Financing Enterprise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06620363 (England and Wales)

Financial Statements

for the Year Ended 30 September 2019

for

Financing Enterprise Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P Daniel

G J Giles

P M A Lovell

J E J Lovell

M K Mcgowan

SECRETARY:

P M A Lovell

REGISTERED OFFICE:

3 George Mews

Enfield

Middlesex

EN2 6JA

REGISTERED NUMBER:

06620363 (England and Wales)

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

FIXED ASSETS

Tangible assets

4

10

15

CURRENT ASSETS

Debtors

5

38,786

19,885

Cash at bank

19,138

22,495

57,924

42,380

CREDITORS

Amounts falling due within one year

6

58,055

79,038

NET CURRENT LIABILITIES

(131

)

(36,658

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(121

)

(36,643

)

CREDITORS

Amounts falling due after more than one year

7

-

10,230

NET LIABILITIES

(121

)

(46,873

)

RESERVES

Income and expenditure account

(121

)

(46,873

)

(121

)

(46,873

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2020 and were signed on its behalf by:

P M A Lovell - Director

1.	STATUTORY INFORMATION

Financing Enterprise Limited is a private company, limited by guarantee , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

and 30 September 2019

33,375

DEPRECIATION

At 1 October 2018

33,360

Charge for year

5

At 30 September 2019

33,365

NET BOOK VALUE

At 30 September 2019

10

At 30 September 2018

15

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

as restated

£

£

Trade debtors

17,875

18,990

Other debtors

20,911

895

38,786

19,885

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

as restated

£

£

Taxation and social security

14,373

17,862

Other creditors

43,682

61,176

58,055

79,038

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

as restated

£

£

Other creditors

-

10,230

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

9.	RELATED PARTY DISCLOSURES

During the year the company entered into transactions with North London Credit Union, a business in which

members of the board and key management personnel hold either office or key management roles. These

transactions are considered to be at arms length and on normal commercial terms. During the year the

company recharged management charges amounting to £25,868 (2018 - £32,269) to North London Credit Union

and was charged £19,944 (2018 - £18,630) in respect of services received from North London Credit Union.

During the year the company also entered into loans with North London Credit Union. These loans are interest

free and repayable on demand. As at the balance sheet the total amount outstanding from North London Credit

Union amounted to £2,602 (2018 - £3,322 due to North Lond on Credit Union).

10.	LIMITED BY GUARANTEE

The company is limited by guarantee of the members and does not have a share capital. The liability of

members is limited to £10 each.