Registered number
10031712
W P Mortgage Limited
Filleted Accounts
28 February 2023
Mattison & Co
Accountants
70 High Street
Chislehurst
Kent
BR7 5AQ
W P Mortgage Limited
Registered number: 10031712
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 363 -
Current assets
Debtors 4 282,877 255,750
Cash at bank and in hand 9,917 41,883
292,794 297,633
Creditors: amounts falling due within one year 5 (30,082) (57,969)
Net current assets 262,712 239,664
Total assets less current liabilities 263,075 239,664
Creditors: amounts falling due after more than one year 6 (39,997) (46,073)
Net assets 223,078 193,591
Capital and reserves
Called up share capital 100 100
Profit and loss account 222,978 193,491
Shareholders' funds 223,078 193,591
The director is 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 director acknowledges his 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.
W. Powley
Director
Approved by the board on 28 November 2023
W P Mortgage Limited
Notes to the Accounts
for the year ended 28 February 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 the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 726
At 28 February 2023 726
Depreciation
Charge for the year 363
At 28 February 2023 363
Net book value
At 28 February 2023 363
4 Debtors 2023 2022
£ £
Trade debtors 25,368 21,869
Other debtors 257,509 233,881
282,877 255,750
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 7,854 21,200
Director's account 13,691 34,060
Other taxes and social security costs - 1
Other creditors 8,537 2,708
30,082 57,969
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,997 46,073
7 Related party transactions
A debtor figure of £253,079 is due to the company from Powley Property Limited which is 100% owned by W.Powley.
8 Other information
W P Mortgage Limited is a private company limited by shares and incorporated in England. Its registered office is:
70 High Street
Chislehurst
Kent
BR7 5AQ
W P Mortgage Limited 10031712 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 release 2 W. Powley No description of principal activity 10031712 2021-03-01 2022-02-28 10031712 core:WithinOneYear 2022-02-28 10031712 core:AfterOneYear 2022-02-28 10031712 core:ShareCapital 2022-02-28 10031712 core:RetainedEarningsAccumulatedLosses 2022-02-28 10031712 2022-03-01 2023-02-28 10031712 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10031712 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10031712 bus:Director40 2022-03-01 2023-02-28 10031712 1 2022-03-01 2023-02-28 10031712 2 2022-03-01 2023-02-28 10031712 core:PlantMachinery 2022-03-01 2023-02-28 10031712 countries:England 2022-03-01 2023-02-28 10031712 bus:FRS102 2022-03-01 2023-02-28 10031712 bus:FullAccounts 2022-03-01 2023-02-28 10031712 2023-02-28 10031712 core:WithinOneYear 2023-02-28 10031712 core:AfterOneYear 2023-02-28 10031712 core:ShareCapital 2023-02-28 10031712 core:RetainedEarningsAccumulatedLosses 2023-02-28 10031712 core:PlantMachinery 2023-02-28 10031712 2022-02-28 iso4217:GBP xbrli:pure