Momentum Save Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06756436 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Momentum Save Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Riley

Ms A E Dickinson

REGISTERED OFFICE:

120 New Road, Ascot,

England

SL5 8QH

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

504,834

355,000

504,834

355,000

CURRENT ASSETS

Debtors

6

466,766

367,567

Cash at bank

200,000

202,073

666,766

569,640

CREDITORS

Amounts falling due within one year

7

365,062

107,246

NET CURRENT ASSETS

301,704

462,394

TOTAL ASSETS LESS CURRENT LIABILITIES

806,538

817,394

CREDITORS

Amounts falling due after more than one year

8

430,360

444,026

NET ASSETS

376,178

373,368

CAPITAL AND RESERVES

Called up share capital

435,000

435,000

Revaluation reserve

9

134,658

134,658

Retained earnings

(193,480

)

(196,290

)

SHAREHOLDERS' FUNDS

376,178

373,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 24 March 2024 and were signed on its behalf by:

Ms A E Dickinson - 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 July 2022

and 30 June 2023

5,500

15,000

20,500

DEPRECIATION

At 1 July 2022

and 30 June 2023

5,500

15,000

20,500

NET BOOK VALUE

At 30 June 2023

-

-

-

At 30 June 2022

-

-

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

355,000

Additions

149,834

At 30 June 2023

504,834

NET BOOK VALUE

At 30 June 2023

504,834

At 30 June 2022

355,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Amounts owed by group undertakings

24,361

-

Other debtors

442,405

367,567

466,766

367,567

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

98,563

31,523

Taxation and social security

103,937

9,618

Other creditors

162,562

66,105

365,062

107,246

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans

430,360

444,026

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

362,976

373,344

9.

RESERVES

Revaluation

reserve

£

At 1 July 2022

and 30 June 2023

134,658

10.	RELATED PARTY DISCLOSURES

At 30 June 2023 the company was owed £24,360 (2022 - £152,263) from Dickinson Consulting Ltd, the parent company.

At 30 June 2023 the company was owed £265,863 from the estate of Andrew Riley a former Director of the company. There is another debtor of £73,000 which was advised by Andrew Riley - which has not been posted as a loan. As the £265,863 was accrued when Andrew was a director S455 tax is payable at 33.75%.

At 30 June 2023 the company owed £159,298 (2022 - 660) to D A Transport Ltd, a company under common control.

11.	ULTIMATE PARENT COMPANY

The controlling party is Dickinson Consulting Ltd.