Caseware UK (AP4) 2023.0.135 2023.0.135 08026173No description of principal activity2023-04-06false00truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08026173 2023-04-06 2024-04-05 08026173 2024-04-05 08026173 2022-04-06 2023-04-05 08026173 2023-04-05 08026173 2022-04-06 08026173 3 2023-04-06 2024-04-05 08026173 3 2022-04-06 2023-04-05 08026173 d:CompanySecretary1 2023-04-06 2024-04-05 08026173 d:Director1 2023-04-06 2024-04-05 08026173 d:Director2 2023-04-06 2024-04-05 08026173 d:Director3 2023-04-06 2024-04-05 08026173 d:Director4 2023-04-06 2024-04-05 08026173 d:RegisteredOffice 2023-04-06 2024-04-05 08026173 d:Agent1 2023-04-06 2024-04-05 08026173 e:CurrentFinancialInstruments 2024-04-05 08026173 e:CurrentFinancialInstruments 2023-04-05 08026173 e:Non-currentFinancialInstruments 2024-04-05 08026173 e:Non-currentFinancialInstruments 2023-04-05 08026173 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-05 08026173 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-05 08026173 e:UKTax 2023-04-06 2024-04-05 08026173 e:UKTax 2022-04-06 2023-04-05 08026173 e:ShareCapital 2024-04-05 08026173 e:ShareCapital 2023-04-05 08026173 e:ShareCapital 2022-04-06 08026173 e:RetainedEarningsAccumulatedLosses 2023-04-06 2024-04-05 08026173 e:RetainedEarningsAccumulatedLosses 2024-04-05 08026173 e:RetainedEarningsAccumulatedLosses 2022-04-06 2023-04-05 08026173 e:RetainedEarningsAccumulatedLosses 2023-04-05 08026173 e:RetainedEarningsAccumulatedLosses 2022-04-06 08026173 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-05 08026173 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-05 08026173 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2024-04-05 08026173 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-04-05 08026173 d:OrdinaryShareClass1 2023-04-06 2024-04-05 08026173 d:OrdinaryShareClass1 2024-04-05 08026173 d:OrdinaryShareClass1 2023-04-05 08026173 d:FRS102 2023-04-06 2024-04-05 08026173 d:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 08026173 d:FullAccounts 2023-04-06 2024-04-05 08026173 d:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08026173













ET Business Funding Limited

Directors' report and financial statements

5 April 2024




 
ET Business Funding Limited
 
 
Company information


Directors
J W Clough 
R D Marr 
S J G McAleavey 
P D White 




Company secretary
UNW Company Secretary Limited



Registered number
08026173



Registered office
Citygate

St James' Boulevard

Newcastle upon Tyne

Tyne and Wear

NE1 4JE




Accountants
UNW LLP
Chartered Accountants

Citygate

St James' Boulevard

Newcastle upon Tyne

NE1 4JE




Solicitors
Turcan Connell
Princes Exchange

1 Earl Grey Street

Edinburgh

EH3 9EE




Bankers
HSBC
Kingsway North

Team Valley Trading Estate

Gateshead

Tyne and Wear

NE11 0BE





 
ET Business Funding Limited
 

Contents



Page
Directors' report
 
 
1
Directors' responsibilities statement
 
 
2
Accountants' report
 
 
3
Statement of comprehensive income
 
 
4
Statement of financial position
 
 
5 - 6
Statement of changes in equity
 
 
7
Statement of cash flows
 
 
8
Notes to the financial statements
 
 
9 - 15


 
ET Business Funding Limited
 

 
Directors' report
Year ended 5 April 2024

The directors present their report and the financial statements for the year ended 5 April 2024.

Results and dividends

The loss for the year, after taxation, amounted to £3,387 (2023 - loss £33,924).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

J W Clough 
R D Marr 
S J G McAleavey 
P D White 

Review of the business and future developments

In the year ended 5 April 2024 there were no applications for business start-up loans from beneficiaries of the eaga Trust (2023: no applications).  
The company made a loss of £3,387 (2023: loss £33,924) for the year. The controlling parties of the company have at their disposal sufficient resources for the company to continue in operational existence for the foreseeable future and the directors of the controlling parties have confirmed their willingness to continue with this support.
As a consequence, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 23 October 2024 and signed on its behalf.
 





