Silverfin false false 30/04/2024 01/05/2023 30/04/2024 William Gajda 20/03/2020 Bridget Hargreaves 26/04/2018 Peter Marriott Jonathan Vaux 15/07/2019 22 January 2025 The principal activity of the Company is that of software development. 11332125 2024-04-30 11332125 bus:Director1 2024-04-30 11332125 bus:Director2 2024-04-30 11332125 bus:Director4 2024-04-30 11332125 2023-04-30 11332125 core:CurrentFinancialInstruments 2024-04-30 11332125 core:CurrentFinancialInstruments 2023-04-30 11332125 core:Non-currentFinancialInstruments 2024-04-30 11332125 core:Non-currentFinancialInstruments 2023-04-30 11332125 core:ShareCapital 2024-04-30 11332125 core:ShareCapital 2023-04-30 11332125 core:SharePremium 2024-04-30 11332125 core:SharePremium 2023-04-30 11332125 core:RetainedEarningsAccumulatedLosses 2024-04-30 11332125 core:RetainedEarningsAccumulatedLosses 2023-04-30 11332125 core:OtherResidualIntangibleAssets 2023-04-30 11332125 core:OtherResidualIntangibleAssets 2024-04-30 11332125 core:OtherPropertyPlantEquipment 2023-04-30 11332125 core:OtherPropertyPlantEquipment 2024-04-30 11332125 core:CostValuation 2023-04-30 11332125 core:AdditionsToInvestments 2024-04-30 11332125 core:CostValuation 2024-04-30 11332125 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-04-30 11332125 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-04-30 11332125 bus:OrdinaryShareClass1 2024-04-30 11332125 bus:OrdinaryShareClass2 2024-04-30 11332125 2023-05-01 2024-04-30 11332125 bus:FilletedAccounts 2023-05-01 2024-04-30 11332125 bus:SmallEntities 2023-05-01 2024-04-30 11332125 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11332125 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11332125 bus:Director1 2023-05-01 2024-04-30 11332125 bus:Director2 2023-05-01 2024-04-30 11332125 bus:Director3 2023-05-01 2024-04-30 11332125 bus:Director4 2023-05-01 2024-04-30 11332125 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-05-01 2024-04-30 11332125 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 11332125 2022-05-01 2023-04-30 11332125 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 11332125 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 11332125 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 11332125 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 11332125 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 11332125 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 11332125 1 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11332125 (England and Wales)

BANKING LOYALTY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

BANKING LOYALTY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BANKING LOYALTY LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
BANKING LOYALTY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS William Gajda
Bridget Hargreaves
Peter Marriott
Jonathan Vaux
REGISTERED OFFICE Stonecross
Trumpington High Street
Cambridge
CB2 9SU
United Kingdom
COMPANY NUMBER 11332125 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
BANKING LOYALTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
BANKING LOYALTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 74
Tangible assets 4 2,424 1,631
Investments 5 628 600
3,052 2,305
Current assets
Debtors
- due within one year 6 16,700 37,793
- due after more than one year 6 51,454 37,647
Cash at bank and in hand 9,360 314,567
77,514 390,007
Creditors: amounts falling due within one year 7 ( 502,240) ( 305,170)
Net current (liabilities)/assets (424,726) 84,837
Total assets less current liabilities (421,674) 87,142
Net (liabilities)/assets ( 421,674) 87,142
Capital and reserves
Called-up share capital 8 415 413
Share premium account 1,432,800 1,382,802
Profit and loss account ( 1,854,889 ) ( 1,296,073 )
Total shareholders' (deficit)/funds ( 421,674) 87,142

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Banking Loyalty Limited (registered number: 11332125) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

Peter Marriott
Director
BANKING LOYALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BANKING LOYALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Banking Loyalty Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonecross, Trumpington High Street, Cambridge, CB2 9SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Banking Loyalty Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 220 220
At 30 April 2024 220 220
Accumulated amortisation
At 01 May 2023 146 146
Charge for the financial year 74 74
At 30 April 2024 220 220
Net book value
At 30 April 2024 0 0
At 30 April 2023 74 74

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 1,968 1,968
Additions 1,434 1,434
At 30 April 2024 3,402 3,402
Accumulated depreciation
At 01 May 2023 337 337
Charge for the financial year 641 641
At 30 April 2024 978 978
Net book value
At 30 April 2024 2,424 2,424
At 30 April 2023 1,631 1,631

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 600
Additions 28
At 30 April 2024 628
Carrying value at 30 April 2024 628
Carrying value at 30 April 2023 600

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 0 9,600
Other debtors 16,700 28,193
16,700 37,793
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 51,454 37,647

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,998 0
Amounts owed to own subsidiaries 133 600
Convertible loan notes 479,929 300,000
Other taxation and social security 3,610 0
Other creditors 4,570 4,570
502,240 305,170

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
314,928 Ordinary B shares of £ 0.001 each (2023: 312,738 shares of £ 0.001 each) 315 313
100,000 Ordinary shares of £ 0.001 each 100 100
415 413

9. Related party transactions

Transactions with the entity's directors

At the year-end, directors of the Company owed £9,912 (2023: £16,511). This balance is unsecured, repayable on demand and accrues interest at a rate of 2.25% per annum.

10. Ultimate controlling party

Global Loyalty Limited of 5 Chancery Lane, London, WC2A 1LG is the immediate parent of the Company by virtue of its shareholding.

P Marriott and B Hargreaves are considered to be the ultimate controlling parties by virtue of their shareholdings in the parent entity.