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REGISTERED NUMBER: 07019168 (England and Wales)















INITIAL FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024






INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INITIAL FINANCE LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTORS: Mr I S Cummine
Mr H J Cummine
Mr A G Cummine





SECRETARY: Mr H J Cummine





REGISTERED OFFICE: The Media Centre
7 Northumberland Street
Huddersfield
West Yorkshire
HD1 1RL





REGISTERED NUMBER: 07019168 (England and Wales)





ACCOUNTANTS: SMH Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 421,307 435,867
Cash at bank 28,179 11,024
449,486 446,891
CREDITORS
Amounts falling due within one year 5 (252,740 ) (262,344 )
NET CURRENT ASSETS 196,746 184,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

196,746

184,547

CREDITORS
Amounts falling due after more than one year 6 (222,339 ) (224,381 )
NET LIABILITIES (25,593 ) (39,834 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (25,693 ) (39,934 )
SHAREHOLDERS' FUNDS (25,593 ) (39,834 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

BALANCE SHEET - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





Mr H J Cummine - Director


INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024


1. STATUTORY INFORMATION

Initial Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends on the continuing support of the company's finance providers. The financial statements do not include any adjustments that would result if the support did not continue.

Turnover
Turnover represents interest and fees receivable on loans, excluding value added tax, recorded when the company becomes entitled to the income on a monthly basis.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, amounts owed by associated undertakings and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors, bank loans, accruals and amounts owed to associated undertakings, are initially recognised at transaction price.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


4. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 64,285 52,450
Amounts owed by associates - 58,693
Other debtors 598 1,402
64,883 112,545

Amounts falling due after more than one year:
Trade debtors 356,424 323,322

Aggregate amounts 421,307 435,867

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,042 1,992
Amounts owed to associates 37,556 -
Taxation and social security 1,892 1,887
Other creditors 211,250 258,465
252,740 262,344

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,389 3,431
Other creditors 220,950 220,950
222,339 224,381

INITIAL FINANCE LIMITED (REGISTERED NUMBER: 07019168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,431 5,423
Facility loan - 220,950
3,431 226,373

Bank loans are secured by the Government backed Bounce Back Loan Scheme.

Facility loans are secured by way of a block of loan agreements that are assigned to the lender.

8. RELATED PARTY DISCLOSURES

Creditors contain an amount of £42,000 (2023 - £57,000) owing to one of the directors and his wife. The loans are repayable on demand and are interest free.