Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-314The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.42022-04-01falseNo description of principal activityfalsetrue 11846687 2022-04-01 2023-03-31 11846687 2021-04-01 2022-03-31 11846687 2023-03-31 11846687 2022-03-31 11846687 c:Director2 2022-04-01 2023-03-31 11846687 d:Buildings 2022-04-01 2023-03-31 11846687 d:Buildings 2023-03-31 11846687 d:Buildings 2022-03-31 11846687 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11846687 d:FurnitureFittings 2022-04-01 2023-03-31 11846687 d:FurnitureFittings 2023-03-31 11846687 d:FurnitureFittings 2022-03-31 11846687 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11846687 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11846687 d:Goodwill 2022-04-01 2023-03-31 11846687 d:Goodwill 2023-03-31 11846687 d:Goodwill 2022-03-31 11846687 d:CurrentFinancialInstruments 2023-03-31 11846687 d:CurrentFinancialInstruments 2022-03-31 11846687 d:Non-currentFinancialInstruments 2023-03-31 11846687 d:Non-currentFinancialInstruments 2022-03-31 11846687 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11846687 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11846687 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11846687 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11846687 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 11846687 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 11846687 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 11846687 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 11846687 d:ShareCapital 2023-03-31 11846687 d:ShareCapital 2022-03-31 11846687 d:RetainedEarningsAccumulatedLosses 2023-03-31 11846687 d:RetainedEarningsAccumulatedLosses 2022-03-31 11846687 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11846687 c:OrdinaryShareClass1 2023-03-31 11846687 c:OrdinaryShareClass1 2022-03-31 11846687 c:FRS102 2022-04-01 2023-03-31 11846687 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11846687 c:FullAccounts 2022-04-01 2023-03-31 11846687 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11846687 2 2022-04-01 2023-03-31 11846687 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11846687










INDEPENDENT MORTGAGE SOLUTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
REGISTERED NUMBER: 11846687

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,000
4,000

Tangible assets
 5 
100,823
2,471

  
101,823
6,471

Current assets
  

Debtors: amounts falling due within one year
 6 
10,674
16,607

Cash at bank and in hand
 7 
77,991
102,059

  
88,665
118,666

Creditors: amounts falling due within one year
 8 
(27,279)
(22,991)

Net current assets
  
 
 
61,386
 
 
95,675

Total assets less current liabilities
  
163,209
102,146

Creditors: amounts falling due after more than one year
 9 
(43,821)
-

  

Net assets
  
119,388
102,146


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
119,288
102,046

  
119,388
102,146


Page 1

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
REGISTERED NUMBER: 11846687
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2023.




I M Lord
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Independent Mortgage Solutions Limited is a company domiciled in England and Wales. The registered office is 88 High Street, Thame, Oxfordshire, OX9 3EH. The registration number is 11846687.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
0%
Fixtures and fittings
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
12,000



At 31 March 2023

12,000



Amortisation


At 1 April 2022
8,000


Charge for the year on owned assets
3,000



At 31 March 2023

11,000



Net book value



At 31 March 2023
1,000



At 31 March 2022
4,000



Page 6

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
-
4,801
4,801


Additions
97,477
1,892
99,369



At 31 March 2023

97,477
6,693
104,170



Depreciation


At 1 April 2022
-
2,330
2,330


Charge for the year on owned assets
-
1,017
1,017



At 31 March 2023

-
3,347
3,347



Net book value



At 31 March 2023
97,477
3,346
100,823



At 31 March 2022
-
2,471
2,471


6.


Debtors

2023
2022
£
£


Trade debtors
10,350
16,093

Prepayments and accrued income
324
514

10,674
16,607



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
77,991
102,059

77,991
102,059


Page 7

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,000
-

Corporation tax
17,315
16,256

Other taxation and social security
2,994
4,233

Other creditors
60
592

Accruals and deferred income
1,910
1,910

27,279
22,991



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
43,821
-

43,821
-


Page 8

 
INDEPENDENT MORTGAGE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,000
-


5,000
-


Amounts falling due 2-5 years

Bank loans
20,000
-


20,000
-

Amounts falling due after more than 5 years

Bank loans
23,821
-

23,821
-

48,821
-



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 9