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REGISTERED NUMBER: 08387053 (England and Wales)












Financial Statements

for the Year Ended 31 March 2019

for

1PLUS1 LOANS LTD

1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


1PLUS1 LOANS LTD

Company Information
for the Year Ended 31 March 2019







DIRECTOR: G P McKenna





REGISTERED OFFICE: The Old Tannery
Eastgate
Accrington
Lancashire
BB5 6PW





REGISTERED NUMBER: 08387053 (England and Wales)





AUDITORS: Haworths Limited
Statutory Auditor
Chartered Accountants
The Old Tannery
Eastgate
Accrington
Lancashire
BB5 6PW

1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)

Balance Sheet
31 March 2019

2019 2018
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 7,824 8,421
7,824 8,421

CURRENT ASSETS
Debtors 7 2,839,075 1,722,062
Cash at bank 107,452 219,155
2,946,527 1,941,217
CREDITORS
Amounts falling due within one year 8 938,720 582,153
NET CURRENT ASSETS 2,007,807 1,359,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,015,631

1,367,485

CREDITORS
Amounts falling due after more than one
year

9

1,581,005

1,010,146
NET ASSETS 434,626 357,339

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 434,618 357,331
SHAREHOLDERS' FUNDS 434,626 357,339

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 26 July 2019 and were signed by:





G P McKenna - Director


1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

1plus1 Loans 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The company makes certain estimates and assumptions regarding the future. Estimates and judgements are
continually evaluated based on historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these
estimates and assumptions.

The principal estimates that could have a significant effect upon the company's financial results relate to the
value of provisions in respect of writing down amounts due from customers to their recoverable amounts.

Turnover
Turnover represents interest income and fees on amounts receivable from customers. Interest income is
calculated using the effective interest method which allocates the income over the life of the loan. Other fee
income is recognised at the point when these fees become applicable to a specific loan agreement, for example
on arrangement or at the point of customer default.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.

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 - 20% on cost

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities, these being amounts recoverable from customers and loans from funders.

Loans receivable are measured initially at fair value and are measured subsequently at amortised costs using the
effective interest method, less any provision for loan defaults.

At each reporting date financial assets are reviewed for evidence of impairment such as default or delinquency in
repayments. If objective evidence of impairment is found an impairment loss is recognised in the income
statement.

Loan origination and acquisition costs which are directly attributable to loans receivable, such as broker
commissions payable, are spread over the life of the loans, rather than recognised in full at the time of
acquisition.

Financial liabilities, included loans from funders, are measured at fair value, net of transaction costs, and are
measured subsequently at amortised costs using the effective interest method.

The company has applied the relief in FRS102 which allows loans from directors and their close family
members to be measured at transaction cost.

1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 7 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2018
and 31 March 2019 1
AMORTISATION
At 1 April 2018
and 31 March 2019 1
NET BOOK VALUE
At 31 March 2019 -
At 31 March 2018 -

1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

6. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2018 21,318
Additions 3,779
At 31 March 2019 25,097
DEPRECIATION
At 1 April 2018 12,897
Charge for year 4,376
At 31 March 2019 17,273
NET BOOK VALUE
At 31 March 2019 7,824
At 31 March 2018 8,421

7. DEBTORS
2019 2018
as restated
(Unaudited)
£    £   
Amounts falling due within one year:
Amounts receivable from
customers 927,912 708,954
Other debtors 302,005 140,629
1,229,917 849,583

Amounts falling due after more than one year:
Amounts receivable from
customers 1,609,158 872,479
1,609,158 872,479

Aggregate amounts 2,839,075 1,722,062

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
as restated
(Unaudited)
£    £   
Trade creditors 20,452 9,708
Amounts owed to group undertakings 71,251 73,948
Taxation and social security 6,905 1,767
Other creditors 840,112 496,730
938,720 582,153

1PLUS1 LOANS LTD (REGISTERED NUMBER: 08387053)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
as restated
(Unaudited)
£    £   
Other creditors 1,581,005 1,010,146

10. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
as restated
(Unaudited)
£    £   
Other creditors 2,065,253 1,176,780

Other creditors of £1,565,253 (2018 - £976,780) are secured by a fixed charge over amounts receivable from
customers and by limited personal guarantees given by the director and a shareholder of the holding company.

Other creditors of £500,000 (2018 - £200,000) are secured by fixed and floating charges charges over the assets
of the company and of the parent undertaking and by limited personal guarantees given by the director and a
shareholder of the holding company.

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

The Report of the Auditors was unqualified.

Paul Spencer FCCA (Senior Statutory Auditor)
for and on behalf of Haworths Limited

12. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £150,500 (2018 - £154,268) to the company's director and
£151,476 (2018 - £164,476) to a shareholder of the parent undertaking. These balances are interest free.
£301,000 (2018 - £301,000) of these loans are subordinated over other creditors.