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Company No: 10712613 (England and Wales)

BELIEVE MORTGAGES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

BELIEVE MORTGAGES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

BELIEVE MORTGAGES LIMITED

BALANCE SHEET

As at 31 December 2022
BELIEVE MORTGAGES LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
2022 2021
£ £
Current assets
Debtors 3 52,530 0
Cash at bank and in hand 44,871 71,131
97,401 71,131
Creditors: amounts falling due within one year 4 ( 759,261) ( 728,575)
Net current liabilities (661,860) (657,444)
Total assets less current liabilities (661,860) (657,444)
Net liabilities ( 661,860) ( 657,444)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 661,960 ) ( 657,544 )
Total shareholder's deficit ( 661,860) ( 657,444)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Believe Mortgages Limited (registered number: 10712613) were approved and authorised for issue by the Director on 22 November 2023. They were signed on its behalf by:

R Wagstaff
Director
BELIEVE MORTGAGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
BELIEVE MORTGAGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Believe Mortgages Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor Barclays Bank, Heavens Walk, Doncaster, DN4 5HZ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £661,860 (2021 - £657,444). The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements

Turnover

Revenue 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year. 0 0

The director did not receive any remuneration (2021 : £Nil).

3. Debtors

2022 2021
£ £
Amounts owed by Group undertakings 88 0
Prepayments 52,442 0
52,530 0

4. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 3,760 3,728
Amounts owed to Group undertakings 752,553 721,899
Accruals 2,948 2,948
759,261 728,575

5. Ultimate controlling party

The ultimate parent company is Believe Money Group Limited, a company registered in England and Wales, company number 10712693, which owns 100% of the share capital.

There is no overall controlling party of the group.