FAIR FOR YOU ENTERPRISE CIC

FAIR FOR YOU ENTERPRISE CIC - Company Information

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Company Registration Number:
09798014 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2019

Period of accounts

Start date: 1 January 2019

End date: 31 December 2019

Contents of the Financial Statements

for the Period Ended 31 December 2019


Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

Directors' report period ended 31 December 2019

The directors present their report with the financial statements of the company for the period ended 31 December 2019

Principal activities of the company

The principal activity of the company during the year was that of the provision of short term personal finance.

Directors

The directors shown below have held office during the whole of the period from
1 January 2019 to 31 December 2019

A Claytor
A Clements
T Levitt
H Bell
E Goodwin

The director shown below has held office during the period of
1 January 2019 to 31 May 2019

J Porritt

The director shown below has held office during the period of
1 January 2019 to 5 March 2019

C Key

The director shown below has held office during the period of
1 June 2019 to 31 December 2019

J Duncan

The director shown below has held office during the period of
18 March 2019 to 31 December 2019

N Edwards

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 July 2020

And signed on behalf of the board by:
Name: E Goodwin
Status: Director

Balance sheet

As at 31 December 2019

	Notes	2019	2018
		£	£
Fixed assets
Intangible assets:	3	149,039	62,908
Tangible assets:	4	13,531	5,934
Total fixed assets:		162,570	68,842
Current assets
Debtors:	5	5,518,723	3,736,820
Cash at bank and in hand:		74,318	226,180
Total current assets:		5,593,041	3,963,000
Creditors: amounts falling due within one year:	6	( 1,522,942 )	( 684,583 )
Net current assets (liabilities):		4,070,099	3,278,417
Total assets less current liabilities:		4,232,669	3,347,259
Creditors: amounts falling due after more than one year:	7	( 5,100,000 )	( 5,215,000 )
Total net assets (liabilities):		(867,331)	(1,867,741)
Members' funds
Profit and loss account:		(867,331)	( 1,867,741)
Total members' funds:		( 867,331)	(1,867,741)

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 13 July 2020
and signed on behalf of the board by:

Name: E Goodwin
Status: Director

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

1. Accounting policies

Basis of measurement and preparation

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Loan interest receivable on loans to clients is recognised using the effective interest method, and is calculated and accrued on a daily basis.Commissions receivable arise in connection with a specific transaction and income relating to individual transactions is recognised when the transaction is completed.

Tangible fixed assets depreciation policy

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.Depreciation is provided on the following basis:Fixtures and fittings - 25% straight lineThe assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Intangible fixed assets amortisation policy

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.Development costs represent the development of the original website and infrastructure, and development of bespoke lending systems. Amortisation is provided on the following bases:Development expenditure - 20-33.3% straight line

Notes to the Financial Statements

for the Period Ended 31 December 2019

2. Employees

	2019	2018
Average number of employees during the period	19	16

Notes to the Financial Statements

for the Period Ended 31 December 2019

3. Intangible assets

	Goodwill	Other	Total
Cost	£	£	£
At 1 January 2019		69,829	69,829
Additions		109,042	109,042
Disposals
Revaluations
Transfers
At 31 December 2019		178,871	178,871
Amortisation
At 1 January 2019		6,921	6,921
Charge for year		22,911	22,911
On disposals
Other adjustments
At 31 December 2019		29,832	29,832
Net book value
At 31 December 2019		149,039	149,039
At 31 December 2018		62,908	62,908

Notes to the Financial Statements

for the Period Ended 31 December 2019

4. Tangible assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Office equipment	Motor vehicles	Total
Cost	£	£	£	£	£	£
At 1 January 2019			6,905			6,905
Additions			10,538			10,538
Disposals
Revaluations
Transfers
At 31 December 2019			17,443			17,443
Depreciation
At 1 January 2019			971			971
Charge for year			2,941			2,941
On disposals
Other adjustments
At 31 December 2019			3,912			3,912
Net book value
At 31 December 2019			13,531			13,531
At 31 December 2018			5,934			5,934

Notes to the Financial Statements

for the Period Ended 31 December 2019

5. Debtors

	2019	2018
	£	£
Trade debtors	237,178	114,948
Prepayments and accrued income	200,112	118,419
Other debtors	5,081,433	3,503,453
Total	5,518,723	3,736,820
Debtors due after more than one year:	41,704	119,403

Notes to the Financial Statements

for the Period Ended 31 December 2019

6. Creditors: amounts falling due within one year note

	2019	2018
	£	£
Trade creditors	1,097,954	500,550
Taxation and social security	57,303	45,434
Accruals and deferred income	360,251	138,599
Other creditors	7,434
Total	1,522,942	684,583

Notes to the Financial Statements

for the Period Ended 31 December 2019

7. Creditors: amounts falling due after more than one year note

	2019	2018
	£	£
Other creditors	5,100,000	5,215,000
Total	5,100,000	5,215,000

Company activities and impact

Since becoming FCA authorised in late 2015, Fair For You Enterprise CIC (FFY) has provided customers with an alternative and affordable credit solution to purchase items for their home. FFY aims to reduce the poverty premium by serving low income households who would otherwise be looking towards more expensive forms of credit in an emergency.2018 was a transitional year for Fair For You following the funding being secured late in 2017. Lending increased by 80% with high loyalty seen from returning customers. The CIC moved to new premises to allow the expansion and scale of its offering with new suppliers added. Significant infrastructure development has allowed the adoption and implementation of our automated decisioning platform so that we can be more efficient in our review of applications. Fair For You is proud to be recognised by its customers and its peers for its innovation in consumer credit and winning many awards, most noteworthy is being Firm of the Year at the Consumer Credit Awards for 2018.

Consultation with stakeholders

Stakeholders are FFY customers and FFY investors. Through social media, there is continuous interaction with customers. Requests for new products are reviewed and where possible, will be added to the High Street. Periodically, customers are surveyed, including customer focus groups, and the information is used to monitor whether FFY is succeeding in its mission.Funds for lending are made available by Social Investors who wish to help low income households. These Investors are provided with monthly updates on FFY's performance and a review meeting is held bi-monthly alternating between an operations focus and a strategic focus.

Directors' remuneration

The aggregate amount of emoluments paid to or received by directors in respect of qualifying services was £150,714.There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director's loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
13 July 2020

And signed on behalf of the board by:
Name: E Goodwin
Status: Director

FAIR FOR YOU ENTERPRISE CIC