| Leading Point Financial Markets Ltd |
| Registered number: |
10183737 |
| Balance Sheet |
| as at 31 May 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
1,650 |
|
|
2,200 |
| Tangible assets |
4 |
|
|
3,576 |
|
|
4,502 |
|
|
|
|
5,226 |
|
|
6,702 |
|
| Current assets |
| WIP & Development costs |
5 |
|
224,311 |
|
|
172,727 |
| Cash at bank and in hand |
|
|
62,791 |
|
|
115,281 |
|
|
|
287,102 |
|
|
288,008 |
|
| Creditors: amounts falling due within one year |
6 |
|
(28,106) |
|
|
(174,531) |
|
| Net current assets |
|
|
|
258,996 |
|
|
113,477 |
|
| Total assets less current liabilities |
|
|
|
264,222 |
|
|
120,179 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(350,949) |
|
|
(49,750) |
|
| Provisions for liabilities |
|
|
|
(855) |
|
|
(855) |
|
|
| Net (liabilities)/assets |
|
|
|
(87,582) |
|
|
69,574 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
800 |
|
|
800 |
| Profit and loss account |
|
|
|
(88,382) |
|
|
68,774 |
|
| Shareholders' funds |
|
|
|
(87,582) |
|
|
69,574 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr R Madan |
| Director |
| Approved by the board on 18.02.2022 |
|
| Leading Point Financial Markets Ltd |
| Notes to the Accounts |
| for the year ended 31 May 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Fee Income |
|
Turnover represents the value, net of value added tax of services provided during the year on an accrued basis to its clients and includes an element of work in progress at the year end date |
|
|
Grant Income |
|
|
Grant income includes all the Covid support grants as well as the other employment grant and the governments payment of the first years interest and lending cost. The corresponding entry for the CBIL support is shown within bank interest payments. |
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided as follows: |
|
|
Office Equipment |
25% SL |
|
Development costs |
|
Is the cumulative associated staff costs directly involved in the development of cloud based software applications to be used in the industry and shown within current assets and have been ascertained based on time costs apportioned on a just and equitable basis As these apps near completion and income generated from it, the final costs will be reclassified as a intangible fixed asset and amortised over the expected useful life.Due to the pandemic situation, no development costs were undertaken in the year and due to the difficult market conditions faced . |
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
CBIL Loans |
|
No repayments were made during the year and the amounts are therefore treated accordingly under FRS 102 within creditors. |
|
|
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
14 |
|
9 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Patent Cost |
|
|
Cost |
|
At 1 June 2020 |
2,750 |
|
At 31 May 2021 |
2,750 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2020 |
550 |
|
Provided during the year |
550 |
|
At 31 May 2021 |
1,100 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
1,650 |
|
At 31 May 2020 |
2,200 |
|
|
|
|
|
|
|
|
|
|
Patent rights is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Office Equipment |
| £ |
|
Cost |
|
At 1 June 2020 |
10,128 |
|
Additions |
2,141 |
|
At 31 May 2021 |
12,269 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2020 |
5,626 |
|
Charge for the year |
3,067 |
|
At 31 May 2021 |
8,693 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
3,576 |
|
At 31 May 2020 |
4,502 |
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Work In Progress |
92,000 |
|
41,201 |
|
Development costs |
|
131,026 |
|
131,026 |
|
Other debtors |
1,285 |
|
500 |
|
|
|
|
|
|
224,311 |
|
172,727 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Directors Loan account |
89 |
|
89 |
|
Bank loans and overdrafts |
9,165 |
|
16,674 |
|
Taxation and social security costs |
13,204 |
|
128,303 |
|
Other creditors |
5,648 |
|
29,465 |
|
|
|
|
|
|
28,106 |
|
174,531 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
100,835 |
|
49,750 |
|
Other creditors |
250,114 |
|
- |
|
|
|
|
|
|
350,949 |
|
49,750 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2021 |
|
2020 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
21,996 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 9 |
Going Concern |
|
|
Although the Balance is insolvent due to the pandemic , as explained in the Directors Report the director is confident of the future propects and coupled with the support of its creditors is optimistic of returning to profitability. The accounts are therfore prepared on a going concern basis. |
|
|
| 10 |
Other information |
|
|
Leading Point Financial Markets Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Rise London |
|
41 Luke Street |
|
London |
|
EC2A 4DP |