J W Clough
Director
Citygate
St James' Boulevard
Newcastle upon Tyne
Tyne and Wear
NE1 4JE

1

 
ET Business Funding Limited
 
 
Directors' responsibilities statement
Year ended 5 April 2024

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

2

 
ET Business Funding Limited
 
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of ET Business Funding Limited for the year ended 5 April 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 ET Business Funding Limited for the year ended 5 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows, 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 https://www.icaew.com /regulation.

This report is made solely to the board of directors of ET Business Funding Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2019Our work has been undertaken solely to prepare for your approval the financial statements of ET Business Funding Limited  and state those matters that we have agreed to state to the board of directors of ET Business Funding Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ET Business Funding Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that ET Business Funding Limited 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 ET Business Funding Limited. You consider that ET Business Funding Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of ET Business Funding Limited. 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.

  



UNW LLP
Chartered Accountants
Citygate
St James' Boulevard
Newcastle upon Tyne
NE1 4JE
23 October 2024
3

 
ET Business Funding Limited
 
 
Statement of comprehensive income
Year ended 5 April 2024

2024
2023
Note
£
£

Profit and loss account
  

Turnover
  
-
-

Administrative expenses
  
(7,353)
(42,237)

Operating loss
  
(7,353)
(42,237)

Interest receivable and similar income
 4 
3,966
8,313

Loss before tax
  
(3,387)
(33,924)

Tax on loss
 6 
-
-

Loss for the financial year
  
(3,387)
(33,924)

There was no other comprehensive income for 2024 (2023:£NIL).

4

 
ET Business Funding Limited


Statement of financial position
At 5 April 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 7 
18,275
21,493

Debtors: amounts falling due within one year
 7 
4,088
5,098

Cash at bank and in hand
  
162,858
161,854

  
185,221
188,445

Creditors: amounts falling due within one year
 8 
(124,751)
(124,588)

Net current assets
  
 
 
60,470
 
 
63,857

Total assets less current liabilities
  
60,470
63,857

  

Net assets
  
60,470
63,857


Capital and reserves
  

Called up share capital 
 10 
400,002
400,002

Profit and loss account
 11 
(339,532)
(336,145)

Shareholders' funds
  
60,470
63,857


5

 
ET Business Funding Limited

    
Statement of financial position (continued)
At 5 April 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2024.




J W Clough
Director

Company registered number: 08026173
The notes on pages 9 to 15 form part of these financial statements. 

6

 
ET Business Funding Limited
 

Statement of changes in equity
Year ended 5 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 6 April 2022
400,002
(302,221)
97,781



Loss for the year
-
(33,924)
(33,924)



At 6 April 2023
400,002
(336,145)
63,857



Loss for the year
-
(3,387)
(3,387)


At 5 April 2024
400,002
(339,532)
60,470


7

 
ET Business Funding Limited
 

Statement of cash flows
Year ended 5 April 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(3,387)
(33,924)

Adjustments for:

Movement in discounting provision
944
7,659

Interest received
(3,022)
(654)

Decrease in debtors
3,284
31,883

Increase/(decrease) in creditors
163
(90)

Net cash (used by)/generated from operating activities

(2,018)
4,874


Cash flows from investing activities

Interest received
3,022
654

Net cash from investing activities

3,022
654

Cash flows from financing activities

Loans from related parties
-
270

Net cash used in financing activities
-
270

Net increase in cash and cash equivalents
1,004
5,798

Cash and cash equivalents at beginning of year
161,854
156,056

Cash and cash equivalents at the end of year
162,858
161,854


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
162,858
161,854

162,858
161,854


8

 
ET Business Funding Limited
 
 

Notes to the financial statements
Year ended 5 April 2024

1.


General information

ET Business Funding Limited ("the company") is a limited company domiciled and incorporated in England.
The address of the company's registered office is Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE. The principal place of operations is 25 Main Street, Ponteland, Northumberland, NE20 9NH.
The principal activity of the company during the year was the provision of business start up loans. The loans made are interest free. 

2.Accounting policies

 
2.1

Basis of preparation of 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" ("FRS 102"), the requirements of the Companies Act 2006 as applicable to companies under the small companies regime and under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest pound.

