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Company No: 13913115 (England and Wales)

BELIEVE SPECIALIST FINANCE LIMITED

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

BELIEVE SPECIALIST FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BELIEVE SPECIALIST FINANCE LIMITED

BALANCE SHEET

As at 31 December 2023
BELIEVE SPECIALIST FINANCE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
31.12.2023 31.12.2022
£ £
Current assets
Debtors 3 558,006 168,001
558,006 168,001
Creditors: amounts falling due within one year 4 ( 601,068) ( 196,979)
Net current liabilities (43,062) (28,978)
Total assets less current liabilities (43,062) (28,978)
Net liabilities ( 43,062) ( 28,978)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 43,063 ) ( 28,979 )
Total shareholder's deficit ( 43,062) ( 28,978)

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 Believe Specialist Finance Limited (registered number: 13913115) were approved and authorised for issue by the Board of Directors on 30 September 2024. They were signed on its behalf by:

I Johnson
Director
BELIEVE SPECIALIST FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BELIEVE SPECIALIST FINANCE 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

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 £.

Going concern

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

Turnover is derived from intermediation between loan lenders and consumers.

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.

Employee benefits

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.

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.

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.

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.

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

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.

2. Employees

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 14 8

During the year, the company was recharged salary costs by a fellow subsidiary in respect of their services to the company.

3. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 17,808 8,213
Amounts owed by Group undertakings 527,581 159,788
Deferred tax asset 12,617 0
558,006 168,001

4. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 124,821 16,507
Amounts owed to Group undertakings 440,113 163,638
Other creditors 36,134 16,834
601,068 196,979

5. Ultimate controlling party

The ultimate parent company is Believe Money Group Limited, a company registered in England and Wales, company number 10712693, which owns 100% of the called up share capital.

There is no overall controlling party of the group.