|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 March 2019 |
|
for |
|
1PLUS1 LOANS LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 March 2019 |
|
for |
|
1PLUS1 LOANS LTD |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
1PLUS1 LOANS LTD |
|
Company Information |
for the Year Ended 31 March 2019 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
Chartered Accountants |
The Old Tannery |
Eastgate |
Accrington |
Lancashire |
BB5 6PW |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
Balance Sheet |
31 March 2019 |
|
2019 | 2018 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
357,331 |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
|
1. | STATUTORY INFORMATION |
|
1plus1 Loans Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
The company makes certain estimates and assumptions regarding the future. Estimates and judgements are |
continually evaluated based on historical experience and other factors, including expectations of future events |
that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these |
estimates and assumptions. |
|
The principal estimates that could have a significant effect upon the company's financial results relate to the |
value of provisions in respect of writing down amounts due from customers to their recoverable amounts. |
|
Turnover |
Turnover represents interest income and fees on amounts receivable from customers. Interest income is |
calculated using the effective interest method which allocates the income over the life of the loan. Other fee |
income is recognised at the point when these fees become applicable to a specific loan agreement, for example |
on arrangement or at the point of customer default. |
|
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
|
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities, these being amounts recoverable from customers and loans from funders. |
|
Loans receivable are measured initially at fair value and are measured subsequently at amortised costs using the |
effective interest method, less any provision for loan defaults. |
|
At each reporting date financial assets are reviewed for evidence of impairment such as default or delinquency in |
repayments. If objective evidence of impairment is found an impairment loss is recognised in the income |
statement. |
|
Loan origination and acquisition costs which are directly attributable to loans receivable, such as broker |
commissions payable, are spread over the life of the loans, rather than recognised in full at the time of |
acquisition. |
|
Financial liabilities, included loans from funders, are measured at fair value, net of transaction costs, and are |
measured subsequently at amortised costs using the effective interest method. |
|
The company has applied the relief in FRS102 which allows loans from directors and their close family |
members to be measured at transaction cost. |
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
3. | ACCOUNTING POLICIES - continued |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
|
AMORTISATION |
At 1 April 2018 |
and 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2018 |
|
Additions |
|
At 31 March 2019 |
|
DEPRECIATION |
At 1 April 2018 |
|
Charge for year |
|
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
7. | DEBTORS |
2019 | 2018 |
as restated |
(Unaudited) |
£ | £ |
Amounts falling due within one year: |
Amounts receivable from |
customers |
|
|
Other debtors |
|
|
|
|
|
Amounts falling due after more than one year: |
Amounts receivable from |
customers |
|
|
|
|
|
Aggregate amounts |
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
(Unaudited) |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
as restated |
(Unaudited) |
£ | £ |
Other creditors |
|
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
as restated |
(Unaudited) |
£ | £ |
Other creditors | 2,065,253 | 1,176,780 |
|
Other creditors of £1,565,253 (2018 - £976,780) are secured by a fixed charge over amounts receivable from |
customers and by limited personal guarantees given by the director and a shareholder of the holding company. |
|
Other creditors of £500,000 (2018 - £200,000) are secured by fixed and floating charges charges over the assets |
of the company and of the parent undertaking and by limited personal guarantees given by the director and a |
shareholder of the holding company. |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
12. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date the company owed £150,500 (2018 - £154,268) to the company's director and |
£151,476 (2018 - £164,476) to a shareholder of the parent undertaking. These balances are interest free. |
£301,000 (2018 - £301,000) of these loans are subordinated over other creditors. |