 
2.2

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.
The company continues to enjoy the support of its controlling parties Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited. The controlling parties of the company have at their disposal sufficient resources for the company to continue in operational existence for the foreseeable future and the directors of the controlling parties have confirmed their willingness to continue with this support.
As a consequence, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They have therefore adopted the going concern basis of accounting in preparing these financial statements.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

9

 
ET Business Funding Limited
 

 
Notes to the financial statements
Year ended 5 April 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Business start up loans
Business funding loans that are receivable within one year are initially measured at the transaction price. Business funding loans over one year are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.  
Where the business funding loan constitutes a financing transaction, the business funding loan is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
 
10

 
ET Business Funding Limited
 

 
Notes to the financial statements
Year ended 5 April 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)

A business funding loan is considered to be a financing transaction where repayments are deferred beyond normal business terms, or it is financed at a rate of interest that is not a market rate.
A provision for impairment of business funding loans receivable is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract.  Impairment losses are recognised in net income and expenditure for the excess of the carrying value of the business funding loan over the present value of the future cash flows discounted using the original effective interest rate.  Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in net income or expenditure.
Loans outstanding are stratified by reference to their arrears status. A relevant percentage is applied to each stratified balance in order to arrive at a suitable provision for impairment. The percentage rate applied is based on the judgement and experience of the directors and management.
Financial liabilities and equity
Financial instruments are classified as liabilities and equity instruments 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.
Equity instruments
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.
Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method.  Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.
Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.  A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

11

 
ET Business Funding Limited
 
 

Notes to the financial statements
Year ended 5 April 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Loan provisions
Business funding loans are reviewed and reconciled on a regular basis to ensure that they are appropriately stated in the accounts and a provisioning policy is adopted to reflect any potential defaults.  The provisioning policy considers recoverability against individual loans with regard to specific circumstances and the net total of the business funding loans are then subject to a fair value adjustment to reflect the discounted future value of the loans.


4.


Interest receivable and similar income

2024
2023
£
£


Interest on bank deposits
3,022
654

Movement in discounting provision
944
7,659

3,966
8,313


5.


Directors' remuneration

None of the directors received any remuneration from the company.



6.


Tax on loss on ordinary activities


2024
2023
£
£



Current tax on profits for the year
-
-


-
-


Total current tax
-
-
12

 
ET Business Funding Limited
 
 

Notes to the financial statements
Year ended 5 April 2024
 
6.Tax on loss on ordinary activities (continued)


Factors affecting tax charge for the year

2024
2023
£
£


Loss on ordinary activities before tax
(3,387)
(33,924)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(847)
(6,446)

Effects of:


Tax losses
847
6,446

Total tax charge for the year
-
-

The company has approximately £339,532 of trading losses carried forward at 5 April 2024 (2023: £336,145) available for offset against future profits of the same trade.  No deferred tax asset has been recognised in relation to these losses, due to the uncertainty as to the timing of the utilisation.


7.


Debtors

2024
2023
£
£

Due after more than one year

Business start up loans
18,275
21,493

18,275
21,493


2024
2023
£
£

Due within one year

Business start up loans
3,524
4,893

Prepayments and accrued income
564
205

4,088
5,098


13

 
ET Business Funding Limited
 
 

Notes to the financial statements
Year ended 5 April 2024

8.


Creditors: amounts falling due within one year

2024
2023
£
£

Accruals
3,424
3,261

Related party balance
121,327
121,327

124,751
124,588



9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at undiscounted amount receivable
162,858
161,854

Financial assets that are debt instruments measured at amortised cost
21,799
26,386

184,657
188,240


Financial liabilities


Financial liabilities measured at amortised cost
124,751
124,588


Financial assets measured at undiscounted amount receivable comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise business start up loans.


Financial liabilities measured at amortised cost comprise loans from related parties and accruals.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400,002 (2023 - 400,002) Ordinary shares of £1.00 each
400,002
400,002



11.


Reserves

Reserves of the company are represented by retained earnings which are the cumulative profit and loss net of distributions.

14

 
ET Business Funding Limited
 
 

Notes to the financial statements
Year ended 5 April 2024

12.


Related party transactions

During the year the company repaid £Nil (2023 : £Nil) and borrowed loans totalling £Nil (2023: £270) jointly from Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited as trustees of their respective trusts. The total outstanding balance at the year end was £121,327 (2023: £121,327). These loans are interest free and repayable on demand although the lenders reserve the right to charge interest.


13.


Ultimate controlling party

In the opinion of the directors, the ultimate controlling parties are Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited which each hold 50% of the company's issued share capital on behalf of their respective trusts and have directors in common.

 
15