Registered number |
|
|
|
|
|
|||||||
Registered number: |
|
||||||
Directors' Report | |||||||
The directors present their report and accounts for the year ended |
|||||||
Principal activities | |||||||
The company's principal activity during the year continued to be that of invoice financing in the form of invoice discounting and factoring, as well as supply chain finance and timesheet finance. The company had 7 (seven) employees including Directors for the year ended April 30, 2020. Cashbook Finance Limited is registered with the financial regulatory body in the United Kingdom, the FCA (Financial Conduct Authority, Registration Number 782472). During the FY19/20, the Company has provided over £1.3 million in funding to several businesses in many industries as presented below: |
|||||||
Industry | Funding | Weight | |||||
Construction | 766,000 | 57% | |||||
Wholesale & Retail | 313,177 | 23% | |||||
Healthcare | 150,000 | 11% | |||||
Hospitality | 58,900 | 4% | |||||
Recruitment | 46,299 | 3% | |||||
E-commerce | 20,000 | 2% | |||||
1,354,376 | 100% | ||||||
Financial Products | FY19/20 Weight | ||||||
Invoice Finance (Factoring) | 59% | ||||||
Business Loans | 27% | ||||||
Supply Chain Finance | 12% | ||||||
Timesheet Finance | 2% | ||||||
100% | |||||||
This experience has allowed the Company to develop a market leading product range that gives British businesses the funding they need. The Company can be flexible so as to provide clients with the best mix of funding to suit their needs from one or a combination of the following core products: Invoice Finance offers immediate cash advances against approved unpaid invoices. This product is suitable for businesses that have money tied up in unpaid invoices. Cashbook Finance Limited offers invoice discounting where the customer continues to manage its credit control and sales ledger and factoring, where Cashbook Finance takes responsibility for the client’s credit control and collection. The company also has variants of Invoice Financing tailored specifically for the Construction and Recruitment industries. Reverse Invoice Factoring is when a finance company, such as a Financial Institution, interposes itself between a company and its suppliers and commits to pay the company's invoices to the suppliers at an accelerated rate in exchange for a discount. This is a lower-cost form of financing that accelerates accounts receivable receipts for suppliers. Timesheet Finance can convert a monthly income to a weekly income by giving independent contractors and freelancers’ the liquidity they need. Once timesheets are submitted, 80% of the value of these documents is transferred straight away. Approved timesheets are a vehicle that demonstrates that debt exists and by sending cash advances for it, the financier simply purchases the right to receive payment. Bridging Finance is a funding solution whereby funds advanced are secured against property with repayment through either the sale of the property or exit to another form of funding, typically a longer-term mortgage. Term can range from 6 months to 18 months and loans can be either serviced or repayable in full on maturity. Asset Finance helps businesses spread the cost of buying assets through hire purchase or finance leases, typically over a two to five-year period. |
|||||||
Director’s Loans During FY 19/20, Endrit Beqaj has provided the following Director’s Loans to Cashbook Finance Limited: On June 7, 2019 the amount of GBP 44,863 On June 17, 2019 the amount of USD 42,582 (equivalent to GBP 33,914) On February 3, 2020 the amount of EUR 89,960 (equivalent to GBP 76,432) To date, Endrit Beqaj’s Director’s Loans to Cashbook Finance Limited amount to a total of GBP 210,993 During FY 19/20, Bjorn Laku has provided the following Director’s Loans to Cashbook Finance Limited: On August 5, 2019 the amount of GBP 100,000 On August 13, 2019 the amount of GBP 83,340 On August 13, 2019 the amount of GBP 60,984 To date, Bjorn Laku’s Director’s Loans to Cashbook Finance Limited amount to a total of GBP 244,324 |
|||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
|
|||||||
|
|||||||
|
|||||||
Small company provisions | |||||||
|
|||||||
This report was approved by the board on |
|||||||
Endrit Beqaj | |||||||
Director | |||||||
|
|||||||
Registered number: |
|
