Company Registration No. 07438358 (England and Wales)
121 Finance Limited
Unaudited financial statements
for the year ended 30 November 2023
Pages for filing with the registrar
121 Finance Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
121 Finance Limited
Statement of financial position
As at 30 November 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,013,047
388,717
Cash at bank and in hand
16,851
13,162
1,029,898
401,879
Creditors: amounts falling due within one year
5
(3,106,383)
(2,430,984)
Net current liabilities
(2,076,485)
(2,029,105)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,076,486)
(2,029,106)
Total equity
(2,076,485)
(2,029,105)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 12 February 2025 and are signed on its behalf by:
David Oxley
Director
Company Registration No. 07438358
121 Finance Limited
Notes to the financial statements
For the year ended 30 November 2023
2
1
Accounting policies
Company information

121 Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Cardale Park, Beckwith Head Road, Harrogate, North Yorkshire, HG3 1RY.

1.1
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 adopted are set out below.

1.2
Going concern

The company has net liabilities at the year end of £2,076,485, which includes loan notes in creditors of £3,029,763. Prior to MYA Clinics Ltd entering administration on 22 October 2024, these loan notes were guaranteed by MYA Clinics Ltd. A second guarantee exists on all third party loan notes by John Ryan, James Beresford and other individuals. John Ryan and James Beresford are ultimate shareholders of MYA Group Ltd, a group with whom 121 Finance Limited trades and which has related shareholders. The directors have adopted the going concern basis of preparation in preparing these financial statements and in making this assessment, the Directors have considered that they have entered into an Intercompany Settlement Deed with its trading partner, MYA Clinics Ltd, on 22 October 2024, which settled the amounts repayable to MYA Clinics Ltd for a sum of £200,000. Hence, once the debtors are collected, there would be sufficient funds available to repay the other loan notes.

 

In addition, the Directors expect that the company has sufficient cash to meet expected day to day trading obligations for a period of greater than 12 months from approval of the financial statements, with the ongoing support of the principal shareholders of MYA Group Limited.

 

The guarantees from the named individuals (John Ryan and James Beresford) as well as the Directors' view that the company has adequate cash to meet its day to day trading obligation for a period of greater than 12 months, has resulted in the Directors adopting the going concern basis of accounting.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

121 Finance Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
3
1.5
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 statement of financial position 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, 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.

1.6
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.

121 Finance Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
4
2
Critical accounting 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 believe there to be any critical accounting judgements or estimates required in the preparation of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,011,807
387,825
Other debtors
1,240
892
1,013,047
388,717
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,106,383
2,430,984

Included within other creditors are loan notes of £1,548,148 (2022: £1,481,615 ) due to MYA Clinics Limited. As noted in note 1.2, the Directors have have entered into an Intercompany Settlement Deed with its trading partner, MYA Clinics Ltd, on 22 October 2024, which settled the amounts repayable to MYA Clinics Ltd for a sum of £200,000. A guarantee exists on all third party loan notes totalling £446,615 (2022: £446,615 ). These guarantees are provided personally by John Ryan, James Beresford and other individuals.

121 Finance Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
5
6
Events after the reporting date

On 22 October 2024, a related party and trading partner, MYA Clinics Limited, went into administration. As noted in note 1.2, the Directors have have entered into an Intercompany Settlement Deed with its trading partner, MYA Clinics Ltd, on 22 October 2024, which settled the amounts repayable to MYA Clinics Ltd for a sum of £200,000.

7
Related party transactions

At the year end £1,083,306 (2022: £500,855 ) was owed to MYA Clinics Ltd, a wholly owned subsidiary of MYA Group Ltd, a company in which Esta Rea was also a director and shareholder. In addition MYA Clinics Ltd had guaranteed loan notes in 121 Finance Limited. Certain shareholders of MYA Group Ltd (as set out in note 6) have given guarantees in respect of the third party loan notes. At the year end £341,300 (2022: £73,100 ) was owed to MYA Group Limited, a company in which Esta Rea was also a director and shareholder and Chloe Beresford is a director of MYA Group Limited.

8
Controlling party

The ultimate controlling party is Chloe Beresford by virtue of her 100% shareholding.

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