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REGISTERED NUMBER: 05687570 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Capitas Finance Limited

Capitas Finance Limited (Registered number: 05687570)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Capitas Finance Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J A Hartill
R Clarke
D Riva
P D White





REGISTERED OFFICE: 70 Gracechurch Street
London
EC3V 0HR





REGISTERED NUMBER: 05687570 (England and Wales)





ACCOUNTANTS: Blackwood Futcher & Co.
Chartered Accountants
9 St George's Yard
Farnham
Surrey
GU9 7LW

Capitas Finance Limited (Registered number: 05687570)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,204
Tangible assets 5 71,606 102,736
71,606 105,940

CURRENT ASSETS
Debtors 6 142,415 197,563
Cash at bank 21,197 147,449
163,612 345,012
CREDITORS
Amounts falling due within one year 7 340,322 465,619
NET CURRENT LIABILITIES (176,710 ) (120,607 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(105,104

)

(14,667

)

CREDITORS
Amounts falling due after more than one year 8 (216,496 ) (343,298 )

PROVISIONS FOR LIABILITIES (12,806 ) (12,806 )
NET LIABILITIES (334,406 ) (370,771 )

CAPITAL AND RESERVES
Called up share capital 5,539 5,539
Share premium 303,151 303,151
Capital redemption reserve 1,824 1,824
Retained earnings (644,920 ) (681,285 )
(334,406 ) (370,771 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Capitas Finance Limited (Registered number: 05687570)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





D Riva - Director


Capitas Finance Limited (Registered number: 05687570)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Capitas Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities of £334,406. The ability of the company to continue to trade is dependant upon the continued support of the directors and other group companies.

The directors are of the opinion that the company will continue to receive this support and on this basis consider it appropriate to prepare the accounts on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable of the company finance provision activities and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on cost

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Capitas Finance Limited (Registered number: 05687570)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

Capitas Finance Limited (Registered number: 05687570)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 33,375
AMORTISATION
At 1 January 2023 30,171
Charge for year 3,204
At 31 December 2023 33,375
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 3,204

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 257,227
Additions 3,241
At 31 December 2023 260,468
DEPRECIATION
At 1 January 2023 154,491
Charge for year 34,371
At 31 December 2023 188,862
NET BOOK VALUE
At 31 December 2023 71,606
At 31 December 2022 102,736

Capitas Finance Limited (Registered number: 05687570)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 171,130
DEPRECIATION
At 1 January 2023 80,357
Charge for year 25,376
At 31 December 2023 105,733
NET BOOK VALUE
At 31 December 2023 65,397
At 31 December 2022 90,773

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 36,360 88,122
Other debtors 106,055 109,441
142,415 197,563

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 40,615 84,398
Hire purchase contracts 75,384 26,540
Trade creditors 10,684 119,170
Taxation and social security 110,328 106,169
Other creditors 103,311 129,342
340,322 465,619

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 216,496 257,111
Hire purchase contracts - 75,384
Other creditors - 10,803
216,496 343,298

Capitas Finance Limited (Registered number: 05687570)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 257,111 341,509

The bank loan is secured by fixed and floating charges over the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
J A Hartill
Balance outstanding at start of year 30,863 17,691
Amounts advanced 40 13,320
Amounts repaid (11,250 ) (148 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,653 30,863

The maximum amount outstanding during the year and due to the company by the director was £30,863. No interest was paid during the year on this balance.

11. RELATED PARTY DISCLOSURES

At the year end date the company owed £57,500 (2022 - £9,899) to Capitas Energy Finance Limited, a related company that the directors of this company have a material interest in.

At the year end date the company owed £10,000 (2022 - £Nil) to Capitas Energy Finance 2 Limited, a related company that the directors of this company have a material interest in

At the year end date the company was owed £2,046 (2022 - creditor of £56,577) from Journey Energy Solutions Limited, a related company that the directors of this company have a material interest in.

During the year under review the company charged management fees of £87,252 (2022 - £81,140) to Journey Energy Solutions Limited, £28,141 were unpaid at the year end.

During the year under review the company were charged consultancy fees of £31,463 (2022 - £37,082) from Fintech Financial Partners Limited, a related company that a director of this company has a material interest in. £1,188 were unpaid at the year end.