LOMOND MORTGAGES LIMITED

Company Registration Number:
SC390469 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

LOMOND MORTGAGES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

LOMOND MORTGAGES LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activity of the company is the provision of mortgage advice services.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Robert Hamilton
Stuart Pender
Jason Watkin


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
29 September 2023

And signed on behalf of the board by:
Name: Stuart Pender
Status: Director

LOMOND MORTGAGES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 460,537 542,339
Gross profit(or loss): 460,537 542,339
Administrative expenses: ( 420,557 ) ( 485,072 )
Operating profit(or loss): 39,980 57,267
Profit(or loss) before tax: 39,980 57,267
Tax: ( 8,101 ) ( 10,823 )
Profit(or loss) for the financial year: 31,879 46,444

LOMOND MORTGAGES LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 1,083 1,720
Total fixed assets: 1,083 1,720
Current assets
Debtors: 4 121,864 113,905
Cash at bank and in hand: 120,443 172,234
Total current assets: 242,307 286,139
Creditors: amounts falling due within one year: 5 ( 70,546 ) ( 146,894 )
Net current assets (liabilities): 171,761 139,245
Total assets less current liabilities: 172,844 140,965
Total net assets (liabilities): 172,844 140,965
Capital and reserves
Called up share capital: 2 2
Share premium account: 110,313 110,313
Profit and loss account: 62,529 30,650
Total Shareholders' funds: 172,844 140,965

The notes form part of these financial statements

LOMOND MORTGAGES LIMITED

Balance sheet statements

For the year ending 31 December 2022 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 29 September 2023
and signed on behalf of the board by:

Name: Stuart Pender
Status: Director

The notes form part of these financial statements

LOMOND MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 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, which arises in the United Kingdom, is attributable to the company’s principal activity and is exempt from VAT.

    Tangible fixed assets depreciation policy

    Tangible assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:Computer equipment 33.33% per annum (straight line basis)Office equipment 33.33% per annum (straight line basis)Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated

    Other accounting policies

    SIGNIFICANT ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied in the current and preceding financial year, unless otherwise stated.a) General information and basis of accountingThe company is a private company limited by shares and is incorporated in the United Kingdom. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors’ report on page 2.The financial statements are prepared in accordance with the provisions of FRS 102 Section 1A Small Entities, and the Companies Act 2006. There have no material departures from the standard.The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, presentation of a cash flow statement, intra group transactions and remuneration of key personnel.The company’s financial statements are presented in Sterling which is the functional currency of the company.b)Going concernThe directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.c)TurnoverTurnover, which arises in the United Kingdom, is attributable to the company’s principal activity and is exempt from VAT.d) Employee benefitsShort term benefitsShort term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.Defined contribution pension schemesThe company makes contributions to defined contribution pension schemes for eligible employees. Contributions payable are charged to profit or loss in the period they are payable. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet.e) TaxationCurrent tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.f) Tangible assetsTangible assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:Computer equipment 33.33% per annum (straight line basis)Office equipment 33.33% per annum (straight line basis)Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of an age and in the condition expected at the end of its useful life.g)Impairment of fixed assetsAt each balance sheet date fixed assets not carried at fair value are reviewed to determine whether there is any indication that the asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.h)Financial instrumentsBasic financial instruments, including trade and other debtors, trade and other payables and cash and bank balances are initially recognised at transaction price and are subsequently measured at amortised cost using the effective interest method less any impairment.i)Impairment of financial assetsAt the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment is recognised in profit or loss.If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.j)DerecognitionFinancial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled, or substantially all the risks and reward of ownership of the asset are transferred to another party or control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.

LOMOND MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 7 8

    The company makes contributions to defined contribution pension schemes for eligible employees. The pension charge represents contributions payable by the company to these schemes. Contributions of £4,610 were outstanding at 31 December 2022 (2021: £4,415).

LOMOND MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 13,317 13,317
Additions 263 263
Disposals
Revaluations
Transfers
At 31 December 2022 13,580 13,580
Depreciation
At 1 January 2022 11,597 11,597
Charge for year 900 900
On disposals
Other adjustments
At 31 December 2022 12,497 12,497
Net book value
At 31 December 2022 1,083 1,083
At 31 December 2021 1,720 1,720

LOMOND MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 2021
£ £
Prepayments and accrued income 121,864 113,231
Other debtors 674
Total 121,864 113,905

LOMOND MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 15,803 28,260
Taxation and social security 35,154 14,752
Accruals and deferred income 7,553 87,926
Other creditors 12,036 15,956
Total 70,546 146,894