1 March 2023 v2024.57.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP060060062023-03-012024-02-28060060062024-02-2806006006core:WithinOneYear2024-02-2806006006core:WithinOneYear2023-02-28060060062023-02-2806006006core:ShareCapital2024-02-2806006006core:ShareCapital2023-02-2806006006core:RetainedEarningsAccumulatedLosses2024-02-2806006006core:RetainedEarningsAccumulatedLosses2023-02-2806006006bus:Director12023-03-012024-02-2806006006bus:RegisteredOffice2023-03-012024-02-2806006006core:NetGoodwill2023-03-012024-02-2806006006core:Goodwill2023-03-012024-02-28060060062022-03-012023-02-2806006006core:NetGoodwill2024-02-280600600612023-03-012024-02-2806006006countries:EnglandWales2023-03-012024-02-2806006006bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2806006006bus:PrivateLimitedCompanyLtd2023-03-012024-02-2806006006bus:SmallEntities2023-03-012024-02-2806006006bus:FullAccounts2023-03-012024-02-28
Company registration number:
06006006
POINT BANK LTD
Unaudited Filleted Financial Statements for the year ended
28 February 2024
POINT BANK LTD
Statement of Financial Position
28 February 2024
20242023
Note££
Creditors: amounts falling due within one year 6
(28,426
)
(33,106
)
Net current liabilities
(28,426
)
(33,106
)
Total assets less current liabilities (28,426 ) (33,106 )
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
(29,426
)
(34,106
)
Shareholders deficit
(28,426
)
(33,106
)
For the year ending
28 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
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 Sokratous
Director
Company registration number:
06006006
POINT BANK LTD
Notes to the Financial Statements
Year ended
28 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
202 Liverpool Road
,
London
,
England
,
United Kingdom
,
N1 1LE
, United Kingdom.
The principal activity of the company is that of agent to an international trade solutions and investments financial firm.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the presentation and functional currency of the company.

Going concern

As at the year end the company had a deficiency of assets of £28,426 (2023 - £33,106) and therefore this casts doubt as to whether the company may be able to realise its assets and discharge its liabilities in the normal course of business. The director confirms that the shareholders will continue to support the company financially for the foreseeable future and therefore has prepared the financial statements on the going concern basis.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
4 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Intangible assets

Goodwill
£
Cost  
At
1 March 2023
and
28 February 2024
39,322
 
Amortisation  
At
1 March 2023
and
28 February 2024
39,322
 
Carrying amount  
At
28 February 2024
-  
At 28 February 2023 -  

6 Creditors: amounts falling due within one year

20242023
££
Other creditors
28,426
 
33,106
 

8 Controlling party

The ultimate parent company is Dorax Investment Company Limited, a company which its registered address is Suite 3, Global Village, Jivian's Complex, Mont Fleuri, Mache, Seychelles.
The ultimate controlling party of the company is Mr M Michaelides.