Company registration number SC154109 (Scotland)
TELEMORTGAGES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
TELEMORTGAGES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TELEMORTGAGES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
865
1,207
Current assets
Debtors
4
23,198
16,004
Cash at bank and in hand
1,888
5,713
25,086
21,717
Creditors: amounts falling due within one year
5
(14,712)
(18,236)
Net current assets
10,374
3,481
Total assets less current liabilities
11,239
4,688
Provisions for liabilities
(164)
(229)
Net assets
11,075
4,459
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
10,975
4,359
Total equity
11,075
4,459

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 and are signed on its behalf by:
MR GRAEME COWAN
Mr Graeme Cowan
Director
Company Registration No. SC154109
TELEMORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Telemortgages Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 West Maitland Street, Edinburgh, EH12 5DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

Subsequent to the year end, the intention is to wind the company up.

1.2
Going concern

Subsequent to the year end, the intention is to wind the company up. There are no future plans for the company to continue in it's operational existence. Therefore, the director does not see it appropriate to prepare these financial statements on a going concern basis.true

1.3
Turnover

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

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 reducing balance basis:

Plant and equipment
15% to 33% reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

TELEMORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

TELEMORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
16,391
Depreciation and impairment
At 1 May 2022
15,184
Depreciation charged in the year
342
At 30 April 2023
15,526
Carrying amount
At 30 April 2023
865
At 30 April 2022
1,207
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,785
16,004
Amounts owed by group undertakings
7,413
-
23,198
16,004
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
322
Corporation tax
1,617
4,121
Other taxation and social security
8
580
Other creditors
13,087
13,213
14,712
18,236
TELEMORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Financial commitments, guarantees and contingent liabilities

The bank holds a cross guarantee with the company and its parent, GRC Financial Management Limited, for all sums due. At the year end the balance owed to the bank by the company was £nil (2022: £nil) and the amount owed by the group was £83,427 (2022: £29,397).

7
Related party transactions

During the year the company received a management charge of £13,750 (2022: £15,000), and at the year end was due to receive £7,413 (2022: £322 due to pay) from its parent company, GRC Financial Management Limited.

 

2023-04-302022-05-01false25 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr Graeme CowanMrs Susan CowanSC1541092022-05-012023-04-30SC1541092023-04-30SC1541092022-04-30SC154109core:OtherPropertyPlantEquipment2023-04-30SC154109core:OtherPropertyPlantEquipment2022-04-30SC154109core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30SC154109core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-30SC154109core:ShareCapital2023-04-30SC154109core:ShareCapital2022-04-30SC154109core:RetainedEarningsAccumulatedLosses2023-04-30SC154109core:RetainedEarningsAccumulatedLosses2022-04-30SC154109bus:Director12022-05-012023-04-30SC154109core:PlantMachinery2022-05-012023-04-30SC1541092021-05-012022-04-30SC154109core:OtherPropertyPlantEquipment2022-04-30SC154109core:OtherPropertyPlantEquipment2022-05-012023-04-30SC154109core:WithinOneYear2023-04-30SC154109bus:PrivateLimitedCompanyLtd2022-05-012023-04-30SC154109bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-30SC154109bus:FRS1022022-05-012023-04-30SC154109bus:AuditExemptWithAccountantsReport2022-05-012023-04-30SC154109bus:Director22022-05-012023-04-30SC154109bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP