Momentum Save Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06756436 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Momentum Save Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Riley

A E Dickinson

REGISTERED OFFICE:

Unit 16

Grove Business Park

White Waltham

Maidenhead

Berkshire

SL6 3LW

REGISTERED NUMBER:

06756436 (England and Wales)

ACCOUNTANTS:

Branston Adams

Suite 2, Victoria House

South Street

Farnham

Surrey

GU9 7QU

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

355,000

710,000

355,000

710,000

CURRENT ASSETS

Debtors

6

199,058

25,089

Cash at bank

197,083

12,767

396,141

37,856

CREDITORS

Amounts falling due within one year

7

41,493

22,371

NET CURRENT ASSETS

354,648

15,485

TOTAL ASSETS LESS CURRENT LIABILITIES

709,648

725,485

CREDITORS

Amounts falling due after more than one year

8

464,092

450,246

NET ASSETS

245,556

275,239

CAPITAL AND RESERVES

Called up share capital

335,000

335,000

Revaluation reserve

9

95,811

193,811

Retained earnings

(185,255

)

(253,572

)

SHAREHOLDERS' FUNDS

245,556

275,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 23 March 2022 and were signed on its behalf by:

I Riley - Director

1.	STATUTORY INFORMATION

Momentum Save Ltd is a private company, limited by shares , 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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis as the Shareholders and Directors have committed to support the company for the foreseeable future.

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Government grants

Government grants are included in the accounts under the accruals model.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 July 2020

and 30 June 2021

5,500

15,000

20,500

DEPRECIATION

At 1 July 2020

and 30 June 2021

5,500

15,000

20,500

NET BOOK VALUE

At 30 June 2021

-

-

-

At 30 June 2020

-

-

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

710,000

Disposals

(338,000

)

Revaluations

(17,000

)

At 30 June 2021

355,000

NET BOOK VALUE

At 30 June 2021

355,000

At 30 June 2020

710,000

Investment properties have been revalued by the directors at 30 June 2021.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

-

4,000

Other debtors

199,058

21,089

199,058

25,089

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

23,079

23,667

Taxation and social security

9,678

(2,832

)

Other creditors

8,736

1,536

41,493

22,371

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

464,092

450,246

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

400,359

415,577

9.

RESERVES

Revaluation

reserve

£

At 1 July 2020

193,811

Change in year

(98,000

)

At 30 June 2021

95,811

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 June 2021 the company was owed £25,069 by its director. This loan was repaid within nine months of the year end.

11.	RELATED PARTY DISCLOSURES

At 30 June 2021 the company was owed £44,042 by Dickinson Consulting Ltd, the parent company.

At 30 June 2021 the company was owed £126,998 from D A Transport Ltd, a company under common control.

12.	ULTIMATE PARENT COMPANY

The controlling party is Dickinson Consulting Ltd.

The ultimate controlling party is I Riley.

13.	GOVERNMENT GRANTS

Government grants includes £589 received under the Bounce Back Loan Scheme.