||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2020 | 2019 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 |
|
|
||||
Current assets | |||||||
Debtors | 4 |
|
|
||||
Cash at bank and in hand |
|
|
|||||
|
|
||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
||||
Net current assets |
|
|
|||||
Total assets less current liabilities |
|
|
|||||
Creditors: amounts falling due after more than one year | 6 | ( |
- | ||||
Provisions for liabilities | ( |
( |
|||||
Net assets |
|
|
|||||
Capital and reserves | |||||||
Called up share capital |
|
|
|||||
Profit and loss account |
|
|
|||||
Shareholders' funds |
|
|
|||||
|
|||||||
|
|||||||
|
|||||||
|
|||||||
Endrit Beqaj | |||||||
Director | |||||||
Approved by the board on |
|||||||
|
||||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
|
||||||||
Going concern | ||||||||
The company regognises that there is some uncertainty related to the economic impact created by Covid-19. The Directors have assessed whether there is any indication on the company's ability to continue as a going concern and have taken actions to mitigate this risk. As of the date of this report the company has sufficient funds to support the activities of the company. After careful consideration and communications with the Debtors, there is no indication that any of the company debtors will default on their payments. The Directors have indicated their intention to provide adequate resources to continue operations for the foreseeable future. For these reasons, they have adopted the going concern basis in preparing the financial statements | ||||||||
Turnover | ||||||||
The determination of whether certain fees and costs form part of the Effective Interest Rate (”EIR”) is a critical judgement. Management assesses the nature of fees charged and incurred, the nature of services provided or received and the extent to which these relate closely to the issue of a financial instrument. To the extent that costs or income do relate closely to the issue of a financial instrument, they are included within the EIR calculation. |
||||||||
Interest income | ||||||||
Interest income is recognised in the statement of comprehensive income for all financial assets measured at amortised cost using approximations to the EIR method. The EIR method is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period. The EIR is the rate that exactly discounts estimated future cash flows through the expected life, or contractual term if shorter, of the financial asset to the net carrying amount of the financial asset. For Loan products where there are regular capital repayments, the sum of digits method is used as an approximation to EIR. For products that have repayments at contracted maturity, the straight-line method of interest allocation is used as an approximation to EIR. Invoice discounting and factoring products have interest applied to outstanding amounts on a daily basis. Management consider these methods to be appropriate approximations to the EIR method. | ||||||||
Tangible fixed assets | ||||||||
|
||||||||
Fixtures, fittings, tools and equipment | 20% reducing balance | |||||||
Debtors | ||||||||
|
||||||||
Creditors | ||||||||
|
||||||||
Taxation | ||||||||
|
||||||||
Provisions | ||||||||
|
||||||||
Foreign currency translation | ||||||||
|
||||||||
Pensions | ||||||||
|
||||||||
2 | Employees | 2020 | 2019 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
|
|
||||||
3 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 May 2019 |
|
|||||||
At 30 April 2020 |
|
|||||||
Depreciation | ||||||||
At 1 May 2019 |
|
|||||||
Charge for the year |
|
|||||||
At 30 April 2020 |
|
|||||||
Net book value | ||||||||
At 30 April 2020 |
|
|||||||
At 30 April 2019 |
|
|||||||
4 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Other debtors |
|
|
||||||
5 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Director's loan account | 455,317 | 67,206 | ||||||
Taxation and social security costs |
|
|
||||||
Other creditors |
|
|
||||||
|
|
|||||||
6 | Creditors: amounts falling due after one year | 2020 | 2019 | |||||
£ | £ | |||||||
Third party loan |
|
- | ||||||
7 | Other information | |||||||
Cashbook Finance Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Cumberland Hosue | ||||||||
24 - 28 Baxter Avenue | ||||||||
Southend on Sea | ||||||||
Essex | ||||||||
SS2 6HZ |