Partner in focus

Prudentia UK

Funding Bay has partnerships with a host of practices that can benefit our clients. As part of the FundedClub we aim to create and foster a network between partners and clients alike. Funding Bay champions SME development, and by sharing our network with you, we can create an SME hub so that our clients can continue to grow and develop. We want to be more than just simply a funding solution, but a holistic service and guide for your business.

Prudentia UK

At Prudentia UK, we help small and medium sized entities recognise risks to their business. We focus on businesses that were successful up until the arrival of the coronavirus, but subsequently faced serious challenges. We identify areas where the businesses should be making accounting provisions, in many cases retrospectively for up to two years. We then re-state the financial accounts and apply to HMRC for Corporation Tax repayments where appropriate.

How does the process work?

Our process is simple and straightforward. We ask clients to answer a questionnaire which helps to identify many common challenges we see in the SME world. We follow that up with some further investigation and write a report on our findings. Think of it as a corporate health check, or as some external consultancy, if you like.

We will advise on any appropriate accounting provisions, and upon agreement, our accountants submit all relevant paperwork. We only charge a fee on successful repayments. The premise of our business is simple. Whilst SMEs are obliged to use accrual accounting methodology, few businesses explore the opportunities larger corporations take advantage of with their vastly greater expert resource.

How are you different from your competitors?

When asked how we differ from our competitors in this field, well, we haven’t come across any competitors so far. We see businesses focusing on R&D reclaims in the SME world, and we would say our business is complementary to theirs. Where we differ is that we bring big business legal, finance, and accounting expertise to the SME market.

Who have you helped recently?

A recent example of a business we have helped is a UK based film production company. With a seven-figure turnover and six-figure net profitability, it found itself having to cancel projects and incur loses based on outlays when COVID hit. Our investigation revealed the company had significant weaknesses in its GDPR compliance. This exposed it to the risk of significant fines from the Information Commissioners Office. It also faced the real threat of litigation from any individual whose data might be accidentally lost or mis-processed. Added to the mix were the profiles of the clients on the database – the great and the good of the world film industry, high profile individuals who value their privacy. Our provisions lead to a claim for a repayment of approximately £90,000 of corporation tax. As a follow up, we offered guidance on how to address these weaknesses and implement a secure compliant data environment.

Special offers for Funding Bay FundedClub members?

Our business growth is based on referrals from satisfied clients. As a gesture of goodwill towards FundedClub readers, we will offer a discount of 10% of our fees on any referral that quotes “Funding Bay” when signing up for our services.

Entrepreneur in focus

Fred Maude and Jack Carr – Addesu

Fred Maude and Jack Carr , co-founders of Addesu, a UK SME. Read on for more insights into this entrepreneur’s business savvy.

Partners in business funding

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If you have a portfolio of clients who could benefit from commercial alternative finance products, look no further. At Funding Bay, we pride ourselves on expertly matching each individual business case with a suitable product, to help your client’s business flourish. If you’d like to learn more about how our service could benefit your clients, please complete the form below, and we’ll be in touch.

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Partner in focus

Prudentia UK

Prudentia UK

How does the process work?

How are you different from your competitors?

Who have you helped recently?

Special offers for Funding Bay FundedClub members?

Fred Maude and Jack Carr – Addesu

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