COMPANY REGISTRATION NUMBER:
09104170
Lend & Borrow Trust Company Limited |
|
Filleted Financial Statements |
|
Lend & Borrow Trust Company Limited |
|
Statement of Financial Position |
|
30 September 2022
Fixed assets
Current assets
Debtors |
6 |
43,532 |
|
38,975 |
Cash at bank and in hand |
7,949 |
|
118,497 |
|
-------- |
|
--------- |
|
51,481 |
|
157,472 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
126,438 |
|
94,482 |
|
--------- |
|
--------- |
Net current (liabilities)/assets |
|
(
74,957) |
62,990 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
(
74,956) |
62,990 |
|
|
-------- |
-------- |
Net (liabilities)/assets |
|
(
74,956) |
62,990 |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,878,606 |
1,878,606 |
Profit and loss account |
|
(
1,953,562) |
(
1,815,616) |
|
|
------------ |
------------ |
Shareholders (deficit)/funds |
|
(
74,956) |
62,990 |
|
|
------------ |
------------ |
|
|
|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
3 November 2023
, and are signed on behalf of the board by:
Company registration number:
09104170
Lend & Borrow Trust Company Limited |
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Notes to the Financial Statements |
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Year ended 30 September 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1A Eddystone Road, Wadebridge, Cornwall, PL27 7AL, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite net liabilities at the year end, the accounts have been prepared as a going concern, on the basis that continued funding is available from the parent company to pay debts as they fall due. In line with the current group strategy the company operates on a loss basis based on continued financial support from the parent company.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents fees receivable from parent and subsidiary companies for recharges of salaries and premises costs during the year.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2021:
4
).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 October 2021 |
– |
Additions |
1 |
|
---- |
At 30 September 2022 |
1 |
|
---- |
Impairment |
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At 1 October 2021 and 30 September 2022 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 September 2022 |
1 |
|
---- |
At 30 September 2021 |
– |
|
---- |
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
24,236 |
– |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
9,366 |
21,192 |
Other debtors |
9,930 |
17,783 |
|
-------- |
-------- |
|
43,532 |
38,975 |
|
-------- |
-------- |
|
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
– |
17,506 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
116,892 |
62,000 |
Social security and other taxes |
– |
104 |
Other creditors |
9,546 |
14,872 |
|
--------- |
-------- |
|
126,438 |
94,482 |
|
--------- |
-------- |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8.
Summary audit opinion
The auditor's report for the year dated
3 November 2023
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
In forming our opinion on the financial statements, which is not modified, we draw user's attention to the disclosure in note 3 concerning the company's ability to continue as a going concern. In line with group strategy, the company currently operates on a loss basis relying on continued financial support from the parent company. The parent company is willing to provide continued financial support to the company to ensure that the company will continue as a going concern.
The senior statutory auditor was
Lynsey Smith
, for and on behalf of
Atla Audit and Assurance Limited
.
9.
Related party transactions
The company was under the control of LBT Holdings Limited until 20th January 2022, then was under the control of Goldmoney Inc from 21st January 2022. At 30th September 2021 the amount owed by LBT Holdings Limited was £21,152. During the period to 30th September 2022 LBT Holdings Limited was liquidated and the amount due from the company of £26,554 was written off. At the year end the amount owed to Goldmoney Inc was £116,892. (2021 £62,000). At the year end the amount owed by Goldmoney Vault (UK) Limited was £9,366 (2021 £40). This company became a wholly owned subsidiary of Lend and Borrow Trust Company Limited on 16th May 2022.
10.
Controlling party
The company was a wholly owned subsidiary of LBT Holdings Ltd until 20th January 2022, a company incorporated in the Isle of Man, the registered address being Falcon Cliff, Palace Road, Douglas, IM2 4LB, Isle of Man. From 21st January 2022 Goldmoney Inc became the parent company. Goldmoney Inc is a company registered in Canada, the registered address is 334 Adelaide Street West, Toronto, Ontario, M5V 1R4. Publicly available consolidated financial statements are drawn up by the parent company Goldmoney Inc.