BILLING FINANCE LIMITED

Company number

01693490

Status

Active

Incorporation

1983-01-21

Last accounts made up

2024-10-31

Account category

FULL

Primary SIC

64999

Hubs

UK Fintech

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, as stated in note 20, there is a possible economic outflow related to the commission disclosure cases which are currently progressing through the Supreme Court appeals process. The new source of funding is anticipated to help cover some or all of these potential commission disclosure outflows. However, given the timing and extent of the contingent liabilities is currently uncertain and the new funding has not yet been finalised at the time of approving the financial statements, the Directors consider a material uncertainty related to going concern exists.”

Significant events

• “On 25th October 2024 the Court of Appeal handed down judgement in the cases of Hopcraft, Wrench and Johnson. The judgement redefined legal duties of dealers acting as credit brokers, requiring clear disclosure and consent to, the existence, nature and amount of any commission paid. The cases in question are undergoing the appeals process to the Supreme Court and one or more could be overturned, partially upheld or fully upheld and therefore the outcome and timings of the outcome are uncertain. Management has assessed the accounting requirements as at 31 October 2024 and has concluded that no amounts should be recognised as a provision as, although it is possible there will be an economic outflow, there remains significant uncertainty as to the outcome of the Supreme Court appeal, any further judicial or regulatory intervention and other mitigating factors which would need to be considered to reliably measure any provision required under the accounting standards.”
• “Billing Finance has not ever paid discretionary commissions on our products and therefore makes no provision or contingent liability in relation to this review.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers