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REGISTERED NUMBER: 04821075 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Elmco Limited
Trading as
The Mortgage Brain

Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Elmco Limited
Trading as The Mortgage Brain

Company Information
for the Year Ended 30 June 2023







DIRECTOR: V L Mora



SECRETARY: Mrs K E Mora



REGISTERED OFFICE: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
GL3 3RS



REGISTERED NUMBER: 04821075 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: Santander UK plc
2 Triton Square
Regents Place
London
NW1 3AN

Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Statement of Financial Position
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,859 64,806

CURRENT ASSETS
Debtors 5 298,941 300,643
Cash at bank 358,872 880,273
657,813 1,180,916
CREDITORS
Amounts falling due within one year 6 294,565 481,338
NET CURRENT ASSETS 363,248 699,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

418,107

764,384

CREDITORS
Amounts falling due after more than one
year

7

(134,167

)

(204,167

)

PROVISIONS FOR LIABILITIES (10,205 ) (12,047 )
NET ASSETS 273,735 548,170

CAPITAL AND RESERVES
Called up share capital 600 600
Retained earnings 273,135 547,570
SHAREHOLDERS' FUNDS 273,735 548,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Statement of Financial Position - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2023 and were signed by:





V L Mora - Director


Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Elmco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total invoice value, excluding VAT, of services provided during the year and derives from the provision of services falling with the company's ordinary activities. Revenue is recognised on completion of each contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2022 - 39 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost or valuation
At 1 July 2022 46,964 104,874 151,838
Additions 161 15,431 15,592
Disposals (24,432 ) (3,319 ) (27,751 )
At 30 June 2023 22,693 116,986 139,679
Depreciation
At 1 July 2022 38,375 48,657 87,032
Charge for year 4,054 21,485 25,539
Eliminated on disposal (24,432 ) (3,319 ) (27,751 )
At 30 June 2023 17,997 66,823 84,820
Net book value
At 30 June 2023 4,696 50,163 54,859
At 30 June 2022 8,589 56,217 64,806


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 35,372 80,363
Amounts owed by group undertakings 722 727
Other debtors 262,847 219,553
298,941 300,643

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts 70,000 70,000
Trade creditors 8,073 17,927
Taxation and social security - 43,345
Other creditors 216,492 350,066
294,565 481,338

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/23 30/6/22
£    £   
Bank loans 134,167 204,167

Elmco Limited (Registered number: 04821075)
Trading as The Mortgage Brain

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/6/23 30/6/22
£    £   
Within one year 21,107 2,214
Between one and five years 10,000 1,107
31,107 3,321

9. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank loans 204,167 274,167

The bank loan is secured by way of fixed and floating charges over the company's assets.

10. RELATED PARTY DISCLOSURES

EKCE Ltd
Parent company

At 30 June 2023, EKCE Ltd owed the company £722 (2022 - £727). The loan is interest free with no fixed repayment terms.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by EKCE Ltd, a company controlled by the director V L Mora and his spouse. EKCE Ltd, which shares the same registered office as Elmco Limited, has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

12. CAPITAL ADEQUACY

The company is regulated by the Financial Conduct Authority (FCA). At the year end the company reviewed the FCA's capital adequacy requirements and confirmed that they have been met.