REGISTERED NUMBER: 12250629 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

108C FINANCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

C M Leahy

Maplesfs UK Corporate Director No.1 Ltd

Maplesfs UK Corporate Director No.2 Ltd

Secretary:

Maples Fiduciary Services (UK) Limited

Registered office:

Duo

Level 6

280 Bishopsgate

London

EC2M 4RB

Registered number:

12250629 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Current assets

Debtors

4

202,696

280,428

Cash at bank

86,522

653,512

289,218

933,940

Creditors

Amounts falling due within one year

5

676,255

949,416

Net current liabilities

(387,037

)

(15,476

)

Total assets less current liabilities

(387,037

)

(15,476

)

Creditors

Amounts falling due after more than one year

6

-

500,000

Net liabilities

(387,037

)

(515,476

)

Capital and reserves

Called up share capital

8

1

1

Retained earnings

(387,038

)

(515,477

)

Shareholders' funds

(387,037

)

(515,476

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2025 and were signed on its behalf by:

C M Leahy - Director

1.	Statutory information

108C Finance 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The directors are aware that the statement of financial position shows a net liability position, however, all of the company's debt facilities are limited recourse in nature and would therefore be extinguished to the extent that the company's assets are insufficient to repay the debt facilities in any such event. The parent company has also expressed its intention to support the company in meeting its liabilities as and when they fall due. The directors have a reasonable assumption that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

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

Revenue from rendering of services

The company charges fees on its InstantPay and InstantAdvance products which it recognises as revenue. InstantPay product fees are recognised in income at the point the fees are charged to the customer. InstantAdvance product charges are recognised in income evenly over the term of the loan.

Other Revenue

Other revenue consists of recharges to Previse Limited as servicer to its InstantPay and InstantAdvance programmes.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current. Tax is recognised in the Profit and Loss Account, 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.

Parent-subsidiary relationships

The entire share capital of the Company is held by the legal parent company, Maples Fiduciary Services (UK) Limited under a discretionary charitable trust under a share trust deed. Maples Fiduciary Services (UK) Limited is a company incorporated in the United Kingdom and registered in England and Wales.

3.	Employees and directors

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

4.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

-

98,067

Other debtors

202,696

182,361

202,696

280,428

5.

Creditors: amounts falling due within one year

2024

2023

£

£

Other loans (see note 7)

453,162

553,162

Other creditors

-

76,908

Accrued expenses

223,093

319,346

676,255

949,416

6.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Other loans (see note 7)

-

500,000

7.

Loans

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Other loans

453,162

553,162

Amounts falling due between one and two years:

Other loans - 1-2 years

-

500,000

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1