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Registration number: 03972287

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

for
 

Mortgage Assistance Limited

 

Mortgage Assistance Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Mortgage Assistance Limited

Company Information

Directors:

Mr R Curd

Mr M A Tomkinson

Registered office:

The Old Bank
6 Western Avenue
London
W3 7UD

Registered number:

03972287

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Mortgage Assistance Limited

(Registration number: 03972287)
Balance Sheet as at 30 June 2023

Note

30.06.23

30.06.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

-

 

1,226

CURRENT ASSETS

   

 

Debtors

5

2,625

 

2,950

 

Cash at bank and in hand

 

61,246

 

78,008

 

 

63,871

 

80,958

 

CREDITORS

   

 

Creditors within 1yr

6

41,155

 

37,374

 

Net current assets

   

22,716

 

43,584

Net assets

   

22,716

 

44,810

CAPITAL AND RESERVES

   

 

Called up share capital

 

102

 

102

Profit and loss account

 

22,614

 

44,708

Shareholders' funds

   

22,716

 

44,810

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024

.........................................
Mr R Curd
Director

.........................................
Mr M A Tomkinson
Director

 

Mortgage Assistance Limited

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

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Bank
6 Western Avenue
London
W3 7UD

These financial statements were authorised for issue by the Board on 6 March 2024.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Summary of disclosure exemptions

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mortgage Assistance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

over the lease term, straight line basis

Fixtures and fittings

25% straight line basis

Computer equipment

25% straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Mortgage Assistance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4.

Tangible assets

Plant and machinery
etc
£

Cost or valuation

At 1 July 2022

38,381

At 30 June 2023

38,381

Depreciation

At 1 July 2022

37,156

Charge for the year

1,225

At 30 June 2023

38,381

Carrying amount

At 30 June 2023

-

At 30 June 2022

1,226

5.

Debtors

Current

30.06.23
£

30.06.22
£

Trade debtors

2,625

2,950

 

2,625

2,950

 

Mortgage Assistance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6.

Creditors

Creditors: amounts falling due within one year

Note

30.06.23
£

30.06.22
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10,733

7,233

Taxation and social security

 

27,689

27,406

Accruals and deferred income

 

2,484

2,484

Other creditors

 

249

251

 

41,155

37,374

7.

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of leasing agreements not included in the balance sheet is £325,500 (2022 - £346,500). These are minimum lease payments under non-cancellable operating leases fall due as follows:-

Current period

Prior period

Within one year

21,000

21,000

Between one and five years

84,000

84,000

In more than five years

220,500

241,500

Total

325,500

346,500

8.

Parent and ultimate parent undertaking

The ultimate parent is Mortgage Assistance Holdings Ltd, incorporated in England and Wales.