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COMPANY REGISTRATION NUMBER: 13011113
Everlend Ltd
Filleted Unaudited Financial Statements
31 January 2024
Everlend Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Everlend Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Everlend Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Everlend Ltd for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Everlend Ltd, as a body, in accordance with the terms of our engagement letter dated 7 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Everlend Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Everlend Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Everlend Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Everlend Ltd. You consider that Everlend Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Everlend Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
28 October 2024
Everlend Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Current assets
Stocks
1,547,181
405,473
Cash at bank and in hand
200
100
------------
---------
1,547,381
405,573
Creditors: amounts falling due within one year
4
1,254,962
406,223
------------
---------
Net current assets/(liabilities)
292,419
( 650)
---------
----
Total assets less current liabilities
292,419
( 650)
Creditors: amounts falling due after more than one year
5
314,610
---------
----
Net liabilities
( 22,191)
( 650)
---------
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 22,291)
( 750)
--------
----
Shareholder deficit
( 22,191)
( 650)
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Everlend Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
S J Cunningham
Director
Company registration number: 13011113
Everlend Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeydale Hall, Abbeydale Road South, Sheffield, S17 3LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date there was a deficit on shareholders funds. However the directors are satisfied there is adequate financial support from its lenders and therefore deem it appropriate to prepare the accounts on a going concern basis.
Stocks
Stocks and work progress is measured at the the costs incurred to date less any provision for write down.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,254,052
Amounts owed to group undertakings
405,473
Other creditors
910
750
------------
---------
1,254,962
406,223
------------
---------
The company previously funded its operation via an intercompany loan account until bank facilities were made available during the year. The balance at the accounting period end was £nil (2023 £405,473).
5. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
314,610
---------
----
The bank loan of £314,610 (2023 £nil) is part of a loan facility and is secured on the assets of the company and the facility is due for renewal in February 2025.
6. Controlling party
The ultimate controlling party is The Cunningham Childrens Trust (formerly PTA Developments Limited whose registered office is Abbeydale Hall, Abbeydale Road, Sheffield, S17 3LJ).