Registration number:
Integro Funding Limited
for the Year Ended 30 April 2024
Integro Funding Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Integro Funding Limited
Company Information
Directors |
George Williamson Lucy Zorab |
Registered office |
|
Company number |
10467450 |
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Integro Funding Limited
for the Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Integro Funding Limited for the year ended 30 April 2024 as set out on pages 3 to 15 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
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Integro Funding Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2021. Our work has been undertaken solely to prepare for your approval the accounts of Integro Funding Limited and state those matters that we have agreed to state to the Board of Directors of Integro Funding Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Integro Funding Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Integro Funding Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Integro Funding Limited. You consider that Integro Funding Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Integro 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 accounts.
......................................
Chartered Accountants
Kingston
KT2 6LQ
Integro Funding Limited
(Registration number: 10467450)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed Assets |
|||
Tangible assets |
|
|
|
Other financial assets |
400,000 |
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Deferred Taxation |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' funds |
|
|
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.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.
Approved and authorised by the
Integro Funding Limited
(Registration number: 10467450)
Balance Sheet as at 30 April 2024 (continued)
.........................................
Director
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Integro Funding Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
( |
|
Loss for the year |
- |
- |
( |
( |
At 30 April 2024 |
|
|
( |
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
( |
|
Loss for the year |
- |
- |
( |
( |
At 30 April 2023 |
|
|
( |
|
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 are set out below.
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In assessing the reasonableness of this assumption the directors have taken to account the trading and cash flow forecasts of the company. Based on this information and experience the directors are of the opinion that the company is a going concern.
Turnover
The company's main source of income is generated from interest on loans extended to individuals which is reported as turnover. This 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 and 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.
The other main sources of income is administration fees on loans granted. The administration fee is recognised when over the expected life of the loan being 12 months. Any administration fee not recognised is shown in the balance sheet as deferred income.
Defined contribution pension obligation
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the period in which they become payable. The assets of the scheme are held separately from those of the company in an independently administered fund.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Loans Management System - over 3 years
Website - over 2 years
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income’ in the statement of comprehensive income.
Tangible 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 on the following bases:
Equipment - over 3 years
Fixtures and Fittings - over 2 years
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘other operating income’ in the statement of comprehensive income.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 trade and other debtors, 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.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or 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 taxable income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
• |
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; |
• |
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and |
• |
Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future. |
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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Judgements in applying accounting policies 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 following estimate has had the most significant effect on amounts recognised in the financial statements.
Impairment of loans
• |
The company’s risk management process, which includes standards and policies for reviewing major risk exposures and concentrations, ensures that relevant data are identified and considered for loans. Impairment of loans issued to customers by Level are recognised under a case by case ‘incurred loss model’ approach, which include a review of any material increases to maximum loan to value, material changes to the underlying assets of the case and dispute of a loan by a client. |
Employees |
The average number of persons employed by the company (including directors) during the year, was
Operating Loss |
2024 |
2023 |
|
Operating loss is stated after charging |
- |
|
Other fees to auditors |
||
Taxation compliance services |
- |
|
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Intangible assets |
Development Costs |
|
Cost or valuation |
|
At 1 May 2023 |
|
At 30 April 2024 |
|
Amortisation |
|
At 1 May 2023 |
|
Amortisation charge |
|
At 30 April 2024 |
|
Carrying amount |
|
At 30 April 2024 |
- |
At 30 April 2023 |
- |
Tangible assets |
Fixtures and fittings |
Equipment |
|
Cost or valuation |
||
At 1 May 2023 |
- |
|
Additions |
|
|
At 30 April 2024 |
|
|
Depreciation |
||
At 1 May 2023 |
- |
|
Charge for the year |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
- |
|
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
Deferred tax assets |
335,515 |
- |
|
|
Included within other debtors are two interest free loans of £6,000 each, made to two shareholders of the company in a prior year.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors: amounts falling within one year |
2024 |
2023 |
|
Other loans |
17,522,394 |
16,771,066 |
Trade Creditors |
|
|
Bank loans and overdrafts |
10,070 |
10,082 |
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year |
2024 |
2023 |
|
Convertible debt |
3,000,000 |
- |
Other borrowings |
1,000,000 |
189,923 |
Bank loans |
12,799 |
22,435 |
4,012,799 |
212,358 |
Deferred Taxation and Other Provisions |
Deferred tax |
|
At 1 May 2023 |
|
Increase (decrease) in existing provisions |
( |
At 30 April 2024 |
( |
|
The provision for deferred taxation consists of the tax effect of timing difference in respect of excess capital allowances over depreciation on tangible fixed assets.
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
274.39 |
|
274.39 |
Related party transactions |
Included within other debtors are two interest free loans of £6,000 each, made to two shareholders of the company in a previous year.
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
428,704 |
251,162 |
Controlling Party |
The company's immediate parent is
The ultimate controlling party is
Integro Funding Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Other financial assets (current and non-current) |
Financial assets at amortised cost |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
Additions |
400,000 |
400,000 |
At 30 April 2024 |
400,000 |
400,000 |
Impairment |
||
Carrying amount |
||
At 30 April 2024 |
|
400,000 |