Registered number: 06006047
FINANCE SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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FINANCE SERVICES LIMITED
Registered number: 06006047
BALANCE SHEET
As at 30 November 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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FINANCE SERVICES LIMITED
Registered number: 06006047
BALANCE SHEET (CONTINUED)
As at 30 November 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.
The notes on pages 4 to 10 form part of these financial statements.
Page 2
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FINANCE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 November 2023
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The notes on pages 4 to 10 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 November 2022
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.06006047). The address of the registered office is Helix 3rd Floor, Edmund Street, Liverpool, Merseyside, L3 9NY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue 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 following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 balance sheet date in the countries where the Company operates and generates income.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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The operating (loss)/profit is stated after charging:
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Other operating lease rentals
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Page 6
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
5.Employees (continued)
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The average monthly number of employees, including the directors, during the year was as follows:
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Adjustments in respect of previous periods
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.01% (2022 - 19%) as set out below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Adjustments to tax charge in respect of prior periods
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Unrelieved tax losses carried forward
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
Page 8
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
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Due after more than one year
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 9
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FINANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £0.01 each
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400 (2022 - 400) "A" Ordinary shares of £250.00 each
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Related party transactions
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Included within debtors is an amount of £1,177,319 (2022: £1,137,832) owed from related parties.
Included within creditors is an amount of £1,325,365 (2022: £1,464,312) owed to related parties.
All transactions were conducted at an arms length basis.
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The ultimate controlling party is Mr P. Bell, a director, by virtue of his shareholding.
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