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REGISTERED NUMBER: 10108023 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

HONEST FINANCE LIMITED

HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HONEST FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: Mr A Kalayci





REGISTERED OFFICE: 114-116 Fore Street
Hertford
Hertfordshire
SG14 1AJ





REGISTERED NUMBER: 10108023 (England and Wales)





ACCOUNTANTS: Freemans Partnership LLP
Chartered Certified Accountants
Solar House
282 Chase Road
London
N14 6NZ

HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,909 2,418

CURRENT ASSETS
Debtors 5 184,592 202,392
Cash at bank 26 131
184,618 202,523
CREDITORS
Amounts falling due within one year 6 108,599 123,776
NET CURRENT ASSETS 76,019 78,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,928

81,165

CREDITORS
Amounts falling due after more than one
year

7

74,691

80,510
NET ASSETS 3,237 655

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 3,137 555
SHAREHOLDERS' FUNDS 3,237 655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

BALANCE SHEET - continued
31 OCTOBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mr A Kalayci - Director


HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Honest 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.

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.

Turnover
Turnover represents amounts derived from the provision of services to customers during the year, and is recognised at the date the service was provided. This is stated after trade discounts and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 4 ) .

HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 5,820 2,152 7,972
DEPRECIATION
At 1 November 2022 3,913 1,641 5,554
Charge for year 381 128 509
At 31 October 2023 4,294 1,769 6,063
NET BOOK VALUE
At 31 October 2023 1,526 383 1,909
At 31 October 2022 1,907 511 2,418

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 2,000 2,000
Amounts due from related party 41,938 200,392
Directors' current accounts 140,654 -
184,592 202,392

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 1,859 1,859
Trade creditors - 307
Tax 95,797 100,933
Social security and other taxes - 3,234
Other creditors 10,943 13,543
Accrued expenses - 3,900
108,599 123,776

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans - 1-2 years 1,853 1,853
Bank loans - 2-5 years 4,786 4,786
Bank loans more 5 yr by instal 68,052 73,871
74,691 80,510

HONEST FINANCE LIMITED (REGISTERED NUMBER: 10108023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.23 31.10.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 68,052 73,871

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary 1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr A Kalayci
Balance outstanding at start of year - -
Amounts advanced 140,654 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 140,654 -

The overdrawn directors loan account was charged interest of £3,902 (2022: £nil), calculated at HM Revenue and Customs rate.