MOMENTUM SAVE LTD

MOMENTUM SAVE LTD

MOMENTUM SAVE LTD - Company Information

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MOMENTUM SAVE LTD

Company Registration Number:
06756436 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2019

Period of accounts

Start date: 01 January 2018

End date: 30 June 2019

MOMENTUM SAVE LTD

Contents of the Financial Statements

for the Period Ended 30 June 2019

Balance sheet
Notes

MOMENTUM SAVE LTD

Balance sheet

As at 30 June 2019


Notes
18 months to 30 June 2019
2017


£
£
Fixed assets
Intangible assets:   0 0
Investments: 2 710,000 750,000
Total fixed assets: 710,000 750,000
Current assets
Stocks: 0 0
Debtors:   64,561 34,299
Cash at bank and in hand: 2,728 81,632
Investments:   0 0
Total current assets: 67,289 115,931
Creditors: amounts falling due within one year: 3 (11,963) (15,571)
Net current assets (liabilities): 55,326 100,360
Total assets less current liabilities: 765,326 850,360
Creditors: amounts falling due after more than one year:   (645,000) (697,626)
Provision for liabilities: 0 0
Total net assets (liabilities): 120,326 152,734
Capital and reserves
Called up share capital: 115,000 115,000
Share premium account: 0 0
Revaluation reserve:4193,811212,310
Other reserves: 0
Profit and loss account: (188,485) (174,576)
Shareholders funds: 120,326 152,734

The notes form part of these financial statements

MOMENTUM SAVE LTD

Balance sheet statements

For the year ending 30 June 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 17 February 2020
and signed on behalf of the board by:

Name: Andy Riley
Status: Director

The notes form part of these financial statements

MOMENTUM SAVE LTD

Notes to the Financial Statements

for the Period Ended 30 June 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

MOMENTUM SAVE LTD

Notes to the Financial Statements

for the Period Ended 30 June 2019

2. Fixed investments

The two investment properties were both valued by both Lloyds Bank appointed surveyors and Professional Estate Agents. Based on these third party valuations the decision was taken to write down the value of the investments to £710,000 (2017 £750,000)

MOMENTUM SAVE LTD

Notes to the Financial Statements

for the Period Ended 30 June 2019

3. Creditors: amounts falling due within one year note

A Lloyds Bank loan is repaid over 20 years. The current level of capital repayment is approximately £12,000 per annum in 2019/20 (2017 £9,800).

MOMENTUM SAVE LTD

Notes to the Financial Statements

for the Period Ended 30 June 2019

4. Revaluation reserve

18 months to 30 June 2019
£
Balance at 01 January 2018 212,310
Surplus or deficit after revaluation (18,499)
Balance at 30 June 2019 193,811

The revaluation reserve movement takes into account the revaluation of Properties and the estimated fair value of the loans to be repaid.

MOMENTUM SAVE LTD

Notes to the Financial Statements

for the Period Ended 30 June 2019

5. Post balance sheet events

Following the disappointing Revaluation of the Momentum Save Limited's Investment Properties and the decrease in he Companies liquidity Momentum Hub (Holdings) Limited sold its controlling shareholding of Momentum Save Limited. The majority of the Share Capital was acquired by Dickinson Consulting Limited for a nominal sum which in turn released Momentum Hub (Holdings) from its guarantee over Momentum Save Limited's payable to Lloyds Bank Limited.