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Registration number: 08514805

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

for
 

Mortgage Assistance Holdings Ltd

 

Mortgage Assistance Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mortgage Assistance Holdings Ltd

Company Information

Directors:

Mr R Curd

Mr M A Tomkinson

Registered office:

The Old Bank
6 Western Avenue
London
W3 7UD

Registered number:

08514805

Accountants:

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

 

Mortgage Assistance Holdings Ltd

(Registration number: 08514805)
Balance Sheet as at 30 June 2023

Note

30.06.23

30.06.22

   

£

£

£

£

FIXED ASSETS

   

 

Investment property

4

 

500,000

 

500,000

Investments

5

 

361,800

 

361,800

   

861,800

 

861,800

CURRENT ASSETS

   

 

Debtors

6

10,733

 

7,233

 

Cash at bank and in hand

 

7,412

 

10,753

 

 

18,145

 

17,986

 

CREDITORS

   

 

Creditors within 1yr

7

11,986

 

14,741

 

Net current assets

   

6,159

 

3,245

Total assets less current liabilities

   

867,959

 

865,045

Creditors
Amounts falling due after more than one year

7

 

203,921

 

209,916

PROVISIONS FOR LIABILITIES

 

(28,497)

 

(28,497)

Net assets

   

635,541

 

626,632

CAPITAL AND RESERVES

   

 

Called up share capital

 

102

 

102

Share premium reserve

 

140,700

 

140,700

Other reserves

 

85,492

 

85,492

Profit and loss account

 

409,247

 

400,338

Shareholders' funds

   

635,541

 

626,632

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.

 

Mortgage Assistance Holdings Ltd

(Registration number: 08514805)
Balance Sheet as at 30 June 2023 (continued)

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 2023

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

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

 

Mortgage Assistance Holdings Ltd

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 2023.

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

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.

Group accounts not prepared

The financial statements contain information about Mortgage Assistance Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

 

Mortgage Assistance Holdings Ltd

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

2

Accounting policies (continued)

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except tothe 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 balance sheet date.

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.


Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The property was revalued at the year end by the directors on an open market basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in subsidiary undertakings are recognised at cost.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mortgage Assistance Holdings Ltd

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

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4.

Investment properties

30.06.23
£

At 1 July

500,000

At 30 June

500,000

Fair value at 31 June 2023 is represented by:

£

Cost

386,011

Valuation in 2022

113,989

500,000

The property was valued at the year end on an open market basis by the directors.
 

5.

Investments

30.06.23
£

30.06.22
£

Investments in subsidiaries

361,800

361,800

Subsidiaries

£

Cost or valuation

At 1 July 2022

361,800

Provision

Carrying amount

At 30 June 2023

361,800

At 30 June 2022

361,800

 

Mortgage Assistance Holdings Ltd

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

5

Investments (continued)

6.

Debtors

Current

Note

30.06.23
£

30.06.22
£

Amounts owed by related parties

10,733

7,233

   

10,733

7,233

7.

Creditors

Creditors: amounts falling due within one year

Note

30.06.23
£

30.06.22
£

Due within one year

 

Loans and borrowings

8,211

10,213

Taxation and social security

 

1,290

2,457

Accruals and deferred income

 

2,484

2,070

Other creditors

 

1

1

 

11,986

14,741

Creditors: amounts falling due after more than one year

Note

30.06.23
£

30.06.22
£

Due after one year

 

Loans and borrowings

203,921

209,916

30.06.23
£

30.06.22
£

Due after more than five years

After more than five years by instalments

196,117

165,462

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