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Company No: 10145269 (England and Wales)

CLICK LOANS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

CLICK LOANS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

CLICK LOANS LIMITED

BALANCE SHEET

As at 31 December 2022
CLICK LOANS LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 0 9,941
Tangible assets 4 22,845 27,683
22,845 37,624
Current assets
Debtors 5 918,941 890,487
Cash at bank and in hand 38,017 35,151
956,958 925,638
Creditors: amounts falling due within one year 6 ( 941,538) ( 882,782)
Net current assets 15,420 42,856
Total assets less current liabilities 38,265 80,480
Creditors: amounts falling due after more than one year 7 ( 32,662) ( 39,167)
Net assets 5,603 41,313
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 4,603 40,313
Total shareholder's funds 5,603 41,313

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Click Loans Limited (registered number: 10145269) were approved and authorised for issue by the Director on 22 November 2023. They were signed on its behalf by:

I Johnson
Director
CLICK LOANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
CLICK LOANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

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.

General information and basis of accounting

Click 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 5th Floor Beckwith House, 1 Wellington Road North, Stockport, SK4 1AF, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £5,603 (2021: £41,313). The Company is supported through loans from the Parent Company and a bank loan. The director has 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 enquiries, the director believes 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

Turnover is derived from intermediation between loan lenders and consumers.

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 loan.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Office equipment 33 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 8

During the year, the company was recharged salary costs by a fellow subsidiary in respect of their services to the company.

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2022 178,924 178,924
At 31 December 2022 178,924 178,924
Accumulated amortisation
At 01 January 2022 168,983 168,983
Charge for the financial year 9,941 9,941
At 31 December 2022 178,924 178,924
Net book value
At 31 December 2022 0 0
At 31 December 2021 9,941 9,941

4. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2022 5,666 23,162 24,044 52,872
Additions 0 0 3,939 3,939
At 31 December 2022 5,666 23,162 27,983 56,811
Accumulated depreciation
At 01 January 2022 2,169 10,388 12,632 25,189
Charge for the financial year 944 3,194 4,639 8,777
At 31 December 2022 3,113 13,582 17,271 33,966
Net book value
At 31 December 2022 2,553 9,580 10,712 22,845
At 31 December 2021 3,497 12,774 11,412 27,683

5. Debtors

2022 2021
£ £
Trade debtors 43,340 29,784
Amounts owed by Group undertakings 778,350 735,196
Prepayments 40,261 35,061
Deferred tax asset 44,289 77,745
Other debtors 12,701 12,701
918,941 890,487

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 10,000 10,000
Trade creditors 119,135 72,077
Amounts owed to Group undertakings 770,350 738,581
Other taxation and social security 35,493 54,316
Other creditors 6,560 7,808
941,538 882,782

Bank loans represents a government backed bank loan. The loan attracts 2.5% per annum, is unsecured, and repayable monthly over a 5 year term.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 32,662 39,167

Bank loans represents a government backed bank loan. The loan attracts 2.5% per annum, is unsecured, and repayable monthly over a 5 year term.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
within one year 30,456 30,456
between one and five years 38,070 69,526
68,526 99,982

9. Ultimate controlling party

The ultimate parent company is Believe Money Group Limited, a company registered in England and Wales, company number 10712693, which owns 100% of the called up share capital.

There is no overall controlling party of the group.