MORTGAGE 65 LIMITED

Company Registration Number:
06732518 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

MORTGAGE 65 LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 11

MORTGAGE 65 LIMITED

Company Information

for the Period Ended 31 December 2021




Director: Robert Wyke
Sean McParland
Jennifer McParland
Registered office: Red Rose Court
Red Rose Court
Clayton Le Moors
Accrington
England
BB5 5JR
Company Registration Number: 06732518 (England and Wales)

MORTGAGE 65 LIMITED

Directors' Report Period Ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal Activities

The principle activity of the company continued to be that of providing mortgage advice.

Additional information

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Directors

The directors shown below have held office during the whole of the period from 01 January 2021 to 31 December 2021
Robert Wyke
Sean McParland

The director(s) shown below resigned during the period
Jennifer McParland
16 May 2021

This report was approved by the board of directors on 15 August 2022
And Signed On Behalf Of The Board By:

Name: Robert Wyke
Status: Director

MORTGAGE 65 LIMITED

Profit and Loss Account

for the Period Ended 31 December 2021


Notes

2021
£

2020
£
Turnover 395,479 377,171
Cost of sales ( 55,750 ) ( 52,584 )
Gross Profit or (Loss) 351,594 324,587
Income from coronavirus (COVID-19) business support grants 11,865 0
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 306,847 ) ( 269,023 )
Other operating income 0 0
Operating Profit or (Loss) 44,747 55,564
Interest Receivable and Similar Income 0 0
Interest Payable and Similar Charges ( 0 ) ( 0 )
Profit or (Loss) Before Tax 44,747 55,564
Tax on Profit ( 8,502 ) ( 13,732 )
Profit or (Loss) for Period 36,245 41,832

The notes form part of these financial statements

MORTGAGE 65 LIMITED

Balance sheet

As at 31 December 2021


Notes

2021
£

2020
£
Fixed assets
Intangible assets: 4 0 0
Tangible assets: 5 1,491 1,723
Total fixed assets: 1,491 1,723
Current assets
Stocks: 0 0
Debtors: 6 135,704 145,489
Cash at bank and in hand: 15,976 3,642
Total current assets: 151,680 149,131
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 7 ( 124,068 ) ( 127,813 )
Net current assets (liabilities): 27,612 21,318
Total assets less current liabilities: 29,103 23,041
Creditors: amounts falling due after more than one year: 8 ( 0 ) ( 0 )
Provision for liabilities: ( 284 ) ( 327 )
Accruals and deferred income: ( 0 ) ( 0 )
Total net assets (liabilities): 28,819 22,714

The notes form part of these financial statements

MORTGAGE 65 LIMITED

Balance sheet continued

As at 31 December 2021


Notes

2021
£

2020
£
Capital and reserves
Called up share capital: 104 104
Revaluation reserve: 9 0 0
Profit and loss account: 28,715 22,610
Shareholders funds: 28,819 22,714

For the year ending 31 December 2021 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.

This report was approved by the board of directors on 15 August 2022
And Signed On Behalf Of The Board By:

Name: Robert Wyke
Status: Director

The notes form part of these financial statements

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 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

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
    Revenue from the sale of goods is recognised when the significant risks and rewards or ownership of the goods have passed to the buyer, the amount of the revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees


    2021

    2020
    Average number of employees during the period 11 13

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 3. Off balance sheet disclosure

    No

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Intangible assets

Goodwill Total
Cost £ £
At 01 January 2021 0 0
Additions 0 0
Disposals ( 0 ) ( 0 )
Revaluations 0 0
Transfers 0 0
At 31 December 2021 0 0
Amortisation
Amortisation at 01 January 2021 0 0
Charge for year 0 0
On disposals ( 0 ) ( 0 )
Other adjustments 0 0
Amortisation at 31 December 2021 0 0
Net book value
Net book value at 31 December 2021 0 0
Net book value at 31 December 2020 0 0

Goodwill represents the excess of the cost of the acquisition of unincorporated businesses over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Tangible assets

Office equipment Total
Cost £ £
At 01 January 2021 1,723 1,723
Additions 606 606
Disposals ( 0 ) ( 0 )
Revaluations 0 0
Transfers 0 0
At 31 December 2021 2,329 2,329
Depreciation
At 01 January 2021 0 0
Charge for year 838 838
On disposals ( 0 ) ( 0 )
Other adjustments 0 0
At 31 December 2021 838 838
Net book value
At 31 December 2021 1,491 1,491
At 31 December 2020 1,723 1,723

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Office equipment 50% straight line
Fixtured & fittings 15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Debtors


2021
£

2020
£
Trade debtors 135,600 145,385
Prepayments and accrued income 0
Other debtors 104 104
Total 135,704 145,489

The directors only included 90% of the expected pipeline revenue in debtors. This is to take into account that not all cases will complete and therefore will not be paid.

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7.Creditors: amounts falling due within one year note


2021
£

2020
£
Trade creditors 582 474
Taxation and social security 6,660 3,192
Accruals and deferred income 43,445 36,012
Other creditors 73,381 88,135
Total 124,068 127,813

The directors include a clawback provision within accruals and deferred income based on an average annual clawback figure and a percentage multiplier, in order to reflect that older sales commissions are less likely to be clawed back.

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

8.Creditors: amounts falling due after more than one year


2021
£

2020
£
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 0 0
Total 0 0

MORTGAGE 65 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

9. Revaluation reserve


2021
£
Balance at 01 January 2021 0
Surplus or deficit after revaluation 0
Balance at 31 December 2021 0