Registration number:
Report of the Director and
for the
Year Ended 30 June 2023
for
Mortgage Assistance Holdings Ltd
Mortgage Assistance Holdings Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Mortgage Assistance Holdings Ltd
Company Information
Directors: |
Mr R Curd Mr M A Tomkinson |
Registered office: |
|
Registered number: |
08514805 |
Accountants: |
|
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 |
|
|
|||
Investments |
|
|
|||
|
|
||||
CURRENT ASSETS |
|||||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
CREDITORS |
|||||
Creditors within 1yr |
11,986 |
14,741 |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors |
|
|
|||
PROVISIONS FOR LIABILITIES |
( |
( |
|||
Net assets |
|
|
|||
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 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
......................................... |
......................................... |
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:
These financial statements were authorised for issue by the
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
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
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
4. |
Investment properties |
30.06.23 |
|
At 1 July |
|
At 30 June |
|
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 |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2022 |
|
Provision |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
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 |
|
|
|
|
|
7. |
Creditors |
Creditors: amounts falling due within one year
Note |
30.06.23 |
30.06.22 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
30.06.23 |
30.06.22 |
|
Due after one year |
|||
Loans and borrowings |
|
|
30.06.23 |
30.06.22 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |