Company No:
Contents
| Note | 2024 | 2023 | ||
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| Debtors | 3 |
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| Cash at bank and in hand |
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| 526,609 | 1,819,801 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current (liabilities)/assets | (566,839) | 841,482 | ||
| Total assets less current liabilities | (566,839) | 841,482 | ||
| Creditors: amounts falling due after more than one year | 5 | (
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The financial statements of Believe Loans Limited (registered number:
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R Wagstaff
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Believe Loans Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor Barclays Bank, Heavens Walk, Doncaster, DN4 5HZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Company’s Balance Sheet and projected future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £594,839 (2023: net assets £765,482). The Company is funded in part through Government-backed loans and inter-group financing arrangements.
The directors have received confirmation that the existing loan facilities will remain available for at least 12 months from the date of signing these financial statements. In addition, the Parent Company has confirmed that it will continue to provide financial support to the Company and will not seek repayment of inter-group balances to an extent that would impact the Company’s ability to meet its liabilities as they fall due during this period. The group within which the company resides was acquired by Pivotal Growth Limited, as described in note 9 and some liabilities of the parent company were settled at that time.
On this basis, and after making appropriate enquiries, the directors believe that the company has sufficient funds to be able to meet its financial obligations as they fall due for at least 12 months from the date of approving the financial statements. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of invoices raised in respect of procuration and broker fees, net of discounts and excluding value added tax, and is recognised on the commencement date of the loans.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.
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| Monthly average number of persons employed by the Company (excluding directors) during the year. |
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| Trade debtors |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| Bank loans |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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Bank loans represent a government backed bank loan. The loan attracts interest at 3.19% per annum, is unsecured, and repayable monthly over a 5 year term.
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| Bank loans |
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Long term bank loans represent a government backed bank loan. The loan attracts interest at 3.19% per annum, is unsecured, and repayable monthly over a 5 year term.
During the year, it was identified that the group within which the company resides had not correctly included VAT on a number of inter-company recharges. As a result, an additional VAT liability has been calculated and a provision recognised in the Group financial statements of £1.2m. This liability has been recognised in the company's parent, Believe Money Group Limited. This liability will be settled by the shareholders out of the proceeds received from the sale of the business to Pivotal Growth and a corresponding debtor has been recognised in the group financial statements. As a result there is no impact on the Company statement of comprehensive income.
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £55,488 (2023: £56,701) . Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
The audit report was signed by Helen Besant-Roberts on behalf of Hurst Accountants Limited.
On 18 September 2025, Pivotal Growth Limited, a company incorporated in the United Kingdom, acquired 100% of the issued share capital of the Company. From that date, Pivotal Growth Limited became the immediate and ultimate controlling party of the Group.