Infinity Funding Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 11042306 (England and Wales)
Infinity Funding Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Infinity Funding Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
4
7,059
144,591
Cash at bank and in hand
1,413
22,906
8,472
167,497
Creditors: amounts falling due within one year
5
(42,926)
(183,119)
Net current liabilities
(34,454)
(15,622)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(34,554)
(15,722)
Total equity
(34,454)
(15,622)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
S Willmett
Director
Company Registration No. 11042306
Infinity Funding Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Infinity Funding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mezzanine Floor, St Albans House, 57-59 Haymarket, London, SW1Y 4QX.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 March 2024 the company had net liabilities oftrue £34,454 (2023: £15,622) and made a loss during the year of £18,832 (2023: profit of £769,903). Nucleus Commercial Holdings Limited, a company under common directorship, has agreed in writing to provide sufficient financial support to the company to enable it to continue to trade and to meet its liabilities as they fall due, for a period of at least one year from the date of signature of the audit report for the year ended 31 March 2024. On this basis, the director considers that the going concern basis is appropriate for these financial statements.
1.3
Turnover
Turnover represents the gross value of commissions received for brokerage services undertaken by the company. Purchases relating to those transactions are treated as cost of sales.
Turnover is recognised when a binding contract is entered into by a client and the commission amount is fixed and determined. By acting as an intermediary, when the company enters into a contract for providing the brokerage services they recognise the turnover and corresponding associated costs immediately.
Where a contract is entered into but remains open at the year end, the value of the balance due to the company and the corresponding costs associated are included within the balance sheet.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
Infinity Funding Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.6
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 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Infinity Funding Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any areas of significant judgement or sources of estimation uncertainty in the current or prior year.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
4
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
6,375
9,750
Amounts owed by group undertakings
134,841
Prepayments and accrued income
684
7,059
144,591
5
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
22,356
30,221
Taxation and social security
133,551
Accruals and deferred income
20,570
19,347
42,926
183,119
Infinity Funding Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
-
100
-
Ordinary shares of £1 each
-
100
-
100
On the 12 April 2023, there was a sub-division of ordinary shares from 100 £1 shares to 10,000 £0.01 shares.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ryan Day
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Other information
During the year, Nucleus Services Limited, a company under common control by virtue of shared directorship, wrote off a loan due from Infinity Funding Limited to the value of £Nil (2023: £201,339).
During the year, the company incurred costs totalling £Nil (2023: £27,387) in respect of management recharges and shared service costs from Nucleus Services Limited, offset by a reversal of previous costs incurred for the same purpose totalling £Nil (2023: £689,207). The company received cash of £137,841 (2023: £Nil) from Nucleus Services Limited for payment of VAT in respect of the reversed costs.
During the year, the company received income of £Nil (2023: £11,240) from Nucleus Business Cash Advance and £Nil (2023: £7,777) from Nucleus Cash Flow Finance Limited, both companies being under common control by virtue of shared directorship.
During the year, the company paid broker commission of £354,850 (2023: £258,174) to Infinity Corporate Solutions, a company under common control by virtue of shared directorship.
At the year end, an amount of £22,356 (2023: £30,221) was owed to Infinity Corporate Solutions.
9
Controlling party
Following a sub-division and subsequent sale of shares on 12 April 2023, there was no one ultimate controlling party.
Infinity Funding Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
10
Prior period adjustment
During the prior year, the VAT element on a credit note related to management recharges and shared service costs from a company under common directorship, was not recognised in the financial statements.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.