REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 10 February 2024 to 31 December 2024 |
for |
Join Even Limited |
DRAFT |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 10 February 2024 to 31 December 2024 |
for |
Join Even Limited |
Join Even Limited (Registered number: 09900783) |
Contents of the Financial Statements |
for the Period 10 February 2024 to 31 December 2024 |
DRAFT |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Join Even Limited |
Company Information |
for the Period 10 February 2024 to 31 December 2024 |
DRAFT |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Join Even Limited (Registered number: 09900783) |
Statement of Financial Position |
31 December 2024 |
31.12.24 | 9.2.24 |
Notes | £ | £ | £ |
DRAFT |
FIXED ASSETS |
Tangible assets | 4 | - |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Share based payment reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Join Even Limited (Registered number: 09900783) |
Statement of Financial Position - continued |
31 December 2024 |
DRAFT |
The financial statements were approved by the director and authorised for issue on |
Join Even Limited (Registered number: 09900783) |
Notes to the Financial Statements |
for the Period 10 February 2024 to 31 December 2024 |
DRAFT |
1. | STATUTORY INFORMATION |
Join Even Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The following principal accounting policies have been applied: |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Fixtures and fittings - 25% |
Computer equipment - 50% |
Staging furniture - 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Join Even Limited (Registered number: 09900783) |
Notes to the Financial Statements - continued |
for the Period 10 February 2024 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
DRAFT |
Financial instruments |
The Company has adopted IAS 39 accounting within FRS 102. The Company has only non-derivative financial instruments, which comprise loans and fees receivable, cash and cash equivalents, loans and borrowings and trade and other creditors. |
Financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit and loss, any directly attributable transaction costs. A financial Instrument Is recognised if the Company becomes a party to the contractual provisions of the instrument. Financial assets are de-recognised if the contractual rights to the cash flows from the financial assets expire or if the Company transfers the financial asset to another party without retaining control of substantially all risks and rewards of the asset. Financial liabilities are de-recognised if the Company's obligations specified in the contract expire or are discharged or cancelled. Financial instruments are also derecognised when the underlying contract is judged to have been substantially modified. |
Derivative financial instruments - financial guarantee contracts |
The Company provides to its customers a guarantee of up to 95% of the agreed fair value of the property the Company has contracted to sell. In the event the value of the property upon sale falls below this guarantee, the Company will reimburse the difference to its customers. This guarantee represents an embedded derivative in the customer contract. These derivatives are measured at fair value and any movement in fair value is recognised in the Income statement. |
Loans and receivables |
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are carried at amortised cost using the effective interest method, less any impairment losses. Accounts receivable are recorded initially at fair value and subsequently measured at amortised cost using the effective Interest method, less any provision for impairment due to bad and doubtful accounts. The provision for doubtful debts is based on management's assessment of amounts considered uncollectible for specific customers or Company's of customers based on age of debt, history of payments, account activity, economic factors and other relevant information. The amount of the provision is the difference between the asset's unamortised cost and the present value of estimated future cash flows, discounted at an effective interest rate. The provision expense is recognised in the income statement. |
Bad debts are written off against the provision for doubtful debts in the period in which it is determined that the debts are uncollectible. If those debts are subsequently collected then a gain is recognised In the income statement. |
Impairment of financial assets |
Financial assets, other than those at FVTPL, are assessed for Indicators of Impairment at the end of each reporting period. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
Join Even Limited (Registered number: 09900783) |
Notes to the Financial Statements - continued |
for the Period 10 February 2024 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
DRAFT |
Trade and other payables |
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest method. |
Financial liabilities |
Other financial liabilities, Including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Tax is recognised in the Income Statement, except that a charge attributable to an item of Income and expense recognised as other income or to an Item recognised directly in equity is also recognised in other 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 income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that: |
o 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; and |
o Any deferred tax balances are reversed If and when all conditions for retaining associated tax allowances have been met. |
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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term. |
Join Even Limited (Registered number: 09900783) |
Notes to the Financial Statements - continued |
for the Period 10 February 2024 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
DRAFT |
Pensions |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
Activity change |
At the beginning of the year, estate agency business and related activity was moved from Join Even Ltd to another company. Join Even Ltd is transitioning its focus to providing second charge mortgages. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Staging | and | Computer |
Furniture | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 10 February 2024 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 10 February 2024 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 9 February 2024 |
Join Even Limited (Registered number: 09900783) |
Notes to the Financial Statements - continued |
for the Period 10 February 2024 to 31 December 2024 |
DRAFT |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 10 February 2024 |
Disposals | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 9 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 9.2.24 |
£ | £ |
Other debtors |
7. | CASH AT BANK |
31.12.24 | 9.2.24 |
£ | £ |
Cash at bank and In hand | 129,319 | 100,000 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 9.2.24 |
£ | £ |
Trade creditors |
VAT | 928 | 6,706 |
Loans and borrowings |
Accrued expenses |
9. | ULTIMATE CONTROLLING PARTY |
100% of share capital of the company is held by Home Equity Limited. The registered address of Home Equity Limited is Flat 29 Aquarelle House, 259 City Road, London, England, EC1V 1AG. |