Registered number: 06473303
CREDO ASSET FINANCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital House Unit I - J Iceni Court
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
CONTENTS
|
|
|
|
Statement of financial position
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
Report to the directors on the preparation of the unaudited statutory financial statements of Credo Asset Finance Limited for the year ended 31 December 2023
We have compiled the accompanying financial statements of Credo Asset Finance Limited (the ‘Company’) based on the information you have provided. These financial statements comprise the Statement of Financial Position of the Company as at 31 December 2023, the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 19 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 19 January 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its directors, as a body, for our work or for this report.
Grant Thornton UK LLP
Chartered Accountants
Reading
29 July 2024
|
|
|
|
CREDO ASSET FINANCE LIMITED
REGISTERED NUMBER:06473303
|
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholder's funds
|
|
|
|
|
|
|
|
For the year ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 6 form part of these financial statements.
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
Total shareholder's funds
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 6 form part of these financial statements.
|
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Credo Asset Finance Limited is a private company limited by shares & incorporated in England and Wales. Registered number 06473303. Its registered head office is located at Capital House Unit I - J Iceni Court, Delft Way, Norwich, Norfolk NR6 6BB.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The following principal accounting policies have been applied:
The Directors have no current plans to wind up the entity and it will continue to be supported by the ultimate parent undertaking, STAR Asset Finance Limited. On this basis the Directors have continued to prepare the financial statements on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The turnover shown in the Statement of comprehensive income represents the value of commissions receivables earned on broker deals and the contribution from the provision of finance during the year on own book arrangements, exclusive of Value Added Tax.
Commissions receivables are recognised when the lease is signed by the relevant parties and the Company has fulfilled all of its contractual obligations.
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
|
The average monthly number of employees during the year was 0 (2022: 25).
|
|
|
|
|
CREDO ASSET FINANCE LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
775 (2022: 775) Ordinary A shares of £1 each
|
|
|
|
|
350 (2022: 350) Ordinary B shares of £1 each
|
|
|
|
|
325 (2022: 325) Ordinary C shares of £1 each
|
|
|
|
|
50 (2022: 50) Ordinary D shares of £1 each
|
|
|
|
|
|
|
|
|
|
|
|
|
All shares rank pari-passu and give the holder the right to vote at general meetings and receive dividends.
|
Related party transactions
|
|
The Company has taken advantage of the exemption available in section 33 of FRS 102 'Related Party Disclosures' to not disclose transactions with wholly owned subsidiaries of the Group.
|
|
Immediate and ultimate controlling party
|
The immediate and ultimate parent company and the smallest and largest group undertaking to consolidate these financial statements is STAR Asset Finance Limited, a company incorporated in Guernsey. Its registered office address is First Floor, St Peter's House, LeBordage, St Peter Port, GY1 1BR, Guernsey. Copies of the STAR Asset Finance Limited accounts are available from Companies House.
The ultimate controlling party is STAR Finance Partnership LP which is owned by a number of partners, none of which hold a majority holding and as such do not require disclosure.
|