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Company No: 10712649 (England and Wales)

BELIEVE LOANS LIMITED

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

BELIEVE LOANS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

BELIEVE LOANS LIMITED

BALANCE SHEET

As at 31 December 2022
BELIEVE LOANS LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Current assets
Debtors 3 1,171,053 681,241
Cash at bank and in hand 26,300 253,771
1,197,353 935,012
Creditors: amounts falling due within one year 4 ( 435,115) ( 322,849)
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 ( 124,000) ( 172,000)
Net assets 638,238 440,163
Capital and reserves
Called-up share capital 100 100
Profit and loss account 638,138 440,063
Total shareholder's funds 638,238 440,163

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.

Directors' responsibilities:

The financial statements of Believe Loans Limited (registered number: 10712649) were approved and authorised for issue by the Director on 22 November 2023. They were signed on its behalf by:

I Johnson
Director
BELIEVE LOANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
BELIEVE 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

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 £.

Going concern

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

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 loans.

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.

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.

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.

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.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 26

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

3. Debtors

2022 2021
£ £
Trade debtors 92,771 36,208
Amounts owed by Group undertakings 1,028,320 641,055
Prepayments 43,250 3,978
Other debtors 6,712 0
1,171,053 681,241

4. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 48,000 48,000
Trade creditors 310,909 164,955
Accruals 15,997 20,477
Other taxation and social security 21,069 70,250
Payments received on account 0 1,420
Other creditors 39,140 17,747
435,115 322,849

There are no amounts included above in respect of which any security has been given by the company.

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.

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

2022 2021
£ £
Bank loans 124,000 172,000

There are no amounts included above in respect of which any security has been given by the company.

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.

6. 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.