Company No:
Contents
| Note | 2024 | 2023 | ||
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| Debtors | 3 |
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| 813,656 | 558,006 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (196,169) | (43,062) | ||
| Total assets less current liabilities | (196,169) | (43,062) | ||
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| Total shareholder's deficit | (
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The financial statements of Believe Specialist Finance 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 Specialist Finance 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 £.
In 2025 the directors made the decision that the Company would cease trading. As a result, the financial statements have been prepared on a basis other than the going concern basis of preparation.
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.
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 loan.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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During the year, the company was recharged salary costs by a fellow subsidiary.
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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.
The pension cost charge represents contributions payable by the company to the fund and amounted to £8,469 (2023: £6,882) . 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.