Company registration number 11727055 (England and Wales)
MY MONEY EXPERT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MY MONEY EXPERT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MY MONEY EXPERT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
11,583,302
11,570,982
Current assets
Cash at bank and in hand
24,925
54,288
Creditors: amounts falling due within one year
6
(9,785,236)
(9,703,827)
Net current liabilities
(9,760,311)
(9,649,539)
Net assets
1,822,991
1,921,443
Capital and reserves
Called up share capital
7
3,802,472
3,802,472
Profit and loss reserves
(1,979,481)
(1,881,029)
Total equity
1,822,991
1,921,443

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr A Stewart
Director
Company registration number 11727055 (England and Wales)
MY MONEY EXPERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

My Money Expert Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colonnades House, Duke Street, Doncaster, England, DN1 3BW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MY MONEY EXPERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is usually the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts, and the Group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, it is considered whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are subsequently measured at amortised cost using the effective interest method.

Other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans that meet the aforementioned conditions are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the Group transfers to another party substantially all the risks and rewards of ownership of the financial asset, or (c) the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Derivative accounting policy

Embedded derivatives are separated out where they are considered to be linked to a financial variable. The derivatives are initially recognised at fair value and subsequent measurement is fair value through the profit and loss.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MY MONEY EXPERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

No employee received remuneration from the entity during the year. The directors received remuneration from My Pension Expert Limited, a company under common control.

 

 

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
11,583,302
11,570,982
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
11,570,982
Additions
12,320
At 31 December 2023
11,583,302
Carrying amount
At 31 December 2023
11,583,302
At 31 December 2022
11,570,982
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
My Pension Expert Limited
Floor 4 Colonnades House, Duke Street, Doncaster, DN1 3BW
Ordinary
100.00
Lead Management Services Limited
Floor 4 Colonnades House, Duke Street, Doncaster, DN1 3BW
Ordinary
100.00
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
14,442
Amounts owed to group undertakings
1,452,909
1,386,700
Other creditors
8,332,327
8,302,685
9,785,236
9,703,827
MY MONEY EXPERT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,802,472
3,802,472
3,802,472
3,802,472
8
Profit and loss reserves

Profit and loss reserves represents cumulative profits and losses net of dividends paid and other adjustments.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chris Howitt
Statutory Auditor:
Hentons
Date of audit report:
3 September 2024
10
Contingent liabilities

At 29 July 2022, a composite cross company guarantee structure came into existence between Project Impetus TopCo Limited, Project Impetus BidCo Limited, My Money Expert Limited, My Pension Expert Limited and Lead Management Services Limited. The aggregate amount outstanding under this agreement is £10,000,000.

11
Related party transactions

The company has taken advantage of the exemption in FRS 102 (Section 33) ''Related Party Disclosure'' and has not disclosed transactions with group undertakings where the company is a 100% subsidiary.

12
Parent company

The immediate and ultimate parent company is considered to be Project Impetus TopCo Limited, a company incorporated in England and Wales.

 

The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Project Impetus TopCo Limited. Copies of Group financial statements are available from Floor 4, Colonnades House, Duke Street, Doncaster, DN1 3BW.

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