Company No:
Contents
31.12.2023 | 31.12.2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
|
|
|
558,006 | 168,001 | |||
Creditors: amounts falling due within one year | 4 | (
|
(
|
|
Net current liabilities | (43,062) | (28,978) | ||
Total assets less current liabilities | (43,062) | (28,978) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Directors' responsibilities:
The financial statements of Believe Specialist Finance Limited (registered number:
I Johnson
Director |
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.
Believe Specialist Finance 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 1st Floor Barclays Bank, Heavens Walk, Doncaster, DN4 5HZ, 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 £.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net liabilities of £43,062 (2022: £28,978) at 31 December 2023.
The Parent Company and certain fellow Subsidiaries have given assurances to the directors that they have the ability to and will continue to provide financial support to the company to enable it to meet its liabilities as they fall due.
The directors consider, on this basis, it is appropriate to prepare the financial statements on a going concern basis.
The financial statements do not include any adjustments that would result if the financial support was withdrawn.
Turnover is measured at the fair value of invoices raised in respect of procuration and broker fees, net of discounts and excluding value added tax, and is recognised on the commencement date of the loan.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
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 Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Year ended 31.12.2023 |
Period from 14.02.2022 to 31.12.2022 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
During the year, the company was recharged salary costs by a fellow subsidiary in respect of their services to the company.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Deferred tax asset |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
There is no overall controlling party of the group.