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Registered number:  06006047














FINANCE SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


 
FINANCE SERVICES LIMITED
Registered number: 06006047

BALANCE SHEET
As at 30 November 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 8 
1,469,861
1,511,550

Cash at bank and in hand
 9 
28,967
65,198

  
1,498,828
1,576,748

Creditors: amounts falling due within one year
 10 
(879,096)
(941,101)

Net current assets
  
 
 
619,732
 
 
635,647

Total assets less current liabilities
  
619,732
635,647

Creditors: amounts falling due after more than one year
 11 
(550,000)
(550,000)

  

Net assets
  
69,732
85,647


Capital and reserves
  

Called up share capital 
 13 
100,001
100,001

Profit and loss account
  
(30,269)
(14,354)

  
69,732
85,647


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

 
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.



P C Hudson
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
FINANCE SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 November 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
100,001
(14,354)
85,647



Loss for the year
-
(15,915)
(15,915)


At 30 November 2023
100,001
(30,269)
69,732


The notes on pages 4 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 November 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2021
100,001
4,006
104,007



Loss for the year
-
(18,360)
(18,360)


At 30 November 2022
100,001
(14,354)
85,647


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

1.


General information

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

 
2.1

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 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:

 
2.2

Revenue

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.

 
2.3

Tangible fixed assets

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

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Office equipment
-
33% straight line
Computer equipment
-
33% straight line

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.

 
2.4

Debtors

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.

 
2.5

Cash and cash equivalents

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.

 
2.6

Creditors

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.

 
2.7

Finance costs

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.

 
2.8

Operating leases: the Company as lessee

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.

Page 5

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Taxation

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Interest
61,790
18,067

Management fees
58,000
101,500

119,790
119,567


All turnover arose within the United Kingdom.


4.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
13,509
19,293


5.


Employees

2023
2022
£
£

Wages and salaries
25,927
41,736

25,927
41,736


Page 6

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

5.Employees (continued)

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


6.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
104
-


Total current tax
104
-

Factors affecting tax charge for the year

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:

2023
2022
£
£


Loss on ordinary activities before tax
(15,811)
(18,360)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
(3,638)
(3,488)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,037
3,094

Adjustments to tax charge in respect of prior periods
104
-

Unrelieved tax losses carried forward
601
394

Total tax charge for the year
104
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 7

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

7.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
219
5,241
5,460



At 30 November 2023

219
5,241
5,460



Depreciation


At 1 December 2022
219
5,241
5,460



At 30 November 2023

219
5,241
5,460



Net book value



At 30 November 2023
-
-
-



At 30 November 2022
-
-
-

Page 8

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,075,319
1,059,832

1,075,319
1,059,832

Due within one year

Trade debtors
291,824
373,718

Other debtors
102,718
78,000

1,469,861
1,511,550



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
28,967
65,198

Less: bank overdrafts
-
(4,921)

28,967
60,277



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
4,921

Trade creditors
150
4,750

Other creditors
873,946
914,312

Corporation tax
-
8,809

Other taxation and social security
-
3,309

Accruals and deferred income
5,000
5,000

879,096
941,101


Page 9

 
FINANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
550,000
550,000

550,000
550,000



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Other loans
550,000
550,000



550,000
550,000



13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1
400 (2022 - 400) "A" Ordinary shares of £250.00 each
100,000
100,000

100,001

100,001



14.


Related party transactions

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.


15.


Controlling party

The ultimate controlling party is Mr P. Bell, a director, by virtue of his shareholding.

 
Page 10