Fresh Money Limited 10749439 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is financial mediation. Digita Accounts Production Advanced 6.30.9574.0 true true 10749439 2022-06-01 2023-05-31 10749439 2023-05-31 10749439 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-05-31 10749439 2 2023-05-31 10749439 core:CurrentFinancialInstruments 2023-05-31 10749439 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10749439 core:MotorVehicles 2023-05-31 10749439 bus:SmallEntities 2022-06-01 2023-05-31 10749439 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10749439 bus:FullAccounts 2022-06-01 2023-05-31 10749439 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10749439 bus:RegisteredOffice 2022-06-01 2023-05-31 10749439 bus:Director1 2022-06-01 2023-05-31 10749439 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-06-01 2023-05-31 10749439 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10749439 core:MotorVehicles 2022-06-01 2023-05-31 10749439 countries:England 2022-06-01 2023-05-31 10749439 2022-05-31 10749439 core:MotorVehicles 2022-05-31 10749439 2021-06-01 2022-05-31 10749439 2022-05-31 10749439 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-05-31 10749439 2 2022-05-31 10749439 core:CurrentFinancialInstruments 2022-05-31 10749439 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10749439 core:MotorVehicles 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10749439

Fresh Money Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Fresh Money Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Fresh Money Limited

(Registration number: 10749439)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,856

22,575

Current assets

 

Debtors

5

706

3,185

Cash at bank and in hand

 

32,735

7,843

 

33,441

11,028

Creditors: Amounts falling due within one year

6

(18,545)

(29,039)

Net current assets/(liabilities)

 

14,896

(18,011)

Total assets less current liabilities

 

31,752

4,564

Provisions for liabilities

(3,203)

(3,677)

Net assets

 

28,549

887

Capital and reserves

 

Called up share capital

7

100

1

Retained earnings

28,449

886

Shareholders' funds

 

28,549

887

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 February 2024
 

.........................................
Mr M C Evans
Director

 

Fresh Money Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Blackpool Business Centre
291 - 305 Lytham Road
Blackpool
FY4 1EW

These financial statements were authorised for issue by the director on 7 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fresh Money Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% per annum straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Fresh Money Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost

At 1 June 2022

28,294

28,294

At 31 May 2023

28,294

28,294

Depreciation

At 1 June 2022

5,719

5,719

Charge for the year

5,719

5,719

At 31 May 2023

11,438

11,438

Carrying amount

At 31 May 2023

16,856

16,856

At 31 May 2022

22,575

22,575

 

Fresh Money Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Debtors

Note

2023
£

2022
£

Prepayments

 

706

1,256

Corporation tax recoverable

-

1,929

 

706

3,185

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,209

28,664

Taxation and social security

 

8,961

-

Accruals and deferred income

 

375

375

 

18,545

29,039

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

9,209

28,664