Registered number
06103158
Practical Mortgage Solutions (UK) Limited
Filleted Accounts
31 March 2023
Practical Mortgage Solutions (UK) Limited
Registered number: 06103158
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,553 5,691
Current assets
Debtors 4 70,261 70,810
Cash at bank and in hand 483,160 487,277
553,421 558,087
Creditors: amounts falling due within one year 5 (26,851) (50,181)
Net current assets 526,570 507,906
Total assets less current liabilities 531,123 513,597
Creditors: amounts falling due after more than one year 6 (33,193) (42,014)
Net assets 497,930 471,583
Capital and reserves
Called up share capital 400 400
Profit and loss account 497,530 471,183
Shareholders' funds 497,930 471,583
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nikki Bain
Director
Approved by the board on 28 April 2023
Practical Mortgage Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of of the net invoiced fees and commissions recognised as a consideration received or receivable. Revenue from contracts for the provision of professional services is recognised by reference to the actual date of completion,
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 23,664
At 31 March 2023 23,664
Depreciation
At 1 April 2022 17,973
Charge for the year 1,138
At 31 March 2023 19,111
Net book value
At 31 March 2023 4,553
At 31 March 2022 5,691
4 Debtors 2023 2022
£ £
Other debtors 70,261 70,810
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 23,066 48,196
Other creditors 3,785 1,985
26,851 50,181
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,193 42,014
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 9,996
8 Events after the reporting date
The Company has an existing and loyal client bank and the Directors have no concerns about the ongoing profitabilty and/or the stability of the Company going forward holding reserves sufficient to meet obligations arising. The Directors have no hesition in approving the accounts on a "going concern" basis.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Steven Farley (239) 18,293 (20,000) (1,946)
Nikki Bain (775) 48,219 (48,000) (556)
(1,014) 66,512 (68,000) (2,502)
10 Related party transactions
Capital introduced by the Directors attracts no interest and has no date of repayment.
11 Controlling party
There is no controlling party.
12 Other information
Practical Mortgage Solutions (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
106 The Avenue
Pinner
Middlesex
HA5 5BJ
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