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Company No: 10025252 (England and Wales)

BLEND LOAN NETWORK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BLEND LOAN NETWORK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BLEND LOAN NETWORK LIMITED

BALANCE SHEET

As at 31 December 2023
BLEND LOAN NETWORK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 129,594 136,599
Tangible assets 4 13,798 17,562
143,392 154,161
Current assets
Debtors 5 294,139 372,500
Cash at bank and in hand 1,782,656 2,920,300
2,076,795 3,292,800
Creditors: amounts falling due within one year 6 ( 88,149) ( 71,455)
Net current assets 1,988,646 3,221,345
Total assets less current liabilities 2,132,038 3,375,506
Net assets 2,132,038 3,375,506
Capital and reserves
Called-up share capital 7 15 15
Share premium account 5,870,093 5,870,093
Profit and loss account ( 3,738,070 ) ( 2,494,602 )
Total shareholders' funds 2,132,038 3,375,506

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Blend Loan Network Limited (registered number: 10025252) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Yann Murciano
Director

13 September 2024

BLEND LOAN NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BLEND LOAN NETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Blend Loan Network Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Evelyn House, 142-144 New Cavendish Street, London, W1W 6YF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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:

Turnover comprises revenue recognised by the Company in respect of services provided and interest on loans receivables, exclusive of Value Added Tax. Interest income on loans receivables is
recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate. Revenue from arrangement fee income is recognised when it has been realised or is earned.
Turnover is all generated by one segment, that of arranging and servicing short term bridging loans.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 25 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is between three and six years. Provision is made for any impairment.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

2. Employees

Year ended
31.12.2023
Period from
01.07.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 13 12

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 175,121 175,121
At 31 December 2023 175,121 175,121
Accumulated amortisation
At 01 January 2023 38,522 38,522
Charge for the financial year 7,005 7,005
At 31 December 2023 45,527 45,527
Net book value
At 31 December 2023 129,594 129,594
At 31 December 2022 136,599 136,599

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2023 18,816 18,816
At 31 December 2023 18,816 18,816
Accumulated depreciation
At 01 January 2023 1,254 1,254
Charge for the financial year 3,764 3,764
At 31 December 2023 5,018 5,018
Net book value
At 31 December 2023 13,798 13,798
At 31 December 2022 17,562 17,562

5. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 4,059 1,499
Prepayments and accrued income 240,838 321,759
Other debtors 49,242 49,242
294,139 372,500

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 0 240
Accruals and deferred income 4,500 14,416
Other taxation and social security 78,409 50,501
Other creditors 5,240 6,298
88,149 71,455

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
1,504,877 Ordinary shares of £ 0.00001 each 15 15

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2023 31.12.2022
£ £
within one year 164,139 164,139
between one and five years 109,426 328,280
273,565 492,419

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

31.12.2023 31.12.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,749 3,072

9. Financial instruments

31.12.2023 31.12.2022
£ £
Financial assets measured at fair value through profit or loss 1,782,656 2,920,300

Financial assets measured at fair value through profit or loss comprise cash at bank.