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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| 76,245 | 527,105 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (583,896) | (26,454) | ||
| Total assets less current liabilities | (583,896) | (26,454) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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The financial statements of Believe Money Services 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 Money Services 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 Alexander House 4 Station Road, Cheadle Hulme, Cheadle, SK8 5AE, 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £583,896 (2023 - £26,454 ). The Company is supported through loans from other Group Companies. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the other Group Companies will continue to support the Company. The group within which the company resides was acquired by Pivotal Growth Limited, as described in note 8 and some liabilities of the parent company were settled at that time. After making 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, they continue to adopt the going concern basis in preparing the financial statements.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
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| Monthly average number of persons employed by the Company (excluding directors) during the year. |
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During the year, the company recharged its salary costs to fellow subsidiary companies.
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| Amounts owed by Group undertakings |
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| Deferred tax asset |
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| Other debtors |
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| Amounts owed to Group undertakings |
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| Other taxation and social security |
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| Other creditors |
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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.
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| Unpaid contributions due to the fund (inc. in other creditors) |
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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.