Loan2Invest Limited Filleted accounts for Companies House (small and micro)

Loan2Invest Limited Filleted accounts for Companies House (small and micro)

LOAN2INVEST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11883011
Loan2Invest Limited
Filleted Unaudited Financial Statements
31 July 2020
Loan2Invest Limited
Statement of Financial Position
31 July 2020
31 Jul 20
Note
£
Current assets
Debtors
4
1,415,644
Cash at bank and in hand
106,316
-----------
1,521,960
Creditors: amounts falling due within one year
5
1,432,489
-----------
Net current assets
89,471
-------
Total assets less current liabilities
89,471
-------
Capital and reserves
Called up share capital
10
Profit and loss account
89,461
-------
Shareholders funds
89,471
-------
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 period ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 January 2022 , and are signed on behalf of the board by:
A Sodha
Director
Company registration number: 11883011
Loan2Invest Limited
Notes to the Financial Statements
Period from 14 March 2019 to 31 July 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Zone G, Salamander Quay, Harefield, Middlesex UB9 6NZ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Taxation
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings. Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.
4. Debtors
31 Jul 20
£
Trade debtors
790,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest
625,144
-----------
1,415,644
-----------
5. Creditors: amounts falling due within one year
31 Jul 20
£
Corporation tax
20,985
Trade creditors
1,409,730
Other creditors
1,774
-----------
1,432,489
-----------