Pendle Mortgage Consultant Ltd 11508664 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is mortgage consultant. Digita Accounts Production Advanced 6.30.9574.0 true 11508664 2022-09-01 2023-08-31 11508664 2023-08-31 11508664 bus:Director1 1 2023-08-31 11508664 core:RetainedEarningsAccumulatedLosses 2023-08-31 11508664 core:ShareCapital 2023-08-31 11508664 core:CurrentFinancialInstruments 2023-08-31 11508664 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 11508664 core:FurnitureFittingsToolsEquipment 2023-08-31 11508664 bus:SmallEntities 2022-09-01 2023-08-31 11508664 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11508664 bus:FullAccounts 2022-09-01 2023-08-31 11508664 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 11508664 bus:RegisteredOffice 2022-09-01 2023-08-31 11508664 bus:Director1 2022-09-01 2023-08-31 11508664 bus:Director1 1 2022-09-01 2023-08-31 11508664 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11508664 bus:Agent1 2022-09-01 2023-08-31 11508664 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 11508664 core:OfficeEquipment 2022-09-01 2023-08-31 11508664 countries:EnglandWales 2022-09-01 2023-08-31 11508664 2022-08-31 11508664 bus:Director1 1 2022-08-31 11508664 core:FurnitureFittingsToolsEquipment 2022-08-31 11508664 2021-09-01 2022-08-31 11508664 2022-08-31 11508664 bus:Director1 1 2022-08-31 11508664 core:RetainedEarningsAccumulatedLosses 2022-08-31 11508664 core:ShareCapital 2022-08-31 11508664 core:CurrentFinancialInstruments 2022-08-31 11508664 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 11508664 core:FurnitureFittingsToolsEquipment 2022-08-31 11508664 bus:Director1 1 2021-09-01 2022-08-31 11508664 bus:Director1 1 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 11508664

Pendle Mortgage Consultant Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Pendle Mortgage Consultant Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

Detailed Profit and Loss Account

12 to 13

 

Pendle Mortgage Consultant Ltd

Company Information

Director

S J Gavin

Registered office

2 Torver Close
Burnley
Lancashire
BB12 8UH

Accountants

MacMahon Leggate
Chartered Accountants
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ

 

Pendle Mortgage Consultant Ltd

Director's Report for the Year Ended 31 August 2023

The director presents his report and the financial statements for the year ended 31 August 2023.

Director of the company

The director who held office during the year was as follows:

S J Gavin

Principal activity

The principal activity of the company is mortgage consultant.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 September 2023
 

.........................................
S J Gavin
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pendle Mortgage Consultant Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pendle Mortgage Consultant Ltd for the year ended 31 August 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Pendle Mortgage Consultant Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pendle Mortgage Consultant Ltd and state those matters that we have agreed to state to the Board of Directors of Pendle Mortgage Consultant Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pendle Mortgage Consultant Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pendle Mortgage Consultant Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pendle Mortgage Consultant Ltd. You consider that Pendle Mortgage Consultant Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pendle Mortgage Consultant Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MacMahon Leggate
Chartered Accountants
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ

25 September 2023

 

Pendle Mortgage Consultant Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

80,678

88,234

Cost of sales

 

(13,632)

(13,030)

Gross profit

 

67,046

75,204

Administrative expenses

 

(47,435)

(27,553)

Operating profit

 

19,611

47,651

Other interest receivable and similar income

 

1,825

208

Interest payable and similar charges

 

-

(9)

 

1,825

199

Profit before tax

21,436

47,850

Taxation

 

(4,117)

(9,092)

Profit for the financial year

 

17,319

38,758

Retained earnings brought forward

 

167,231

136,972

Dividends paid

 

(5,750)

(8,500)

Retained earnings carried forward

 

178,800

167,230

 

Pendle Mortgage Consultant Ltd

(Registration number: 11508664)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

674

898

Current assets

 

Debtors

2,875

99,487

Cash at bank and in hand

 

181,122

76,876

 

183,997

176,363

Creditors: Amounts falling due within one year

5

(5,597)

(9,714)

Net current assets

 

178,400

166,649

Total assets less current liabilities

 

179,074

167,547

Provisions for liabilities

(174)

(217)

Net assets

 

178,900

167,330

Capital and reserves

 

Called up share capital

100

100

Retained earnings

178,800

167,230

Shareholders' funds

 

178,900

167,330

 

Pendle Mortgage Consultant Ltd

(Registration number: 11508664)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 September 2023
 

.........................................
S J Gavin
Director

 

Pendle Mortgage Consultant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Torver Close
Burnley
Lancashire
BB12 8UH
England

These financial statements were authorised for issue by the director on 25 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pendle Mortgage Consultant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pendle Mortgage Consultant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Pendle Mortgage Consultant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

1,508

1,508

At 31 August 2023

1,508

1,508

Depreciation

At 1 September 2022

610

610

Charge for the year

224

224

At 31 August 2023

834

834

Carrying amount

At 31 August 2023

674

674

At 31 August 2022

898

898

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

4,160

8,951

Accruals and deferred income

924

763

Other creditors

513

-

5,597

9,714

 

Pendle Mortgage Consultant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

S J Gavin

Interest bearing overdrawn directors loan account, repaid within 9 months of the year end

99,486

20,000

(120,000)

(514)

         
       

 

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

S J Gavin

Interest bearing overdrawn directors loan account, repaid within 9 months of the year end

-

99,486

99,486

       
     

 

 

Pendle Mortgage Consultant Ltd

Detailed Profit and Loss Account for the Year Ended 31 August 2023

2023
£

2022
£

Turnover (analysed below)

80,678

88,234

Cost of sales (analysed below)

(13,632)

(13,030)

Gross profit

67,046

75,204

Gross profit (%)

83.1%

85.23%

Administrative expenses

Employment costs (analysed below)

(32,000)

(18,000)

Establishment costs (analysed below)

(240)

(120)

General administrative expenses (analysed below)

(14,868)

(9,032)

Finance charges (analysed below)

(102)

(101)

Depreciation costs (analysed below)

(225)

(300)

(47,435)

(27,553)

Operating profit

19,611

47,651

Other interest receivable and similar income (analysed below)

1,825

208

Interest payable and similar expenses (analysed below)

-

(9)

1,825

199

Profit before tax

21,436

47,850

 

Pendle Mortgage Consultant Ltd

Detailed Profit and Loss Account for the Year Ended 31 August 2023

2023
£

2022
£

   

Turnover

Rendering of services, UK

80,678

88,234

   

Cost of sales

Commissions payable

(13,632)

(13,030)

   

Employment costs

Directors pensions (Defined contribution)

(32,000)

(18,000)

   

Establishment costs

Use of home as office

(240)

(120)

   

General administrative expenses

Telephone and fax

(1,087)

(782)

Computer software and maintenance costs

(211)

(265)

Printing, postage and stationery

(356)

(1,095)

Charitable donations

(1,837)

(719)

Travel and subsistence

(5,033)

(3,721)

Advertising

-

(624)

Customer entertaining (disallowable for tax)

(231)

(15)

Accountancy fees

(1,044)

(757)

Legal and professional fees

(5,069)

(1,054)

(14,868)

(9,032)

   

Finance charges

Bank charges

(102)

(101)

   

Depreciation costs

Depreciation of office equipment (owned)

(225)

(300)

   

Other interest receivable and similar income

Other interest receivable

1,825

208

   

Interest payable and similar expenses

Other interest payable

-

(9)