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COMPANY REGISTRATION NUMBER: 08891395
Century Business Finance Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Century Business Finance Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Century Business Finance Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
B Larkins
J Maloney
COMPANY SECRETARY
B Larkins
REGISTERED OFFICE
Chaff House
Strixton Manor Business Centre
Strixton
Northamptonshire
England
NN29 7PA
ACCOUNTANTS
Streets Audit LLP
Chartered accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
National Westminster Bank Plc
16 High Street
Kettering
Northants
NN16 8SZ
Century Business Finance Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
5,000
Tangible assets
6
31,268
29,199
--------
--------
31,268
34,199
Current assets
Debtors
7
302,214
263,110
Cash at bank and in hand
154,172
194,533
---------
---------
456,386
457,643
Creditors: amounts falling due within one year
8
169,754
214,742
---------
---------
Net current assets
286,632
242,901
---------
---------
Total assets less current liabilities
317,900
277,100
Creditors: amounts falling due after more than one year
9
103,814
158,673
Provisions
5,941
5,548
---------
---------
Net assets
208,145
112,879
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
208,045
112,779
---------
---------
Shareholders funds
208,145
112,879
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Century Business Finance Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
J Maloney
Director
Company registration number: 08891395
Century Business Finance Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chaff House, Strixton Manor Business Centre, Strixton, Northamptonshire, NN29 7PA, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
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 8 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
40,000
--------
Amortisation
At 1 April 2022
35,000
Charge for the year
5,000
--------
At 31 March 2023
40,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
5,000
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
19,828
20,321
40,149
Additions
8,425
5,971
14,396
--------
--------
--------
At 31 March 2023
28,253
26,292
54,545
--------
--------
--------
Depreciation
At 1 April 2022
2,950
8,000
10,950
Charge for the year
5,973
6,354
12,327
--------
--------
--------
At 31 March 2023
8,923
14,354
23,277
--------
--------
--------
Carrying amount
At 31 March 2023
19,330
11,938
31,268
--------
--------
--------
At 31 March 2022
16,878
12,321
29,199
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
30,653
6,890
Other debtors
271,561
256,220
---------
---------
302,214
263,110
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
54,859
51,163
Trade creditors
5,370
8,867
Social security and other taxes
104,085
150,945
Other creditors
5,440
3,767
---------
---------
169,754
214,742
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,814
158,673
---------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
5,941
5,548
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
5,941
5,548
-------
-------
11. Directors' advances, credits and guarantees
At 31 March 2023 amounts of £119,656 (2022: £112,114) and £85,094 (2022: £81,260) were due from the company directors in respect of overdrawn loan accounts. Interest of £4,100 (2022: £3,771) has been charged on these amounts.