principal estimates that could have a significant effect upon the company's financial results relate to the value of |
provisions in respect of writing down amounts due from customers to their recoverable amounts. |
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Turnover |
Turnover represents interest income and fees on amounts receivable from customers. Interest income is calculated using the |
effective interest method which allocates the income over the life of the loan. Other fee income is recognised at the point when |
these fees become applicable to a specific loan agreement, for example on arrangement or at the point of customer default. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised. |
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Tangible fixed assets |
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Plant and machinery | - |
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Government grants |
Grants are accounted under the accruals model. Grants relating to expenditure on tangible fixed assets are credited to the |
profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of |
grants is included in creditors as deferred income. |
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Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure. Grants of a revenue |
nature for which there are no future performance-related conditions and costs are recognised as income in the period in which |
they become receivable. |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and |
liabilities, these being amounts recoverable from customers and loans from funders. |
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Loans receivable are measured initially at fair value and are measured subsequently at amortised costs using the effective |
interest method, less any provision for loan defaults. |
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At each reporting date financial assets are reviewed for evidence of impairment such as default or delinquency in repayments. |
If objective evidence of impairment is found an impairment loss is recognised in the income statement. |
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Loan origination and acquisition costs which are directly attributable to loans receivable, such as broker commissions payable, |
are spread over the life of the loans, rather than recognised in full at the time of acquisition. |
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Financial liabilities, included loans from funders, are measured at fair value, net of transaction costs, and are measured |
subsequently at amortised costs using the effective interest method. |
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The company has applied the relief in FRS102 which allows loans from directors and their close family members to be |
measured at transaction cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax 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 or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Amounts receivable from |
customers |
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Other debtors |
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Amounts falling due after more than one year: |
Amounts receivable from |
customers |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Other creditors | 2,955,634 | 2,065,253 |
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Other creditors of £2,155,634 (2019 - £1,565,253) are secured by a fixed charge over amounts receivable from customers and |
by limited personal guarantees given by the director and a shareholder of the holding company. |
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Other creditors of £800,000 (2019 - £500,000) are secured by fixed and floating charges charges over the assets of the |
company and of the parent undertaking and by limited personal guarantees given by the director and a shareholder of the |
holding company. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed £146,368 (2019 - £150,500) to the company's director and £151,249 (2019 - |
£151,476) to a shareholder of the parent undertaking. These balances are interest free. £301,000 (2019 - £301,000) of these |
loans are subordinated over other creditors. |
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13. | POST BALANCE SHEET EVENTS |
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Since the year end the company's operations have been affected by COVID-19. No adjustments to the financial statements are |
necessary because of this. There has been no impact on the going concern assumption, carrying values of assets, liabilities |
and significant estimates within the financial statements. |
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The director has taken steps to mitigate the effect including furloughing of staff, reducing costs and by taking advantage of |
government grants. |
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Repayment of amounts loaned to customers has not been adversely affected. The company did not make new advances in the |
lockdown period, but the director is optimistic that activity will return to expected levels. |
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The company has been able to operate within the resources available and the director is confident that the company will have |
sufficient resources to continue as a going concern. |