6
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-07-01
Sage Accounts Production Advanced 2020 - FRS102_2019
575,788
575,788
575,788
xbrli:pure
xbrli:shares
iso4217:GBP
12035429
2021-07-01
2022-06-30
12035429
2022-06-30
12035429
2021-06-30
12035429
core:FurnitureFittings
2021-07-01
2022-06-30
12035429
bus:Director1
2021-07-01
2022-06-30
12035429
core:FurnitureFittings
2022-06-30
12035429
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-07-01
2022-06-30
12035429
core:WithinOneYear
2022-06-30
12035429
core:WithinOneYear
2021-06-30
12035429
core:ShareCapital
2022-06-30
12035429
core:SharePremium
2022-06-30
12035429
core:RetainedEarningsAccumulatedLosses
2022-06-30
12035429
core:RetainedEarningsAccumulatedLosses
2021-06-30
12035429
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
12035429
bus:SmallEntities
2021-07-01
2022-06-30
12035429
bus:AuditExemptWithAccountantsReport
2021-07-01
2022-06-30
12035429
bus:FullAccounts
2021-07-01
2022-06-30
12035429
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
12035429
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
12035429
core:ComputerEquipment
2021-07-01
2022-06-30
12035429
core:ComputerEquipment
2022-06-30
COMPANY REGISTRATION NUMBER:
12035429
Business Finance Market Ltd
|
|
Filleted Unaudited Financial Statements
|
|
Business Finance Market Ltd
|
|
Year ended 30 June 2022
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Business Finance Market Ltd
|
|
Statement of Financial Position
|
|
30 June 2022
Fixed assets
Intangible assets
|
5
|
|
575,788
|
–
|
Tangible assets
|
6
|
|
4,080
|
–
|
|
|
---------
|
----
|
|
|
579,868
|
–
|
|
|
|
|
|
Current assets
Debtors
|
7
|
376,298
|
|
–
|
Cash at bank and in hand
|
21,524
|
|
20,252
|
|
---------
|
|
--------
|
|
397,822
|
|
20,252
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
105,163
|
|
31,135
|
|
---------
|
|
--------
|
Net current assets/(liabilities)
|
|
292,659
|
(
10,883)
|
|
|
---------
|
--------
|
Total assets less current liabilities
|
|
872,527
|
(
10,883)
|
|
|
---------
|
--------
|
Net assets/(liabilities)
|
|
872,527
|
(
10,883)
|
|
|
---------
|
--------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
9,278
|
–
|
Share premium account
|
|
1,328,912
|
–
|
Profit and loss account
|
|
(
465,663)
|
(
10,883)
|
|
|
------------
|
--------
|
Shareholders funds/(deficit)
|
|
872,527
|
(
10,883)
|
|
|
------------
|
--------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Business Finance Market Ltd
|
|
Statement of Financial Position (continued)
|
|
30 June 2022
These financial statements were approved by the
board of directors
and authorised for issue on
2 August 2022
, and are signed on behalf of the board by:
Company registration number:
12035429
Business Finance Market Ltd
|
|
Notes to the Financial Statements
|
|
Year ended 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carlton House, Welbury Way, Aycliffe Business Park, Newton Aycliffe, DL5 6ZE, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on the going concern basis. The director feels this appropriate given their continued support.
Revenue recognition
Turnover represents amounts chargeable to clients for professional services provided during the year, excluding disbursements. Income is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. Income also includes appropriate amounts in respect of work in progress to the extent that the outcome of the contracts can be assessed with reasonable certainty. Income is not recognised where the right to receive payment is contingent on events outside the control of the company.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office Equipment
|
-
|
20% straight line
|
|
Computer equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2021: Nil).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
Additions
|
575,788
|
|
---------
|
At 30 June 2022
|
575,788
|
|
---------
|
Amortisation
|
|
At 1 July 2021 and 30 June 2022
|
–
|
|
---------
|
Carrying amount
|
|
At 30 June 2022
|
575,788
|
|
---------
|
At 30 June 2021
|
–
|
|
---------
|
|
|
Development costs have been capitalised on the basis that these relate to the creation of the company's key assets for generating future economic benefit. Such costs are capitalised only where the criteria set out in the accounting policies are met.
6.
Tangible assets
|
Fixtures and fittings
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2021
|
–
|
–
|
–
|
Additions
|
2,538
|
1,926
|
4,464
|
|
-------
|
-------
|
-------
|
At 30 June 2022
|
2,538
|
1,926
|
4,464
|
|
-------
|
-------
|
-------
|
Depreciation
|
|
|
|
At 1 July 2021
|
–
|
–
|
–
|
Charge for the year
|
134
|
250
|
384
|
|
-------
|
-------
|
-------
|
At 30 June 2022
|
134
|
250
|
384
|
|
-------
|
-------
|
-------
|
Carrying amount
|
|
|
|
At 30 June 2022
|
2,404
|
1,676
|
4,080
|
|
-------
|
-------
|
-------
|
At 30 June 2021
|
–
|
–
|
–
|
|
-------
|
-------
|
-------
|
|
|
|
|
7.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Other debtors
|
376,298
|
–
|
|
---------
|
----
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Trade creditors
|
88,719
|
60
|
Social security and other taxes
|
2,576
|
–
|
Other creditors
|
13,868
|
31,075
|
|
---------
|
--------
|
|
105,163
|
31,135
|
|
---------
|
--------
|
|
|
|
9.
Directors' advances, credits and guarantees
The directors loan account remained in credit during the year. There were no advances or guarantees.