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Registered Number: 04063566
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

DIRECT MORTGAGE CONNECTION LTD

 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 4 124,311    135,311 
Cash at bank and in hand 52,027    197 
176,338    135,508 
Creditors: amount falling due within one year 5 (356,355)   (325,483)
Net current assets (180,017)   (189,975)
 
Total assets less current liabilities (180,017)   (189,975)
Net assets (180,017)   (189,975)
 

Capital and reserves
     
Called up share capital 6 100    100 
Reserves 7 300,000    300,000 
Profit and loss account (480,117)   (490,075)
Shareholder's funds (180,017)   (189,975)
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 05 April 2024 and were signed on its behalf by:


-------------------------------
Mrs J Culley
Director
1
General Information
Direct Mortgage Connection Ltd is a private company, limited by shares, registered in England and Wales, registration number 04063566, registration address 6a The Professional Quarter, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and support from its parent company to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents amounts receivable for services.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill has been fully written off in equal annual instalments over its estimated useful economic life.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2023 300,000    300,000 
Additions  
Disposals  
At 31 December 2023 300,000    300,000 
Amortisation
At 01 January 2023 300,000    300,000 
Charge for year  
On disposals  
At 31 December 2023 300,000    300,000 
Net book values
At 31 December 2023  
At 31 December 2022  


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 124,311    135,311 
124,311    135,311 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Amounts Owed to Group Undertakings 347,784    316,683 
Corporation Tax 1    1 
Accrued Expenses 400    630 
Other Creditors 8,170    8,169 
356,355    325,483 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

7.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 300,000    300,000 
300,000    300,000 

2