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REGISTERED NUMBER: 08405165 (England and Wales)


















Essential Funding Limited

Unaudited Financial Statements for the Year Ended 31st May 2024






Essential Funding Limited (Registered number: 08405165)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Essential Funding Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: L P Corrigan
P R Corrigan
Miss G V Corrigan
J M Sharpley FCA





REGISTERED OFFICE: Suite 1
Priory House
Saxon Way
Hessle
East Yorkshire
HU13 9PB





REGISTERED NUMBER: 08405165 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Essential Funding Limited (Registered number: 08405165)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100

CURRENT ASSETS
Debtors: amounts falling due within one
year

5

2,161,026

2,236,026
Debtors: amounts falling due after more
than one year

5

2,453,163

1,989,353
Cash at bank 33,241 477,289
4,647,430 4,702,668
CREDITORS
Amounts falling due within one year 6 20,113 68,286
NET CURRENT ASSETS 4,627,317 4,634,382
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,627,417

4,634,482

CAPITAL AND RESERVES
Called up share capital 7 2,740,741 2,740,741
Redeemable preference shares 1,200,000 1,200,000
Retained earnings 686,676 693,741
SHAREHOLDERS' FUNDS 4,627,417 4,634,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 25th February 2025 and were signed on its behalf by:



J M Sharpley FCA - Director


Essential Funding Limited (Registered number: 08405165)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Essential Funding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income
Interest income is recognised using the effective interest method on commercial loans provided.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments
Debt instruments with no stated interest rate that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

Debt instruments such as loans, borrowings and other accounts receivable and payable over more than one year are initially measured at the transaction price including transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Compound financial instruments that contain both a liability and an equity component, such as fixed term interest-free loans and redeemable preference shares are allocated between the liability component and the equity component. The liability component is determined by calculating the present value of the future payments discounted at a market rate of interest of a similar debt instrument. The equity component is the measurement difference which is accounted for as a capital contribution directly in equity.

When shares are issued, any component that creates a financial liability of the company or group is presented as a liability in the balance sheet; measured initially at fair value net of transaction costs and thereafter at amortised cost until extinguished on conversion or redemption. The corresponding dividends relating to the liability component are charged as interest expense in the income statement. The initial fair value of the liability component is determined using a market rate for an equivalent liability without a conversion feature. The remainder of the proceeds on issue is allocated to the equity component and included in shareholders’ equity, net of transaction costs. The carrying amount of the equity component is not re-measured in subsequent years.

Other non-basic financial instruments are measured at fair value through profit and loss.


Essential Funding Limited (Registered number: 08405165)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairments
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 100
NET BOOK VALUE
At 31st May 2024 100
At 31st May 2023 100

Essential Funding Limited (Registered number: 08405165)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Loans and advances to
customers 1,925,000 1,925,000
Other debtors 5,329 5,329
Prepayments and accrued income 230,697 305,697
2,161,026 2,236,026

Amounts falling due after more than one year:
Loans and advances to
customers 2,453,163 1,989,353
2,453,163 1,989,353

Aggregate amounts 4,614,189 4,225,379

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,640 -
Taxation and social security - 65,914
Other creditors 17,473 2,372
20,113 68,286

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
value £ £
1,718,519 A Ordinary £1 1,718,519 1,718,519
400,000 B Ordinary £1 400,000 400,000
400,000 C Ordinary £1 400,000 400,000
111,111 D Ordinary £1 111,111 111,111
111,111 E Ordinary £1 111,111 111,111
2,740,741 2,740,741

The company also has in issue 1,200,000 £1 redeemable preference shares. The preference shares are redeemable only at the option of the company.

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.