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Registration number: 06292950

International Private Finance Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

International Private Finance Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 12

 

International Private Finance Ltd

Company Information

Directors

Ms Fiona Watts

Mr Simon Smallwood

Registered office

114 St Martins Lane
Covent Garden
London
WC2N 4BE

Accountants

Atek Accounting Solutions Ltd 111 Queens Road
Weybridge
Surrey
KT13 9UN

 

International Private Finance Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Ms Fiona Watts

Mr Simon Smallwood

Principal activity

The principal activity of the company is the brokerage of international mortgages.

Small companies provision statement

This report has 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.

Approved by the Board on 4 March 2024 and signed on its behalf by:

.........................................
Ms Fiona Watts
Director

   
     
 

International Private Finance Ltd

(Registration number: 06292950)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,240

15,408

Tangible assets

5

35,068

46,086

Investments

6

4,535

4,535

 

43,843

66,029

Current assets

 

Debtors

7

129,025

63,004

Cash at bank and in hand

 

48,697

88,104

 

177,722

151,108

Creditors: Amounts falling due within one year

8

(121,327)

(102,772)

Net current assets

 

56,395

48,336

Total assets less current liabilities

 

100,238

114,365

Creditors: Amounts falling due after more than one year

8

(15,530)

(34,624)

Net assets

 

84,708

79,741

Capital and reserves

 

Called up share capital

9

7,000

7,000

Retained earnings

77,708

72,741

Shareholders' funds

 

84,708

79,741

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Ms Fiona Watts
Director

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St Martins Lane
Covent Garden
London
WC2N 4BE

These financial statements were authorised for issue by the Board on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Application fees charged to mortgage applicants are accounted for on submission of the application. Commission receivable in respect of mortgage applications is accounted for in the period in which the mortgage application is approved or when the mortgage funds are drawn down. Rent and service charge income is accounted for on the accruals basis.

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account in the period in which they arise.

Tax

The tax expense for the period comprises current 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 is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings including office equipment and leasehold improvements

20% - 25% reducing balance

Motor Vehicles

18% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

98,576

98,576

At 31 December 2024

98,576

98,576

Amortisation

At 1 January 2024

83,168

83,168

Amortisation charge

11,168

11,168

At 31 December 2024

94,336

94,336

Carrying amount

At 31 December 2024

4,240

4,240

At 31 December 2023

15,408

15,408

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

69,418

-

69,418

Additions

-

48,785

48,785

At 31 December 2024

69,418

48,785

118,203

Depreciation

At 1 January 2024

60,474

11,643

72,117

Charge for the year

2,236

8,782

11,018

At 31 December 2024

62,710

20,425

83,135

Carrying amount

At 31 December 2024

6,708

28,360

35,068

At 31 December 2023

8,944

37,142

46,086

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

4,535

4,535

Subsidiaries

£

Cost or valuation

At 1 January 2024

4,535

Provision

Carrying amount

At 31 December 2024

4,535

At 31 December 2023

4,535

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

International Private Finance France

7 Rue Galilee
75116 Paris

France

100%

100%

Subsidiary undertakings

International Private Finance France

The principal activity of International Private Finance France is mortgage broking..

7

Debtors

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Debtors (continued)

Current

2024
£

2023
£

Trade debtors

15,838

31,979

Prepayments

6,307

6,911

Other debtors

106,880

24,114

 

129,025

63,004

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19,176

19,176

Trade creditors

 

30,031

23,716

Taxation and social security

 

59,907

45,774

Accruals and deferred income

 

4,791

6,730

Other creditors

 

7,422

7,376

 

121,327

102,772

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

15,530

34,624

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A ordinary voting shares of £1 each

7,000

7,000

7,000

7,000

       

10

Related party transactions

The Directors loan account balance will be repaid within 9 months.

Transactions with directors

 

International Private Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions (continued)

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr Simon Smallwood

10,000

33,594

(8,578)

35,016

Ms Fiona Watts

10,000

46,008

(7,473)

48,534

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr Simon Smallwood

-

10,000

10,000

Ms Fiona Watts

-

10,000

10,000